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College and University Discussion
Reply to "Cost of attendance? Wow"
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[quote=Anonymous][quote=Anonymous]^^^Oh yeah, the problem is with the data, right, in what it "assumes". The data doesn't assume anything. It speaks for itself. You are the one assuming, as you have no data. College gradates earn around double what non-grads do. End period. Present evidence to the contrary or the discussion is meaningless.[/quote] What several of us are saying is that the data is more nuanced than “every college grad makes double” what every non-grad makes. Even the source of your chart has a more nuanced view. https://www.brookings.edu/blog/up-front/2020/10/08/major-decisions-what-graduates-earn-over-their-lifetimes/ At the median, career earnings for a bachelor’s degree graduate are more than twice as high as for someone with only a high school diploma or GED, roughly 70 percent higher than for someone with some college but no degree, and more than 45 percent higher than for someone with an associate degree. [b]These relationships do not hold for all workers: some workers without a bachelor’s degree have higher career earnings than some workers with a bachelor’s degree, including some workers with bachelor’s degrees in the highest-earning majors. Second, lifetime earnings vary significantly by major. For the median bachelor’s degree graduate, cumulative lifetime earnings for workers across majors range from $770,000 (early childhood education) to $2.28 million (aerospace engineering). This is a slightly larger range than in the original analysis, driven by gains in aerospace engineering.[/b] Further, would someone who went to college likely make more than similarly situated person that did not? Yes. However, “double” is a “statistic” ignores that everyone isn’t similarly situated. This has been studied: https://www.pewresearch.org/social-trends/2021/05/18/first-generation-college-graduates-lag-behind-their-peers-on-key-economic-outcomes/ But the economic benefits are not equally felt among college graduates. A new Pew Research Center analysis of data from the Federal Reserve Board finds that first-generation college graduates are not on equal footing with their peers who have college-educated parents. Among household heads who have at least a bachelor’s degree, those who have a parent with a bachelor’s degree or more education have substantially higher incomes and more wealth than those who are the first generation in their family to graduate from college. ***** For adults who do complete a bachelor’s degree, financial outcomes are strongly linked to parental educational attainment. The median household income for households headed by a first-generation college graduate ($99,600) is substantially lower than the income for households headed by a second-generation graduate ($135,800). The median wealth of households headed by a first-generation college graduate ($152,000) also substantially trails that of households headed by a second-generation college graduate ($244,500). The higher household income of the latter facilitates saving and wealth accumulation. The gap also reflects differences in how individuals finance their education. Second-generation college graduates tend to come from more affluent families. First-generation college graduates are more likely to incur education debt than those with a college-educated parent. They also have greater amounts of outstanding education debt. [/quote]
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