High School Diploma: Bureau of Labor Statistics

Bureau of Labor Statistics: In the U.S., education leads to higher wages. Median weekly earnings in 2013 were $472 for someone with less than a high school diploma, according to the Bureau of Labor Statistics. That number rises to $1,108 for those with a bachelors degree and $1,714 for those with a professional degree such as an MBA or J.D. A recent National Bureau of Economic Research paper suggested that the educational payoff for marginal college students the ones who might not attend if it werent for government support, for example may be a lot lower . Still, for most students, the high cost of college is well worth it, according to Business Week. But does that private return on investment in education translate into benefits for the national economy? In the U.S., public education expenditure accounts for more than 5 percent of gross domestic product. Private spending is about the same size. In developing countries, including Kenya and Uganda, education takes up 15 percent or more of the government expenditures. Public education spending is justified in part by the idea that it has considerable spillover effects not only the student, but society as whole benefits when a kid goes to school. The data suggest a more complex story, however and It is college acceptance season, and letters with financial aid offers attached are dropping on doormats nationwide. Many students and an even greater number of parents are facing the sticker shock associated with tertiary education. As college prices rise the average annual cost hit $18,497 in 2010-11, according to the National Center for Education Statistics the question inevitably arises: Is it worth it? For the average student in the U.S. and worldwide, the answer is affirmative: Education remains a fantastic investment for individuals. The tougher question is whether education at all levels is such a great investment for societies as a whole. Thats true worldwide as well. Recent estimates PDF for Ghana, for example, suggest that each additional year a child stays in school translates into an average annual income 7 percent higher. In China, that figure is 12 percent. (news.financializer.com). As reported in the news.