It might cost more money than “early to bed, early to rise,” but the College Board’s third edition of “Education Pays” claims that even one year of higher education will put you on the path to health, wealth and a better quality of life. “Education Pays,” a 56-page document, paints a rosy picture of this country’s increasing college numbers and their salutary affect on individuals, families and society.
There are lots of statistics to back the findings of the two College Board policy analysts and Skidmore professor Sandy Baum, who co-wrote the study. For evidence related to their findings that a college degree boosts the average salary of its graduates to $55,700 compared to $33,800 for those with high school degrees, the authors cite the Census Bureau and Internal Revenue Service, both irrefutable sources. An associate’s degree — conferred by community colleges after two years — boosts the average salary to $42,000. Even one year of college increases a high school graduate’s salary nearly $6,000.
Unemployment is more likely for those without higher education. Between 2008 and 2009, when so many lost jobs, unemployment figures for high school graduates rose from 5.7 percent to 9.7 percent, whereas for college graduates it rose from only 2.6 percent to 4.6 percent. The study points out that larger salaries and lower unemployment numbers benefit society as well, since college graduates contribute a significant portion of their salaries to taxes.
College costs money and removes most students from the work force for four years, and the authors calculate how many years it takes to recoup those financial losses compared to someone who goes directly from high school to a job. Even with no financial aid, by age 33 the average student will have made up both the lost years’ pay and the money it cost to achieve a degree.
Higher education makes us wealthier, as individuals and as a society. But healthier, too? That would seem to be a harder sell. Yet there are compelling statistics to show that education increases job satisfaction: Fifty-eight percent of college graduates report being “very satisfied” with their jobs, versus 50 percent of high school graduates. They cite a study showing a correlation between job satisfaction and having a sense of accomplishment and overall happiness.
Not surprisingly, employees with higher salaries also participate in pension plans and health insurance at higher levels, and need fewer social services provided by society. One table specifies the money society saves from the average college graduate’s reduced use of our social safety net. Broken down by race/ethnicity and gender, the average savings ranges from $32,700 to $294,000 per graduate, depending on the category.
Levels of obesity are higher among those 35 to 44 years old with high school degrees (37 percent), compared with those with college degrees (23 percent). Poverty rates are higher in the first group as well, leading to statistics showing educational level has a correlation with the birth weight of children, considered a major indicator of overall family health.
Attending college does seem to make us healthier and wealthier. Does it also make us wise? I’ll conclude my look at “Education Pays” with a look at what college does for our minds. You can check out the study on College Board’s Web site: collegeboard.com.
