There has been a lot of hoopla over the last couple of years over how important a college education is, and especially how graduates with a college diploma will supposedly make a million dollars more over the span of their lifetime than someone who is not. The one issue is, those amounts are untrue.
The study has a lot of issues, and analyzing"The Big Payoff," as the"unbiased" government research is titled, shows this. First of all, the million dollar number doesn't appear anywhere. The true number is 890,000, and that's to get a best case situation.
A second problem: work done from ages 18-24 isn't counted. Even if a high school graduated is making minimum wage is going to earn over one hundred thousand dollars over that time, and that is assuming they never get a single promotion or a greater chance.
Another difficulty: debt is not taken into account at all. College graduates not only need to pay their loans off, but also the interest which is included together. Debt can also affect retirement funds, as a high school graduate can have a 401-K or IRA within a month or two of job, but a college graduate may have to keep delaying starting a retirement fund due to the student loan payments they have to manage.
These are just a couple of the issues that come up when studying the report that's quoted for the thousand dollar case. This teaches soon to be college students perhaps among the most important lessons of life: think for yourself and don't take anybody's word as gold.
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