The Benefits of a College Education
For many, accumulating funds for the children’s education is a savings goal that is often thought about, but seldom acted upon. There are numerous reasons why saving for college is an essential need.
What is a College Education Worth?College educated, full-time workers statistically enjoy a higher median income than those with less education. In a recent report on education and earnings,2 the Census Bureau found that those with four years of college could expect to have substantially higher annual earnings than high school graduates.
Over a lifetime of work, 39 years on average, a four-year college education can increase a man’s total income by over $1,086,774. Because of time spent raising children, the average woman spends 28 years in the workforce. A college education could increase her lifetime earnings by over $561,036.1
What Does a College Education Cost?In recent years, college costs have often exceeded the general rate of inflation. The table below projects college costs for a small group of well-known institutions: