Rich people without a college degree- their stories may sound inspiring and enticing. However, as the professional and business landscape gets more competitive, for most people a college degree now equates with more money.
According to the United States Census Bureau, the average annual income of a graduate with a Bachelor’s degree is $52,200. This is significantly higher than $30,400, the annual earnings of a high school graduate. Income soars even more as you climb up the educational ladder. People with a master’s degree take home an average yearly income of $62,300; those with a doctoral diploma earn $89,400 per annum; while individuals who possess a professional degree (doctors, lawyers, etc.) bank $109,600 annually.
In terms of lifetime earnings, college graduates earn an average of $2.1 million, doubling the $1.2 million lifetime income of a high school graduate . This stark difference is due to the fact that people with Bachelor’s degrees have a more fruitful and profitable career path ahead of them versus the limited opportunities for high school graduates.
It is thus evident that a college diploma or a higher degree is an important determinant of professional and financial success. However, the fact still remains that attending college does not come cheap and not all families have the means of sending their children to tertiary educational institutions.
But as the old mantra goes, if there’s a will, there’s a way. One viable way to pursue college education is by applying for private student loans. A private student loan can be used to augment federal student loan programs, which sometimes cannot cover all the expenses associated with college education.
Sometimes, there can be misconceptions about private student loans such as extraordinarily high interest rates. However, through expert advice, private student loans can be easily managed with a carefully mapped out repayment program. Cedar Education Lending for example, offers fair private student loans and private student loan consolidations A private student loan consolidation merges all student loans a person might have into one single loan. This can substantially lower your monthly payments by extending the repayment terms as well as reducing interest rates.
Private student loans may appear daunting at first. Looking closely, the financial benefits of possessing a Bachelor’s degree definitely justify the costs of going to college. Just think of student loans as your investment for a lifetime of financial stability and a rewarding career.