Most college degrees still carry a financial benefit

Yet a college degree remains a reliable indicator of success, despite concerns about affordability and questions about whether the value offered by four- and two-year institutions of higher learning is worth the significant investment required. A recent analysis of Texas public college students found that those who choose this academic route do indeed reap the benefits, with a few caveats.

The report, compiled by the Postsecondary Commission, followed 29,000 students who attended public colleges and universities in 2008-09 to determine whether they saw a boost in net earnings compared to those who did not pursue degrees after high school. "On average," CBS News reported this week, "college entrants outearned high school graduates by almost $87,000 over that 15-year period, even after accounting for college costs."

Over time, those graduates in a host of different majors earned higher salaries than those with only a high school diploma. Those with degrees in engineering and architecture had the biggest advantage, earning an extra $204,686. Those in business or economics took home an additional $184,000. Even liberal arts majors benefited to the tune of more than $35,000.

"Those pursuing a bachelor's degree — regardless of field of study — are likely making a wise investment," Michael Itzkowitz, president of a higher education consulting, told CBS of the findings. "That's a financial gain that will likely grow even more over time, as these learners and earners progress throughout their careers."

The study also found that most associates degrees were financially advantageous.

Of course, any sane approach to college will entail taking on as little debt as possible while focusing on a major that will help the degree holder make a reasonable living. If you spend six years in college and go $500,000 in debt to earn a graduate degree in advanced puppet arts or intersectionality, you could have used a better guidance counselor.

College isn't for everyone, and high schools would do well to bring back trade-oriented instruction for students who prefer a different yet also worthwhile track. But properly executed, the Texas study highlights that a four-year degree from a decent university will still pay off financially for those who stay the course.

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