A lifetime of big returns.
With the burgeoning costs of education, many students and families are wondering whether this investment will pay off in the long run and just how much of a return they will see.
According the data collected by the Idaho Department of Labor and the National Center for Education Statistics, investing in education still just might be the best deal on the block, and it may be a necessity for Idahoans who want to acquire wealth to improve their quality of life.
While the costs of a college education will often burden both students and their families with hefty student loans, over a lifetime the investment in a college education can return millions of dollars to their bank accounts. Bachelor’s degrees can cost on average $127,000 if you include tuition, living expenses and interest on student loans. A Ph.D will cost around $307,000 on average. Sometimes these heavy price tags cause many to delay their education or simply avoid college altogether.
But the statistics also show that on average, workers with bachelor’s degrees who gain jobs in fields that require bachelor’s degrees will make an additional $1.1 million in their lifetimes for their $127,000 investment. For occupations requiring a Ph.D, workers will earn an additional $2.7 million over a lifetime from their $307,000 investment. In today’s competitive labor market an education is vital when competing for a job, acquiring wealth and improving the economic well-being of Idahoans.