Trends in Higher Education Series
Education Pays 2019
THE BENEFITS OF HIGHER EDUCATION FOR INDIVIDUALS AND SOCIETY
Jennifer Ma, Matea Pender, and Meredith Welch
ABOUT THE AUTHORS
Jennifer Ma
Senior Policy Research Scientist, College Board
Matea Pender
Policy Research Scientist, College Board
Meredith Welch
Doctoral Student, Policy Analysis & Management, Cornell University
ACKNOWLEDGMENTS
Anthony LaRosa and Edward Lu provided critical support for this publication. We also beneted from comments
from Dean Bentley, Jessica Howell, Michael Hurwitz, and Melanie Storey. Sandy Alexander provided expert
graphic design work. The publication would not have been possible without the cooperation and support of many
individuals at College Board, including Connie Betterton, Auditi Chakravarty, Jennifer Hwang, Jennifer Ip, Karen
Lanning, George Lalis, Robert Majoros, Jose Rios, and Jennifer San Miguel.
The tables supporting all of the graphs in this report, a PDF version of the report, and a PowerPoint le containing
individual slides for all of the graphs are available on our website research.collegeboard.org/research.
Please feel free to cite or reproduce the data in this report for noncommercial purposes with proper attribution.
For inquiries or requesting hard copies, please contact: trends@collegeboard.org.
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Trends in Higher Education Series
Education Pays 2019
THE BENEFITS OF HIGHER EDUCATION FOR INDIVIDUALS AND SOCIETY
Jennifer Ma, Matea Pender, and Meredith Welch
With an Introduction by Jessica Howell
4
Highlights
As in previous editions, Education Pays 2019: The Benets of Higher
Education for Individuals and Society documents dierences in the
earnings and employment patterns of U.S. adults with dierent levels
of education. It also compares health-related behaviors, reliance on
public assistance programs, civic participation, and indicators of the
well-being of the next generation.
In addition to reporting median earnings by education level, this
year’s report presents data on variation in earnings by dierent
characteristics such as gender, race/ethnicity, occupation, college
major, and sector. Education Pays 2019 also examines the persistent
disparities across dierent socioeconomic groups in college
participation and completion.
We present correlations between various outcomes and educational
attainment. It is worth noting that not all of the observed dierences
in outcomes are attributable to education. However, reliable
statistical analyses support the signicant role of postsecondary
education in generating the benets reported and we cite causal
evidence when possible.
PARTICIPATION AND SUCCESS
IN HIGHER EDUCATION
Although college enrollment rates continue to rise, gaps
in enrollment rates persist across demographic groups.
In 1998, 59% of black and 55% of Hispanic recent high school
graduates enrolled in college within one year of high school
graduation, compared with 68% of white students. In 2018,
enrollment rates were 60%, 66%, and 70% for black, Hispanic,
and white students, respectively. (Figure 1.1A)
Since 1989, the enrollment rate for recent female high school
graduates has consistently exceeded that of their male
counterparts. Annual enrollment rates uctuate, but the average
gender gap increased from 4 percentage points between 1988
and 1998 to 5 percentage points the following decade and
7 percentage points between 2008 and 2018. (Figure 1.2A)
Among students with similar high school math test scores,
college enrollment rates are higher for those from higher
socioeconomic status (SES) quintiles than for those from
lower SES quintiles. (Figure 1.3A)
While overall educational attainment is increasing, college
completion rates and attainment patterns dier considerably
across demographic groups.
The percentage of young adults in the U.S. between the ages
of 25 and 34 with at least a bachelor’s degree grew from 11% in
1960 to 24% in 1980 and 1990. In 2018, 39% of adults in this age
group had earned at least a bachelor’s degree. (Figure 1.5A)
In 1998, the percentage of female adults age 25 to 29 who had
completed at least a bachelor’s degree was 17%, 11%, and 34%
for blacks, Hispanics, and whites, respectively. By 2018, these
percentages had increased to 25%, 22%, and 47%. (Figure 1.6)
In 1998, the percentage of male adults age 25 to 29 who had
completed at least a bachelor’s degree was 13%, 10%, and 31%
for blacks, Hispanics, and whites, respectively. By 2018, these
percentages had increased to 20%, 17%, and 39%. (Figure 1.6)
Within each sector, students with higher family incomes were
more likely to complete a degree than their lower-income peers
with similar high school GPAs. (Figure 1.4)
Participation in postsecondary education diers
considerably across states.
