Getting a college degree isn’t exactly easy. It can cost a lot of money, takes a lot of hard work, and not to mention 2-4 years of your life. So, you may be wondering if going to college is necessary at all? However, there’s no denying that a college degree is something worth having in your corner as you go on with life. It is a worthwhile investment that almost always pays off.
Here are some of the financial benefits of getting a college degree.
Higher Lifetime Earnings
The Bureau of Labor Statistics found that those with a bachelor’s degree earned 66% more than their peers who only held a high school diploma. For those with a master’s degree, the figures were double that.
However, any form of higher education will help you get jobs that pay more than if you only had a high school diploma. Even those with an associate’s degree were able to land jobs with roughly 25% more pay. Although salaries vary according to the field and occupation, a general pattern is that wages tend to increase according to your level of education.
More Employment Opportunities
Unemployment is a serious problem faced by people all around the world, but having a degree makes your chances of actually getting a job much better. Among the American job market, those with advanced degrees are much less likely to be unemployed. Any level of higher education can help better your chances of getting a job. Associate degree-holders have a much lower unemployment rate than those with high school diplomas alone. Getting a bachelor’s or master’s degree further lowers the likelihood of long-term unemployment.
It is also important to note that it only makes a difference if you actually complete the degree or course you set out to do. Dropping out of college without a degree isn’t going to help you fare much better than someone with only a high school diploma.
More Career Resources
Many colleges have career centers that help students transition to work-life by providing assistance in finding their first post-graduate job. You may also be able to land prestigious internship gigs through your college, which can go a long way in adding experience and credibility to your resume.
A Built-In Professional Network
Colleges are a great place to meet peers and mentors and build relationships that could prove to be beneficial later on. This includes friends, classmates, alumni, and even visiting lecturers. When you’ve got your degree and are ready to start working, you already have a list of people you can call up because you’ve spent all those years building your professional network. You never know where you might find the best opportunities.
Landing a job – any job – is the most important requirement, but landing one that comes with great benefits doesn’t hurt either. And a college degree will help you do that. Better-paying jobs, which usually are reserved for college graduates, usually offer better benefits. This includes the likes of better health insurance, childcare stipends, commuter benefits, tuition reimbursement, and more.
Plus, your college degree will help open more than a few doors of opportunities for you, making it possible for you to pick and choose the job that you feel is best for you instead of being forced to take what you can get. You may even be able to negotiate things like paid time off and work from home days into your contract.
Better Credit Ratings
A college degree won’t automatically increase your credit standing, but there are a number of indirect financial benefits that you will be able to enjoy. Having a degree makes it more likely that you’ll get a job and a better-paying one at that – which in turn makes it more likely that you’ll be able to meet your financial obligations such as on-time bills and loan payments. At the same time, you will be able to avoid things like late payments and debt defaulting, which will ultimately negatively impact your credit score.
While there’s no guarantee that earning more money means that you will be good at managing it, at least it means that small mistakes don’t land you in financial ruin.