Rising cost of college vs. bad job market
Updated On: Jan 16 2013 07:40:00 AM EST
With the rising cost of college, sky-high student debt and a bad job market, is higher education even worth the time it takes and money you spend? New stats out show that what’s even worse than not having a job is not having a job or a college degree.
A new study from Georgetown University’s Center on Education and the Workforce finds that a college degree is the best defense against unemployment.
Even though the unemployment rate for recent college grads is 6.8 percent, the unemployment rate for high school graduates is 24 percent.
Nearly 200,000 jobs for workers with at least a bachelor’s degree were added during the recession, and 2 million have been added during the recovery. At the same time, nearly four out of every five jobs destroyed by the recession were held by workers with a high school diploma or less.
According to the U.S. Census Bureau, by the year 2028, there will be 19 million more jobs for educated workers than there will be qualified people to fill them. If you have a bachelor’s degree, it’s estimated you will earn more than $1.1 million more in your lifetime than people with a high school diploma.
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