Multiple studies have shown that, on average, college graduates earn much more money than high school graduates. According to the U.S. Census Bureau, high school graduates can expect to earn an average $1.2 million over their lifetime, while those with a bachelor's degree will earn an average of $2.1 million. Those with a master's degree will earn $2.5 million, more than double that of the high school graduates.
While college graduates earn more, they also must spend a lot more to earn their degree. The cost of a college education has grown exponentially over the last 30 years, and many college graduates now enter the workforce with a large student loan debt. According to FinAid.org, 86.3 percent of bachelor's degree earners borrow money to pay for at least a portion of their education, and the average debt at graduation is $24,651.
In an economy where people now often change careers multiple times, having a college degree gives a person flexibility. It demonstrates to employers that he is dedicated and hard working and that he has a broad range of knowledge that can be applied to learning new skills.
Many people have skill sets that do not fit into a typical college curriculum. People who are interested in and skilled at more hands-on work, such as automotive repair, carpentry and masonry, may be better off bypassing college and attending trade school. At a trade school, a young person can receive a good education in a skilled trade for a fraction of the cost of a college education. In addition, many skilled trades provide salaries comparable to many jobs that require college degrees.