Is a College Degree Worth More Than Its Debt?

While paying for college can be a cause for major stress and hair pulling, the benefits of a degree far outweigh the massive accrual of debt that comes with it.

Having a college degree is practically a surefire way to ensure your financial and professional future. It's been recorded by the U.S. Census Bureau that college grads earn an average of $1 million more than high school graduates during their careers with advanced degree graduates earning three times more than that. So while, at first, the exorbitant school loans may seem insurmountable, a college education definitely pays off.

College grads can potentially earn as much as $30 for every dollar spent on the total cost of four years' tuition. Interestingly, by the age of 33, the average college grad has earned the same amount of money that was originally invested in both tuition and other fees, plus the amount of earnings they may have missed out on during the typical four years of college.

Some of the advantages of a college education include a less likely chance of unemployment compared to high school graduates because degree holders have been enjoying a 1.8 million increase in jobs.

In a 2004 study set up by the National Association of Colleges and Employers (NACE), college graduates started earning record-high starting salaries. Chemical Engineering and Computer Sciences majors benefited the most from increasing starting salaries, with a 2.1 percent increase and a 3.9 percent increase, respectively. Both degrees, on average, commanded a starting salary of over $50,000 a year. According to a 2005 survey also conducted by NACE, 85 percent of disciplines have increased their overall starting salaries.

With these encouraging statistics, it's easy to see why 15 million people across the United States are currently enrolled in colleges and universities. With a degree comes a financial and career stability. With that type of permanence, comes the freedom to live a relatively comfortable life.

A college degree is only a piece of paper, but having one means more career opportunities as well as financial security.

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