The percentage of 18- to 24-year-olds enrolled in college in
2017 ranged from 29% in Alaska and 31% in Nevada to 56% in
the District of Columbia and 57% in Rhode Island. (Figure 1.7)
In 2017, the percentage of adults age 25 and older with at least a
bachelor’s degree ranged from 20% in West Virginia and 22% in
Mississippi to 44% in Massachusetts and 57% in the District of
Columbia. (Figure 1.7)
THE BENEFITS OF HIGHER EDUCATION
AND VARIATION IN OUTCOMES
Individuals with higher levels of education earn more, pay
more taxes, and are more likely than others to be employed.
In 2018, the median earnings of bachelor’s degree recipients
with no advanced degree working full time were $24,900
higher than those of high school graduates. Bachelor’s degree
recipients paid an estimated $7,100 more in taxes and took
home $17,800 more in after-tax income than high school
graduates. (Figure 2.1)
The typical 4-year college graduate who enrolls at age 18 and
graduates in 4 years can expect to earn enough relative to a high
school graduate by age 33 to compensate for being out of the
labor force for 4 years and for borrowing the full tuition and fees
and books and supplies without any grant aid. (Figure 2.2A)
In 2018, among full-time year-round workers between the ages
of 25 and 34, median earnings among women with at least a
bachelor’s degree were $52,500, compared with $29,800 for
those with a high school diploma. Median earnings among men
with at least a bachelor’s degree were $63,300, compared with
$39,800 for those with a high school diploma. (Figure 2.6)
In 2018, among adults between the ages of 25 and 64, 69% of
high school graduates, 73% of those with some college but no
degree, 78% of those with associate degrees, and 83% of those
with 4-year college degree were employed. (Figure 2.11)
The unemployment rate for individuals age 25 and older with at
least a bachelor’s degree has consistently been about half of
the unemployment rate for high school graduates. (Figure 2.12A)
In 2018, the unemployment rate for 25- to 34-year-olds with at
least a bachelor’s degree was 2.2%, compared with 5.7% among
high school graduates. (Figure 2.12B)
5
Median earnings increase with level of education, but there
is considerable variation in earnings at each level of
educational attainment.
The percentage of full-time year-round workers age 35 to 44
earning $100,000 or more in 2018 ranged from 2% of those
without a high school diploma and 5% of high school graduates
to 28% of those whose highest attainment was a bachelor’s
degree and 43% of advanced degree holders. (Figure 2.3)
Between 2016 and 2018, median earnings of individuals age 25 to
34 working full time year-round with a bachelor’s degree ranged
from $42,100 among black females and $43,900 among Hispanic
females to $72,300 among Asian males. The earnings premium
for a bachelor’s degree relative to a high school diploma was the
highest among Asian males and females. (Figure 2.4)
In 2018, median earnings of female 4-year college graduates
working full time year-round were $56,700. However, 25% of
them earned less than $40,500, and another 25% earned more
than $81,600. (Figure 2.5)
In 2018, median earnings of male 4-year college graduates
working full time year-round were $75,200. However, 25% of
them earned less than $50,400, and 25% earned more than
$110,000. (Figure 2.5)
Between 2013 and 2017, among occupations that employ large
numbers of both high school graduates and college graduates,
the median earnings of those with only a high school diploma
ranged from $31,400 (in 2017 dollars) for retail salespersons
to $60,100 for general and operations managers. The median
earnings of those with at least a bachelor’s degree ranged from
$41,800 (in 2017 dollars) for administrative assistants to $89,500
for rst-line supervisors of nonretail workers. (Figure 2.8)
In 2016 and 2017, median earnings for early career bachelor’s
degree recipients ranged from $32,100 a year for early childhood
education majors to $62,000 for computer science majors. For
those in mid-career, median earnings ranged from $41,000 to
$95,000. (Figure 2.9)
Institutional median earnings vary by sector. From 2014 to 2015,
the typical 4-year college’s median earnings of 2003-04 and
2004-05 federal student aid recipients ranged from $34,600 at
for-prot institutions to $42,800 at private nonprot institutions
and $42,950 at public institutions. (Figure 2.10A)
College education increases the chance that adults will move up
the socioeconomic ladder and reduces the chance that adults
will rely on public assistance.
