Give Thanks for Your College Education – Your Degree Matters!

Is going to college and earning a degree really worth it?

According to the U.S. Department of Labor Statistics, the answer is “yes.” Earnings increase and unemployment rates decrease with education level. Their studies show:

Workers with a bachelor’s degree had median weekly earnings of $1,305 in 2020, compared with $781 for workers with a high school diploma. An associate’s degree brings earnings in between those numbers, around $938.
- This means over the course of your lifetime, your degree could provide hundreds of thousands of dollars more in income.

The unemployment rate for bachelor’s-level workers was 5.5 percent, compared with 9.0 percent for those whose highest level of education was a high school diploma.

Need another reason to be thankful for your degree?

The College Board found that 64% of workers with bachelor’s degrees and 70% of workers with advanced degrees had employer-provided healthcare coverage, compared to 52% of high school graduates.

But what about the rising costs of college and student loan debt?

Of course, college isn’t free. But as of March 2020, 55% of borrowers owed less than $20,000 in outstanding education debt; 56% of bachelor’s degree recipients in 2018-2019 had an average of $28,800 in student loan debt. (Source: College Board) The increased earnings from your degree over a lifetime will likely offset your student loan debt.

It’s also important to pay for college responsibly to minimize any debt. Start with what we consider free money for college: scholarships and grants that do not have to be paid back. Next, look to federal student loans that come with low interest rates and a benefits such as income-based repayment plans and public service student loan forgiveness. Last, cover any remaining need with private student loans like those offered by our credit union partners.