* Type of degree: A bachelor's degree will have a much larger salary difference compared to a high school diploma than an associate's degree. Master's and doctoral degrees further increase earnings.
* Field of study: Some fields, like engineering, computer science, and medicine, command significantly higher salaries than others, regardless of educational level. However, even within a field, a degree will generally lead to higher pay.
* Experience: Salary increases with experience, so the gap between high school and college graduates may widen over time.
* Location: Cost of living and local job markets greatly impact salaries. A college degree might yield a smaller salary advantage in a low-wage area than in a high-wage area.
* Individual skills and ambition: Hard work, networking, and entrepreneurial skills can impact earning potential regardless of educational level, though a degree can open more doors to opportunities.
While precise figures are impossible to give, studies consistently show that individuals with a college degree earn substantially more over their lifetime than those with only a high school diploma. The difference can be tens of thousands of dollars annually and hundreds of thousands over a career. However, this is an *average*; individual results vary widely.