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Do College Grads Earn More?

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HomeschoolKatie View Drop Down
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    Posted: 04/May/2010 at 9:37am

Hello.   This is Rebecca Kochenderfer from Homeschool.com.

Now that people are homeschooling so successfully through high school, is the next step homeschooling through college”?   My son thinks so.   He just finished his freshman year at a prestigious private university and was disappointed with the experience.   The classes he wanted to take were full and he felt he wasted a lot of time and money taking classes he wasn’t interested in.

Frankly, I think homeschooling has spoiled him.   He’s now trying to talk his dad and I into letting him homeschool his way through college and this brought up the questions, “Is a college education really worth the time and the money?”

I came across a study today that looks at the median personal incomes by educational attainment.

For people 25 and older (median personal income)–

High school graduate–$32,085

Some College–$39,150

Associates Degree–$42,382

Bachelor’s Degree–$52,493

Master’s Degree–$67,123

Professional Degree (nursing, lawyer, etc.)–$100,000

Doctorate–$78,324

So, if you are done with schooling at age 25, and you work for 40 years, you’ll earn $1,283,400 over your lifetime, not adjusted for inflation.

If you have your bachelors degree, you’ll earn $2,099,720.

If you have your Master’s degree, you’ll earn $2,684,920.

So, having a college degree makes a huge difference in earning potential in your lifetime.   It doubles your earning potential at the very least.

And if having a college degree is so valuable, how can a person create a meaningful, customized college experience for him or herself?

Have you ever heard of anyone who has homeschooled their way through college?   If you have, please write about it in the News Forum below and email a copy to me at: [email protected]   I suspect this is the next frontier in homeschooling.

Keep learning all the time!

Rebecca Kochenderfer,

Senior Editor, Homeschool.com

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HomeschoolKatie View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HomeschoolKatie Quote  Post ReplyReply Direct Link To This Post Posted: 04/May/2010 at 9:37am
The following was sent to Homeschool.com and we are posting it anonymously into our Daily News Discussion Forum--

Well, I don't know where your income chart comes from, but my hubby has his Master's and makes $40,000 a year.  He has actually worked his way up some after years.  Well, he has his master's in social work and maybe social workers get the low end of the salary ranges.  We also live in Sioux Falls, SD, probably lower salaries here in the midwest.  But both him and I are still paying on student loans.  We owed over $60,000 together when we got out of school.  We reconsolidated our loans (seperately, not together) but now realize that is a huge mistake, but we always had trouble affording the payments.  We only have one income obviously, and well I'm sure we'll pay back many times the 60,000 after we have paid them all off.  That'll be quite a few years and we are both 42 now!  We have eight kids.  We will not be able to pay anything for college education for them (as neither of our parents did).  Going to community college where it is 1/3 the cost (at least for the first two years) is an option which my older daughter chose.  Taking clep tests is another.  We have not really considered "home college,"  but anything to avoid all the loans would be a good choice, from our opinion!!

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Post Options Post Options   Thanks (0) Thanks(0)   Quote HomeschoolingHub Quote  Post ReplyReply Direct Link To This Post Posted: 28/Mar/2012 at 11:45am
I think the best answer is "it depends"... First it depends on what degree you are pursuing.  Engineering, math, science, there is a lot of money to be made of you are good at them.  Lawyers are not paid that well unless you go to a top tier school and neither are doctors especially considering point number 2. 
Second it depends on how much debt you plan on taking.  If your going to college to "find yourself" forget it.  It is so easy to start a business doing something you're passionate about.  For the majority of people college will be a waste of time and money unless someone else is paying for it.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote HomeschoolingHub Quote  Post ReplyReply Direct Link To This Post Posted: 28/Mar/2012 at 11:54am
@ HomeschoolKatie

Because your husband works in a public service if you switch to income based repayment your free and clear after 10 years of payments.  With his income and the number of kids you have you will be one of the few situations where this works out.  One can also take more classes and get a loan and pay his wife's loan off with the balance to get rid of more of a balance at the end of ten years*.

*Not a lawyer or CPA so that's theoretical


Edited by HomeschoolingHub - 28/Mar/2012 at 11:56am
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VickiBooth View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote VickiBooth Quote  Post ReplyReply Direct Link To This Post Posted: 30/Mar/2012 at 3:37pm
It doesn't say where your son is going to college, but I have a daughter who is a Marlboro College in Vermont after homeschooling through high school and she loves it.  Possibly your son's college is not a good fit.  One of the best resources that I found when looking for a college for her was "Colleges that Change Lives" by Lauren Pope.  It is never too late to make a switch.  And it is a huge investment.   It should be a good fit.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote hsbuildingblocks Quote  Post ReplyReply Direct Link To This Post Posted: 30/Mar/2012 at 7:37pm
Well, my wife and I sort of homeschooled ourselves through our AAs recently as we did all but a small number of classes through the college's online program. It was so convenient that I agree this will be the a big trend in the future.

It will not be for everyone, because I know the college experience is supposed to be amazing. For kids that have been brought up homeschooling all their lives, I think it will make a logical choice to get the earning power that comes with a college degree--at least to get the AA degree and then transfer to a 4 year school. Homeschoolers will find some college classes to have the same challenges as high school classes...rude students, slower pace, etc. They will just prefer to continue what they have been doing and go at their own pace from the convenience of their homes.

Willie @ homeschoolbuildingblocks.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote synergytutor Quote  Post ReplyReply Direct Link To This Post Posted: 02/Apr/2012 at 8:11pm
There is a cognitive error being made here.  A college degree does not earn anyone money.  It is what one does AFTER earning a degree (or not) that determines how much they earn.

Also, let's be honest.  The advice that parents give their kids based on these figures is actually shallow and selfish.  Rather then encouraging their kids to follow their dreams, whatever they may be, they encourage them to do what is "secure" and "reliable", based on the worldview they grew up with.  "Do whatever will earn you the most money, which is earning the highest degree possible, because that will make me feel safe" is what they are actually saying.  In other words, better sell your future to the highest bidder kid, 'cause your dreams ain't worth a bucket of warm spit.

The richest guy in the world dropped out of college.  The Unabomber earned a Ph.D.  It should be obvious that a college degree is one of the least relevant components of happiness or socioeconomic success.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Natalie Quote  Post ReplyReply Direct Link To This Post Posted: 19/Apr/2012 at 5:22pm
I recently took some online classes at Liberty University in Virginia. They are very organized and helpful every step of the way. I don't know what classes your son is interested in, but Liberty has much to offer, even a law school. Some of their programs require some time on campus and other can be done totally online. I will say that the online classes are a bit harder because you have to download and print out all your own handouts. It's a lot easier to just show up in class and have all paperwork handed to you!
 
They also have a "Homeschool Advantage" program that allows homeschooled juniors and seniors to get a head start on theology and Bible classes.
 
I would also recommend taking the Clep tests for as many 101 level classes as possible. It helps to purchase a used college text book and spend some time with it before taking the test. The Clep tests are pass/fail and the results are private unless you decide to send them somewhere.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Blessings2all Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2012 at 10:48am
I have a B.A. in education, but I don't think that a degree is a guarantee of a job or an income.  As Synergytutor said, there are millionaires out there who are high school and college dropouts.  They made it simply because they took their passion, what they were good at, and went out and made money with it.  On the other hand, some careers (like teacher, doctor, lawyer) require a degree.  So ultimately you have to look at the age old question when it comes to deciding on college, "What do you want to be when you grow up?"
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