Audio Version: Let Me Hear It!
New clothes and supplies have been purchased, the kids are off to school, and it’s time again to remember what day of the week it is. For those of you with college on the brain this year, we’re pulling one from our archive to remind you that major matters…
SAT prep courses, campus tours, college counselors… oh the things we did (and things our children will do) just to get through Higher Education’s door. On the other side of this door lies not only a college degree, but also millions of dollars. College graduates earn more – about $1 million more – than non-grads over time. And that’s just from going to college.
A study conducted by a group at Georgetown University found that the path you take once you’re through the door could be 3x more economically significant than just going to school in the first place. It concluded that the pay gap between graduates with the highest and lowest-paying majors is $3.4 million over time. Saving just 20% of this additional income could mean the ability to spend an extra $2,800 per month in retirement! (A moment while you re-think your life choices…)
We know, we know… being a success in life isn’t just about a paycheck. But, if earning potential matters to a student, using a fraction of the time spent getting into college on choosing a major instead could be, well, major.