How Your College Degree Pays You Back

College-Degree-Pays-You-Back

Henry Dean, Negosentro |  Many students experience sticker shock when calculating the cost of their education. Attending college can be an expensive investment, but it is one that pays off. You are likely to notice the advantages of your college degree in the following areas.

Increased Employability

The job market tends to be extremely competitive. A college degree can increase a candidate’s competitiveness throughout the hiring process. As employers get a large number of applications for a single position, the presence of post-graduate education can be a way to narrow down options. Additionally, a college degree can mean better economic stability among fluctuating markets. Unemployment rates of college graduates are often less than those with a high school diploma or less.  

Build Critical Skill Sets

Not only does a college degree increase your employability, but it also builds necessary skills that are important in succeeding in a career. Employers today are placing a higher value on a college education. The specific major is not as important as the associated skills it takes to complete a college education. Graduation from college can interpret high organizational skills, dedication, and motivation, all characteristics that make a good employee.

Higher Salary

A college degree translates to a higher salary. The higher the degree, the higher the percentage of increase in income. A Bachelor’s degree results in 31% more than those with an Associate’s degree and an impressive 84% more than employees without any type of education. The salary income gaps also tend to get larger the longer the person has been in a career. By the time a college graduate with an advanced degree reaches age 64, they are making approximately 50% more than those with a high school diploma. 

Improved Promotion Rates

The promotion process is similar to the job hiring process. It is also an extremely competitive course and employers take many factors into account including job skills, previous work performance, dedication to the job, and education. Although education is just one of the pieces of the promotion decision, it can be the one aspect that sets a candidate apart from the others and results in a position with greater responsibility and a higher income.

Waiting for the Pay Off

One of the biggest concerns of students is just how long they will have to wait until noticing a pay off from their college degree. On average, statistics show that it takes about 12 years for a college degree to fully pay off. In the meantime, college graduates with student debt have options. 

Recent graduates can handle high student loan payments by consolidating or refinancing their loans. These programs are often based on income and can provide the student with a more affordable monthly payment until they are able to increase their payment amounts and eventually pay off the loan.

Obtaining a college degree in today’s times can be expensive and time-consuming. Fortunately, studies show that a college degree is likely to pay you back through increased job competitiveness, a higher salary, and an improved chance at receiving a promotion.