Despite the rising cost of higher education and the rough state of the economy, college is still a worthwhile investment, according to the College Board's third edition of its Education Pays study.
Those without bachelor's degrees are currently struggling to find jobs, the study found. The difference in unemployment rates between high school graduates and bachelor's recipients has risen, from 2.3 percent in 2006 to 5.1 percent in 2009. During the 2008-09 economic downturn, the unemployment rate for bachelor's recipients only increased from 2.6 percent to 4.6 percent, while the unemployment rate for high school graduates rose from 5.7 percent to 9.7 percent.
The study "helps frame the conversation" concerning pressure for financing higher education, especially in the current economic climate, said Kathleen Payea, an independent policy agent for the College Board.
"The more educated you are, the less likely you are to be unemployed," Payea said.
Additionally, the study indicated that students with college educations would have earned enough by the age of 33 to compensate for being out of the work force for four years and for borrowing the full amount to pay for tuition and fees.
"It is worth what you might sacrifice in the short term; the benefits will quickly outweigh the sacrifices you made," Payea said.
James McBride, executive director of University Career Services, said the study's findings are "no surprise at all." Despite difficult economic times, UCS has felt less impact on hiring because "employers tend to cut back on top schools last," McBride said.
Although unemployment hit 9.6 percent in June, McBride said UCS is optimistic about the times ahead, as the department has retained many employers and is starting to see new employers come back.
"For college grads, it is looking a little brighter," McBride said, adding that UCS advises between 6,000-7,000 students per year during individual appointments about majors, internships, resumes and pre-health/pre-law plans.
The study also discussed the non-monetary benefits of having a college education, as people with a college education are in a better position for employment, tend to be healthier, volunteer more and are more likely to vote. But Payea emphasized that there is a correlation, not a causation, between college education and these benefits.
"As a society, our costs would be controlled better the more we are able to help people be self-sufficient," Payea said.
-Caroline Newman contributed to this article
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