In this video, the statistic that college graduates on average earn $1,000,000 more than people who do not get a college degree is quoted regularly. As I have written before, your expected salary depends largely on what you choose to major in. College is not binary -- either you go or you don't. Instead, it matters tremendously both what you study and where you go. Not all majors are created equal. Not all colleges are either.
Many prospective students are given little useful guidance in evaluating the expected payoff from going to school and what their realistic employment opportunities are likely to be. Far too many students are saddled with huge levels of debt with little preparation for how much this may handicap their financial future. Graduate education can often be even more of a raw deal than undergraduate.
Read this article that goes along with the video. Also, read some of my previous posts:
- Higher Education Can Be a Financial Disaster
- Should You Get an MBA? What About a JD or a PhD?
- Is College Worth It?
- Some Career Advice If You're Thinking of Returning to School
- Expected Salary By College Major
- Choosing A College Major
- Helping Students Find Their Way
- Not All Majors Are Created Equal
- The Value of Being "Numerate"