College graduates from universities like San Francisco Bay University make more money than those without a college degree. Although this may seem like an obvious statement, the difference in money earned by college graduates versus high school graduates is truly staggering.
The average student loan borrower in the class of 2013 owed $28,400 upon graduation. It’s unfortunate that this is occurring, but it’s reality. While the issue of student loans are being discussed frequently, there seems to be a lot more discussion about why students are accumulating so much debt instead of how they can repay their debts faster and minimize interest charges.
1: The Average Salary for College Graduates
The median salary for a college graduate with a four-year bachelor’s degree was around $45,500 in 2012. This means that 50 percent of the population made more than this amount, and 50 percent made less.
2: The Average Salary for College Dropouts
Salaries can vary widely by major. However, on average, college dropouts make around $27,000 per year. This is still about 70 percent of the average salary of a college graduate.
3: The Average Salary for High School Graduates
Employers often prefer to hire people with a college education over those without any degree at all. A high school graduate can expect to earn an annual salary of between $20,000 and $30,000 per year.
4: The Average Salary for High School Dropouts
The average annual salary of a high school dropout is only about $19,500 per year. This represents about 80 percent of the average high school graduate’s income. Even though this difference may seem small, over the course of an average career, high school graduates could earn hundreds of thousands of dollars more than dropouts.
5: The Average Salary for College Graduates versus High School Graduates
A college graduate can expect to earn an average salary that is about 75 percent higher than what a high school graduate will make. This statistic includes both those who have earned their degree as well as those who are still working on their degree.
6: The Average Salary for College Graduates versus High School Dropouts
High school dropouts can expect to make about 65 percent of what high school graduates will earn. This statistic also includes those who have dropped out but are working towards obtaining their diploma. While there is a substantial difference in income, it’s important to realize that the difference in income between college graduates and high school dropouts is even greater.
7: The Average Salary for College Graduates versus College Dropouts
A college graduate can expect their annual salary to be about twice that of a college dropout. This statistic includes individuals who have either completed or dropped out of their degree program.
8: The Highest and Lowest Paid College Majors
It’s important to realize that salaries can vary widely by major. Here are some of the average salaries for graduates in the top twenty most popular college majors:
Area & Ethnic Studies – $42,000
Psychology – $46,000
Child Development – $46,000
Social Work – $48,000
English Language & Literature – $50,000
Theology & Religious Vocations – $44,000
Health Professions – $54,000
Computer Science – $62,000
Business Administration & Management – $65,000
Marketing – $68,000
Community Organization & Advocacy – $48,000
Applied Health Sciences – $51,000
Public Administration – $53,000
Area Studies – $52,000
College degrees are still worth the investment. The average salary for college graduates is much higher than those without a college degree. However, you should choose a major that will lead to a high-paying job.