Among those who attended the most selective colleges, 68% of
children from the lowest parent income quintile were in the top
two income quintiles as adults, compared with 72% of children
from the middle-income quintile and 76% from the highest income
quintile. (Figure 2.15A)
Children from lower-income backgrounds were less likely to attend
more selective institutions. Children whose parents were in the
top 1% of the income distribution were nearly 50 times more likely
to attend the most selective institutions as those whose parents
were in the bottom 20%. (Figure 2.15B)
In 2018, 4% of bachelor’s degree recipients age 25 and older
lived in poverty, compared with 13% of high school graduates.
(Figure 2.16A)
In 2018, 7% of individuals age 25 and older with associate
degrees and 9% of those with some college but no degree lived
in households that beneted from the Supplemental Nutrition
Assistance Program (SNAP), compared with 12% of those with
only a high school diploma. (Figure 2.17)
Having a college degree is associated with a healthier lifestyle,
potentially reducing health care costs. Adults with higher levels
of education are more active citizens than others and are more
involved in their children’s activities.
In 2018, 69% of 25- to 34-year-olds with at least a bachelor’s
degree and 47% of high school graduates reported exercising
vigorously at least once a week. (Figure 2.19A)
Children of parents with higher levels of educational attainment
are more likely than other children to engage in a variety of
educational activities with their family members. (Figures 2.20B
and 2.21A)
Among adults age 25 and older, 19% of those with a high school
diploma volunteered in 2017, compared with 42% of those with
a bachelor’s degree and 52% of those with an advanced degree.
(Figure 2.22A)
Voting rates are higher among individuals with higher levels
of education. In the 2016 presidential election, 73% of 25- to
44-year-old U.S. citizens with at least a bachelor’s degree voted,
compared with 41% of high school graduates in the same age
group. (Figure 2.23A)
Contents
4
Highlights
8
Introduction
Part 1: The Distribution of Benets: Who Participates and Succeeds in Higher Education
College Enrollment
10
College Enrollment by Race/
Ethnicity
FIGURE 1.1A
College Enrollment Rates of Recent High School Graduates by Race/Ethnicity over Time
FIGURE 1.1B
College Enrollment Rates of 18- to 24-Year-Olds by Race/Ethnicity over Time
11
College Enrollment by Gender FIGURE 1.2A
College Enrollment Rates of Recent High School Graduates by Gender over Time
FIGURE 1.2B
College Enrollment Rates of 18- to 24-Year-Olds by Gender over Time
12
College Enrollment by Math
Score and Socioeconomic
Status
FIGURE 1.3A
College Enrollment by Math Quintile and Parents’ Socioeconomic Status
FIGURE 1.3B
Sector of First Postsecondary Institution by Math Quintile and Parents’ Socioeconomic Status
College Completion and Educational Attainment
13
College Completion Rates FIGURE 1.4
Six-Year Completion Rates by Sector, High School GPA, and Family Income
14
Educational Attainment FIGURE 1.5A
Educational Attainment of Individuals Age 25 to 34 over Time
FIGURE 1.5B
Educational Attainment of Individuals by Age Group, 2018
15
Educational Attainment by
Race/Ethnicity and Gender
FIGURE 1.6
Percentage of 25- to 29-Year-Olds Who Have Completed High School or a Bachelor’s Degree,
by Race/Ethnicity and Gender over Time
16
College Enrollment and
Attainment by State
FIGURE 1.7
College Enrollment Rates of 18- to 24-Year-Olds and Educational Attainment by State
17
Education, Earnings, and Tax
Payments
FIGURE 2.1
Median Earnings and Tax Payments of Full-Time Year-Round Workers Age 25 and Older,
by Education Level, 2018
18
Earnings Premium Relative to
Price of Education
FIGURE 2.2A
Estimated Cumulative Full-Time Earnings Net of Loan Repayment for Tuition and Fees and
Books and Supplies, by Education Level
19
Earnings Premium Relative to
Price of Education: Alternative
Scenarios
FIGURE 2.2B
Age at Which Cumulative Earnings of College Graduates Exceed Those of High
School Graduates
20
Variation in Earnings Within
Levels of Education
FIGURE 2.3
Earnings Distribution of Full-Time Year-Round Workers Age 35 to 44, by Education Level, 2018
21
Earnings by Race/Ethnicity,
Gender and Education Level
FIGURE 2.4
