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If you've ever wondered what a degree program can mean for your earning potential, read on.
Degree Attained: High School Diploma
Average Annual Earnings: $32,550
Education pays off from a young age. Earning a high school diploma already means a big upgrade in
your salary: while workers without a diploma earned average wages of $23,600, those with a diploma
earned nearly $9,000 more every year according to the U.S. Bureau of Labor Statistics (BLS). Many
entry level full time jobs require a high school diploma, providing some extra incentive for workers
to get their education up to par.
According to the BLS, workers with an associate's degree earn an average $6,950 more every year
than those with only a high school diploma. That's $34,750 after five years and $69,500 after ten.
Long after the degree pays for itself, workers still enjoy higher earnings.
The average associate's degree costs about $2,544 a year, as reported by The College Board, but the
boost in salary potential makes it worth the expense. With the average earnings workers see after
upgrading from a high school diploma, you could potentially pay for a two-year associate's degree
within a year of work.
One of the highest jumps in salary comes when workers upgrade from an associate's degree to a
bachelor's degree. Graduating from the four-year degree program means an average of $13,800 every
year, according to the BLS. That's $69,000 after five years and a whopping $138,000 after ten.
The average four-year public school degree costs $7,020 a year, says The College Board, meaning
you could potentially pay off an upgrade from an associate's degree with just over two years' worth
of work. After only a decade of employment, averages suggest you could earn six figures more than
you would with an associate's degree.