How Much More Do College-Educated Families Make in 2024?
Written by
Allison Hache
Edited by
Maria Concepcion
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Going to college is expensive. On average, you’ll spend more than $36,000 annually to earn a bachelor’s degree. If you opt for a private school, you’ll pay even more — nearly $56,000 per year, on average. The price tag can increase substantially if you use student loans to pay for the college experience, up to half a million dollars in some cases.
Traditionally, earning a college education was worth the investment because graduates could pursue lucrative careers. That’s still true for many people. Early in their careers, college graduates earn about $22,000 per year more than those with a high school diploma. Over a lifetime, this adds up to a more than $1 million difference. However, these numbers only tell part of the story. The value of a college degree depends on what you can expect to do with it after you graduate.
Best Paying College Majors
Graduates with a degree in a STEM (science, technology, engineering, math) field typically earn more money. Computer science, computer engineering, chemical engineering. Here’s how the salaries of careers in these fields compare:
- Aerospace Engineer: $126,880
- Computer Hardware Engineer: $132,360
- Computer and Information Research Scientist: $136,620
- Computer Network Architect: $126,000
- Database Administrator: $112,120
Worst Paying College Majors
At the other end of the spectrum, you’ll find majors that tend to be less lucrative. People with a bachelor’s degree in a social science or liberal arts (family and consumer science, theology, anthropology) field typically earn less. For some careers in these fields, you’ll need to earn a graduate degree, increasing the total cost of your education. Many Here’s how salaries for the worst-paying college majors compare:
- Anthropologist: $63,940
- Clergy: $60,180
- Elementary Teacher: $60,490
- Graphic Designer: $57,990
- Social Worker: $55,350
How To Lower the Cost of College
You can increase the value of a college degree by lowering your out-of-pocket expenses. First, apply for as many scholarships and grants as possible. College students receive more than $6 billion yearly from scholarships, including merit-based awards from schools and funds from private organizations and community groups. Since you don’t have to pay back this money, it’s a net gain for you.
Another way to slash college expenses is to choose your school wisely. Consider spending your first two years at a community college before transferring to a more expensive four-year university. Choose a school closer to home — the average in-state tuition is $9,678 per year compared to $27,091 for out-of-state tuition. You also may save money on room and board by living at home instead of on campus.
It’s never too early to start planning for college. You can work part-time and put the money in a high-yield savings account to save for college expenses. Finally, you can start earning college credits while you’re still in high school by taking AP courses or enrolling in a dual enrollment program that lets you take high school and college courses at the same time.
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