Median Earnings of Full-Time Year-Round Workers Age 25 to 34, by Race/Ethnicity, Gender, and
Education Level, 2016–2018
22
Earnings by Gender and
Education Level
FIGURE 2.5
Median, 25th Percentile, and 75th Percentile Earnings of Full-Time Year-Round Workers Age 25
and Older, by Gender and Education Level, 2018
23
Earnings over Time by Gender
and Education Level
FIGURE 2.6
Median Earnings of Full-Time Year-Round Workers Age 25 to 34 over Time, by Gender and
Education Level
24
Earnings Paths FIGURE 2.7
Median Earnings of Full-Time Year-Round Workers, by Age and Education Level, 2013–2017
25
Earnings by Occupation and
Education Level
FIGURE 2.8
Median Earnings of Full-Time Workers Age 25 and Older with a High School Diploma and Those
with at Least a Bachelor’s Degree, by Occupation, 2013–2017
26
Earnings by College Major FIGURE 2.9
Median Earnings of Early Career and Mid-Career College Graduates Working Full Time,
by College Major, 2016−2017
27
Variation in Earnings by
Institutional Sector
FIGURE 2.10A
Distribution of 2014 and 2015 Institutional Median Earnings of Federal Student Aid Recipients
in 2003-04 and 2004-05, by Sector
FIGURE 2.10B
Average 2014 and 2015 Earnings of Dependent Federal Student Aid Recipients in 2003-04 and
2004-05, by Sector and Graduation Rate
Part 2: Individual and Societal Benets of Higher Education
Earnings
6
Contents—Continued
Other Economic Benets
28
Employment FIGURE 2.11
Civilian Population Age 25 to 64: Percentage Employed, Unemployed, and Not in Labor Force,
2008, 2013, and 2018
29
Unemployment FIGURE 2.12A
Unemployment Rates of Individuals Age 25 and Older, by Education Level, 1998 to 2018
30
Unemployment FIGURE 2.12B
Unemployment Rates of Individuals Age 25 and Older, by Age and Education Level, 2018
FIGURE 2.12C
Unemployment Rates of Individuals Age 25 and Older, by Race/Ethnicity and Education
Level, 2018
31
Retirement Plans FIGURE 2.13
Employer-Provided Retirement Plan Coverage Among Full-Time Year-Round Workers Age 25
and Older, by Sector and Education Level, 2018
32
Health Insurance FIGURE 2.14A
Employer-Provided Health Insurance Coverage Among Full-Time Year-Round Workers Age 25
and Older, by Education Level, 1998, 2008, and 2018
FIGURE 2.14B
Employer-Provided Health Insurance Coverage Among Part-Time Workers Age 25 and Older,
by Education Level, 1998, 2008, and 2018
33
Social Mobility FIGURE 2.15A
Percentage of Children in Top Income Quintiles as Adults, by Parents’ Income and College Tier:
Children Born in 1980 to 1982
FIGURE 2.15B
Distribution of College Enrollment by Parents’ Income Quintile, Children Born in 1980 to 1982
34
Poverty FIGURE 2.16A
Percentage of Individuals Age 25 and Older Living in Households in Poverty, by Household Type
and Education Level, 2018
FIGURE 2.16B
Living Arrangements of Children Under 18 Years of Age, by Poverty Status and Highest
Education of Either Parent, 2018
35
Public Assistance Programs FIGURE 2.17
Percentage of Individuals Age 25 and Older Living in Households That Participated in Various
Public Assistance Programs, by Education Level, 2018
Health Benets
36
Smoking FIGURE 2.18A
Smoking Rates Among Individuals Age 25 and Older over Time, by Education Level
FIGURE 2.18B
Smoking Rates Among Individuals Age 25 and Older, by Gender and Education Level, 2017
37
Exercise FIGURE 2.19A
Exercise Rates Among Individuals Age 25 and Older, by Age and Education Level, 2018
FIGURE 2.19B
Percentage Distribution of Leisure-Time Aerobic Activity Levels Among Individuals Age 25 and
Older, by Education Level, 2018
Other Individual and Societal Benets
38
Parents and Children:
Preschool-Age Children
FIGURE 2.20A
Percentage of 3- to 5-Year-Olds Enrolled in Preschool Programs, by Parents’ Education
Level, 2017
FIGURE 2.20B
Percentage of 3- to 5-Year-Olds Participating in Activities with a Family Member, by Parents’
Education Level, 2016
39
Parents and Children:
School-Age Children
FIGURE 2.21A
Percentage of Kindergartners Through Fifth Graders Participating in Activities with a Family
Member in the Past Month, by Parents’ Education Level, 2016
FIGURE 2.21B
Percentage of Elementary and Secondary School Children Whose Parents Were Involved in
School Activities, by Parents’ Education Level, 2016
40
Civic Involvement FIGURE 2.22A
