Earning a degree is almost always worthwhile, research shows, but some majors pay off more than others.
The rising cost of college and ballooning student loan balances have caused more students to take a closer look at the return on investment.Recent college graduates working full-time earn $24,000 more a year than those with just a high school diploma, according to newly released data from theover their lifetime, compared with $1.
6 million if they only had a high school degree, according to "The College Payoff," a report from the Georgetown University Center on Education and the Workforce.over their career, the report found — and, in many cases, the higher the level of educational attainment, the larger the payoff.published in the American Educational Research Journal found that engineering and computer science majors provide the highest returns in lifetime earnings, followed by business, health, and math and science majors. Education and humanities majors and arts majors had the lowest returns of the 10 fields of study considered. "Our cost-benefit analysis finds that on average a college degree offers better returns than the stock market," said Liang Zhang, a professor of higher education at the New York University Steinhardt School of Culture, Education, and Human Development and co-author of the study. "However, there are significant differences across college majors." The analysis took into account wage differentials between college and high school graduates as well as other factors, including tuition and financial aid and the opportunity cost of deferring full-time entry into the workplace.Students who pursue a major specifically in science, technology, engineering and math — collectively known as STEM disciplines — are projected to In addition to STEM, health and business majors are among the highest-paying, leading to average annual wages that are higher at the entry level and significantly greater over the course of a career compared with liberal arts and humanities majors. For workers with a bachelor's degree, education was the lowest-earning field of study, followed by psychology and social work, and the arts. "Students need professional guidance on the economic outcomes of college and career pathways before they make one of the biggest decisions of their lives," Ban Cheah, a senior economist at the Center on Education and the Workforce and co-author of the report, said in a statement.Between the sky-high cost and student loan burden, more students are taking a closer look at college's return on investment. Most Americans still agree that a college education is worthwhile when it comes to career goals and advancement. However, only half think the economic benefits outweigh the costs, according to a report byhave played a large role in changing views about the higher education system, which many think is rigged to benefit the wealthy, the report found. Now only 45% of students from low-income, first-generation or minority backgrounds believe education after high school is necessary, according to a separateThe stock level when the parabolic Nvidia rally may finally cool off and how to trade it
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