Higher Education Pays Off, Data Shows

Let’s go to the numbers again.

Last week I explored some facts and figures about elementary and secondary public schools. Now let’s look at some data from the U.S. Department of Education, U.S. Department of Commerce and the Census Bureau about high school graduates and how they fare in higher education and the job market.

In 1991, 71.2% of the nation’s high school seniors in public schools actually graduated. Minnesota’s graduation rate was highest (89.5%); Louisiana’s was lowest (54.3%). California’s was 67.7%.

More information is available for the class of 1992. For one thing, 1992 graduates who skipped college in favor of the job market found jobs more easily than 1991 graduates: their unemployment rate was 19.4%, compared with 25.3% for the class of 1991.

And here’s a warning for would-be dropouts: Only about 60% of dropouts from the class of 1992 found jobs. That’s an unemployment rate of 39.1%-- double the rate for students who stuck around through graduation day.

Most 1992 high school graduates (63%, the highest ever) entered colleges or universities in the fall. Women outnumbered men in that group, 65% to 60%. There was considerable racial and ethnic variation: 64% of white high school graduates entered college in the fall, but only 49% of the black graduates and 47% of Latinos did.

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One valuable source of information about student attitudes is the national survey of college freshmen conducted each fall for the last 27 years by the UCLA Graduate School of Education and the American Council on Education.

Last year’s survey found that more freshmen were interested in health-related careers (15.6% of the class), and fewer interested in business careers (14.3%, half the rate of just five years ago).

Getting rich was still important to most freshmen--73% in last year’s survey--but that percentage was down slightly for the fifth consecutive year. Meanwhile, the goal of “living a meaningful life” was more popular for the fifth consecutive year--now 45.6%.

One constant of higher education over the years is that it pays. The 1993 figures once again show a clear tie between education level and income.

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White men who did not complete high school earned an average of $909 per month, while those with doctoral degrees averaged $4,679 per month. Between those extremes, incomes corresponded with education levels: White men with master’s degrees averaged $3,248 a month; those with a bachelor’s degree made $2,552; those who attended college but did not graduate averaged $1,595, and high school graduates averaged $1,405.

Women and ethnic groups earned less at each level, but still saw similar proportional differences between education levels.

The road to riches is expensive, though.

The 1993-94 college year at a four-year private school--including tuition, required fees, room and board--is costing an average of $14,176. At a four-year public campus, the cost is an average of $6,083 per year for state residents, and $9,961 for non-residents.

At a two-year college, it is an average of $1,679 per year for state residents, and $3,938 for non-residents.

Among the most expensive campuses are Sarah Lawrence College ($25,900 a year), Brandeis University ($25,184) and Yale ($25,110).

The least expensive four-year schools are the U.S. military academies. They’re free.