Percentage of Individuals Age 25 and Older Who Volunteered, by Gender and Education
Level, 2017
FIGURE 2.22B
Percentage of Individuals Age 25 and Older Who Volunteered, by Age and Education
Level, 2017
41
Voting FIGURE 2.23A
Voting Rates Among U.S. Citizens, by Age and Education Level, 2016 and 2018
FIGURE 2.23B
Voting Rates Among U.S. Citizens During Presidential Elections over Time, by Education Level
42
References
7
8
Introduction
Jessica Howell
Vice President, Research, College Board
Education Pays: The Benets of Higher Education for Individuals
and Society documents the substantial individual payo from
investments in higher education, the variation in outcomes
experienced by dierent individuals, and the benets we all enjoy
from a more educated populace. Since 2004, College Board has
been publishing updates to this report every three years. Education
Pays rounds out the Trends in Higher Education series that includes
Trends in Student Aid and Trends in College Pricing. These reports
provide a foundation for evaluating public policies to increase
educational opportunities.
This report combines publicly available government statistics and
academic research to paint a detailed and integrated picture of the
benets of higher education and the distribution of those benets
across society. Many graphs in this report compare the experiences
of people with dierent education levels and illustrate straightforward
correlations between education and various outcomes. When
possible, we cite causal evidence of the direct impact of higher
education on both nancial outcomes and behavior patterns.
COLLEGE ACCESS AND SUCCESS
Education Pays provides information about college enrollment
patterns, completion rates, and educational attainment levels
across demographic groups in the United States. The nation has
made progress increasing the share of young adults who invest in
postsecondary education. The percentage of 18- to 24-year-olds
who enroll in college increased from 25% in 1978 to 41% in 2018
(Figure 1.1B). The growth in college enrollment over time translates
into 67% of adults age 25 to 34 in the U.S. having at least some
college experience in 2018, an increase from 57% in 2000 and from
46% in 1980 (Figure 1.5A).
Although the share of all young adults age 25 to 29 who had
a bachelor’s degree or higher rose to 36% in 2018, this share
ranged from 19% for Hispanics and 23% for blacks to 43% for
whites and 66% for Asians (Page 15). Gaps in college enrollment
and completion rates can be partially explained by dierences in
academic preparation in K–12. Yet, even among students with similar
academic achievement levels in high school, students from lower-
socioeconomic-status families enroll and graduate at lower rates
than those from higher-socioeconomic-status families (Figures
1.3A and 1.4). Moreover, there are stark dierences by student
socioeconomic status in types of postsecondary institutions
students with similar academic preparation choose, which likely
contributes to uneven college completion rates (Figure 1.3B).
THE PAYOFF OF HIGHER EDUCATION
FOR INDIVIDUALS
Most college students report improved job prospects and nancial
security as a primary reason for college attendance. The data are
clear: adults with postsecondary credentials are, in fact, more
likely to be employed and to earn more than individuals who did
not attend college. In 2018, 83% of adults with bachelor’s degrees
or higher were employed, compared with 69% of adults with a
high school diploma (Figure 2.11). In 2018, median earnings of
full-time workers with associate and bachelor’s degrees were
24% and 61% higher, respectively, than that of their peers with
only a high school diploma. The earnings premium for workers
with postbaccalaureate credentials is even higher (Figure 2.1).
Though not all the earnings premia cited above are attributable to
dierences in educational attainment, a growing body of research
clearly identies postsecondary education as causally impacting
earnings (Zimmerman, 2014; Hoekstra, 2009).
The benets of a college education extend beyond nancial
gains. More educated citizens have greater access to health care
and retirement plans. They are more likely to engage in healthy
behaviors, be active and engaged citizens, and be in a position to
provide better opportunities for their children.
