July 7th, 2014
Today’s millennials are the best-educated generation in history, according to the Pew Research Center. Regardless of the investment 34 percent of millennials have made in their college degrees, people still speculate whether the rising cost of tuition and the huge amount of debt are worth the diploma. Those millennials will be happy to hear that college is definitely still worth it.
Specifically, a college education is valuable because a high school diploma is becoming less so. In comparison to millennials with only a high school diploma, those with a college degree are outperforming in every measure.
The Economic Benefits
The study finds that college graduates who are working full time earn about $17,500 more annually than those with a high school diploma. In fact, millennials with a college degree will end up earning 75 percent more during their lifetime than high school graduates. Moreover, while it’s true that millennials are having a hard time in the job market, only 3.8 percent of college graduates are unemployed compared to 12.2 percent of high school graduates.
The marketability of a college degree also translates over to those working jobs that do not require a college degree. According to the Federal Reserve Bank of New York, although one third of college graduates might end up in coffee shops and retail stores, they still tend to earn more than high school educated workers. Furthermore, they are more likely to be offered full-time positions and less likely to be let go.
Another interesting factor the Pew study found is that people who graduated with a high school diploma usually see their jobs as just a way to pay the bills. College graduates, on the other hand, believe their degrees prepared them for the workforce and view their work as a foundation for a career. They are more likely to be satisfied with what they’re doing.
While the survey specifically discusses adults between the ages 25-32, it still holds true that the economic and career benefits of a college degree are not limited to just young adults. Historically, a person with a college degree is much better off in terms of job prospects and salary than a person with less education. The biggest change is just how much better off millennial college graduates are in comparison to their lesser educated peers.
July 3rd, 2014
In honor of the start of summer, we decided to make the housing market the subject of our latest infographic. Check it out for details on average mortgage sizes and a glimpse at how widely the market can vary based on region.
July 2nd, 2014
When you think of the great centers of American economic growth, the Great Plains states don’t necessarily jump to mind. It might be time to change that thought process, though. Look out Wall Street, here comes North Dakota.
June 30th, 2014
Starbucks’ CEO Howard Schulz and ASU’s President Michael Crow recently unveiled the Starbucks College Achievement Plan, which gives U.S.-based Starbucks employees the opportunity to earn a college degree through ASU’s highly-acclaimed online program.
June 27th, 2014
A few weeks ago, the news that Seattle had voted to raise their minimum wage to $15 per hour proved highly controversial amongst Credit Karma members. To add some fuel to the fire, the International Monetary Fund (IMF) has since weighed in on the topic as part of their annual recommendations to the U.S. While the IMF didn’t cite Seattle specifically, they did echo Seattle’s call for a higher minimum wage.
June 27th, 2014commercials and reply on Facebook with some fun captions!
June 26th, 2014
Here at Credit Karma, we love success stories. We’re inspired when we hear from members who took control of their finances and made major improvements to their credit health. Tommy, an intensive care nurse from Canton, Texas, is a Credit Karma community member who paid off his student loans several years ahead of schedule. Read more to find out how!
June 26th, 2014
A recent study released by the Consumer Federation of America and VantageScore Solutions found that in comparison to older Americans, 18-34 year-olds are less knowledgeable about credit.
June 25th, 2014
In an agreement with New York State Attorney General Eric Schneiderman, Capital One has pledged to stop using ChexSystems to predict the risk a consumer presents when they process a banking account application. It will still use ChexSystems to spot fraudulent activity, but it will not screen for negative items such as bounced checks and overdrafts.
June 24th, 2014
A recent study by finance site MoneyRates.com analyzed average salaries, employment rates, cost of living figures and workplace conditions in order to determine which U.S. states are the best to live and work in. Their findings include plenty of regional variation, as well as a big gap between the best performers and the worst.