Higher Cost Actually Does Mean Higher Payoff
There has been plenty of news coverage over the past few years about skyrocketing tuition costs and the increasing load of debt students are taking on just to get a degree. Despite the many ongoing debates about the worth of a university degree, and the lack of jobs, statistics show that getting a degree does in fact lead to higher paying jobs—if you can find one.
With this infographic, we can see that despite tuition being 12x what it was in 1978, monthly household income for those with college degrees is upwards of $1,000 more. Compared to a high school diploma, which will bring in total lifetime earnings of 1.2 million, a professional degree has been shown to bring in upwards of $4 million in a lifetime.
The most expensive tuition fees come from private, non-profit four year degrees, whereas the cheapest tuition fees come from public, two year in-state schools. To get an idea of the cheapest and most expensive educations in Canada, check out this graph. The cheapest tuition fees are around $2500 and can be found in Newfoundland and Quebec, whereas the most expensive tuition fees are from schools in Ontario and Saskatchewan and cost upwards of $7,000.
If you’re trying to figure out which degree will give you the highest prospective earnings, look towards engineering and computer-based degrees, which have a monthly income of $6500 or more. The lowest earning degrees include education and social sciences, which have average monthly earnings of around $4,000.