Because the price of college continues to rise over time, even
substantial benets from investing in education must be compared
with costs in order to assess whether college is a worthwhile
investment. Figures 2.2A and 2.2B indicate that a 4-year college
graduate who enrolls at age 18 with median earnings can expect
to earn enough by age 33 to compensate for being out of the labor
force for four years and for borrowing the full tuition and fees and
books and supplies without any grant aid. An associate degree is
both faster and less expensive to acquire but yields smaller earnings,
on average, than a bachelor’s degree, so it is unsurprising that the
break-even age of an associate degree is similar (age 31). Over the
course of a lifetime, and accounting for the costs of obtaining a
degree, individuals with a bachelor’s degree earn about $400,000
more than individuals with a high school degree. The nancial
benets of an associate degree are roughly half as large.
The average payo to college is considerable, but not all students
reap the same nancial rewards. Several analyses in this report
focus on the variation in the outcomes of higher education
across and within demographic groups, types of credentials, and
institutional sectors. The distribution of earnings in Figure 2.3 tells
a more nuanced story about the mid-career earnings of full-time
workers with the same level of education. While 28% of employed
adults with a bachelor’s degree working full time earn more than
9
$100,000, 17% earn less than $40,000. This disparity in earnings
outcomes reects, among other underlying factors, geographic
dierences in wages, variation in types of colleges attended, and
dierences in elds of study and occupations (Figures 2.8 through
2.10B). Although these nuances are important to our understanding
of the circumstances under which educational investments pay o,
the overall patterns are clear—more education is associated with
increased opportunities for the vast majority of students.
This report also reveals earnings dierentials among individuals with
similar levels of education by race and gender. Underrepresented
minorities continue to earn less than their white and Asian
counterparts and females continue to earn less than their male
counterparts (Figures 2.4 through 2.6). Though issues of equity exist
in the workplace, postsecondary education remains a catalyst for
social mobility. Figure 2.15A shows that a college education can be
a powerful equalizer. When students attend similar postsecondary
institutions, the percentage of students who end up in the top two
income quintiles as adults is nearly the same for students from the
lowest-income-quintile families as it is for those from top-income-
quintile families. Although Figure 2.15B illustrates that auent
students are still considerably more likely to attend selective colleges
than their less auent peers, expanding access to selective
colleges remains a promising avenue to economic mobility.
THE PUBLIC BENEFITS OF HIGHER EDUCATION
Society at large also gains from increases in postsecondary
attainment. A more productive economy generates a higher standard
of living. We can all enjoy the benets of having a more well-educated
populace. Increases in wages generate higher tax payments at the
local, state, and federal levels. In 2018, four-year college graduates
paid, on average, 82% more in taxes than high school graduates and,
for those with a professional degree, average tax payments were
more than three times as high as those of high school graduates.
Spending on social support programs such as unemployment
compensation, the Supplemental Nutrition Assistance Program
(SNAP), and Medicaid is much lower for individuals with higher levels
of education. Figure 2.17 shows that SNAP participation among
individuals with a high school diploma is four times as high as that
among those with a bachelor’s degree or higher.
Education is associated with healthful behaviors and civic
engagement. Over time, rates of smoking have dropped the most
precipitously among college-educated adults (Figure 2.18A). Rates
of reported exercise rise with educational attainment for individuals
of all ages (Figure 2.19A). Adults with greater educational attainment
are more likely to volunteer and to vote. In the 2016 presidential
election, 73% of young adults age 25 to 44 with at least a bachelor’s
degree voted, compared with 41% of their peers with a high school
diploma (Figure 2.23A).
The data in Education Pays provide a strong argument for increasing
access to and support for successful postsecondary pathways.
Research suggests that increased public commitment to this priority
through public subsidies for higher education institutions is the most
promising approach to increasing degree completion and realizing
greater private and public benets (Deming & Walters, 2017; Avery,
Howell, Pender, & Sacerdote, 2019).
IS COLLEGE WORTH IT?
A postsecondary education opens the door to many opportunities.
As the price of college continues to rise, more students and families
are asking if college is worth it. Media headlines highlight stories
of college students saddled with debt without gainful employment.
Although these stories do exist, they are far from typical. As
illustrated in this report, college is a worthwhile investment that pays
o over time for most students. Of course, students and families
face crucial choices—which institution, which eld of study, and
how to nance it all—that factor into their eventual answer to the
question, “Was college worth it?” Additional data and transparency
about the costs and benets of postsecondary education are
needed to inform these choices.
Education Pays shows the variation in earnings by institutional
sector based on the college-level earnings data from the
Department of Education’s College Scorecard (Figures 2.10A and
2.10B). In 2019, the Department of Education expanded upon the
college-level earnings data it began releasing in 2015. It provided
program-level data for every college, including median debt data and
median rst-year earnings data. This is the rst time such detailed
data about labor market outcomes of students from specic majors
and colleges have been made available at the national level. The
earnings data include information for associate and bachelor’s
degrees, certicate programs, and graduate degrees—a substantial
step toward transparency around the monetary benets of specic
postsecondary investments. Continued progress in providing data
on the benets and costs of postsecondary investments at the
institution and program levels will give students, families, institutions,
and policymakers the information they need to quantitatively
evaluate which postsecondary opportunities best serve individual
and public educational goals.
10
EDUCATION PAYS 2019 Part 1: Distribution of Benets
College Enrollment by Race/Ethnicity
In 1998, 59% of black and 55% of Hispanic recent high school graduates enrolled in college
within one year of high school graduation, compared with 68% of white students. In 2018,
enrollment rates were 60%, 66%, and 70% for black, Hispanic, and white students, respectively.
FIGURE 1.1A Postsecondary Enrollment Rates of Recent High School Graduates
by Race/Ethnicity, 1978 to 2018
50%
48%
47%
68%
59%
55%
70%
66%
60%
0%
20%
40%
60%
80%
1978 1983 1988 1993 2003 2013 2018
1998 2008
Enrollment Rate
Recent High School Graduates
Hispanic WhiteBlack
FIGURE 1.1B Postsecondary Enrollment Rates of All 18- to 24-Year-Olds by
Race/Ethnicity, 1978 to 2018
0%
20%
40%
60%
80%
1978 1983 1988 1993 2003 2013 2018
1998 2008
Enrollment Rate
All 18- to 24-Year-Olds
27%
17%
21%
40%
21%
29%
42%
37%
37%
Hispanic
WhiteBlack
Enrollment rates of young adults between the
ages of 18 and 24 are lower than enrollment rates
of all recent high school graduates.
In 1998, 29% of black and 21% of Hispanic young
adults between the ages of 18 and 24 were enrolled
in college, compared with 40% of white young
adults. In 2018, enrollment rates were 37% for
black and Hispanic and 42% for white young adults.
ALSO IMPORTANT:
College enrollment rates are higher for Asians than
for other racial/ethnic groups. In 2018, 83% of Asians
enrolled in college within a year of graduating from
high school. (NCES, Digest of Education Statistics,
2019, Table 302.20; calculations by the authors)
Dierences in high school graduation rates account
for some of the college enrollment gaps graphed in
Figure 1.1B. In 2016-17, 89% of white, 78% of black,
and 80% of Hispanic public high school students
graduated from high school in four years. (NCES,
Digest of Education Statistics, 2018, Table 219.47)
NOTES: “Recent high school graduates” include those who graduated from high school in the
previous 12 months. “All 18- to 24-year-olds” also include those who have not completed high
school. “Postsecondary enrollment rates” are three-year moving averages and include both
undergraduate and graduate students. Some 18- to 24-year-olds have completed college and are
no longer enrolled. Because of small sample sizes for Hispanics and blacks, annual uctuations in
enrollment rates may not be signicant.
SOURCES: National Center for Education Statistics (NCES),
Digest of Education Statistics, 2019, Tables 302.20 and 302.60;
calculations by the authors.
11
College Enrollment by Gender
In 1998, 62% of male and 70% of female recent high school graduates enrolled in college
within one year of high school graduation. In 2018, enrollment rates were 65% and 72%
for male and female students, respectively.
FIGURE 1.2A Postsecondary Enrollment Rates of Recent High School Graduates
by Gender, 1978 to 2018
0%
20%
40%
60%
80%
1978 1983 1988 1993 2003 2013 2018
1998 2008
Enrollment Rate
Recent High School Graduates
Female
Male
50%
50%
62%
70%
65%
72%
FIGURE 1.2B Postsecondary Enrollment Rates of All 18- to 24-Year-Olds by
Gender, 1978 to 2018
0%
20%
40%
60%
80%
1978 1983 1988 1993 2003 2013 2018
1998 2008
Enrollment Rate
All 18- to 24-Year-Olds
Female
Male
28%
35%
24%
38%
38%
44%
Since 1989, the college enrollment rate of recent
female high school graduates has consistently
exceeded that of recent male high school graduates.
In 2018, 38% of all male and 44% of all female young
adults between the ages of 18 and 24 were enrolled
in college. The gender gap in enrollment for this
age group was 3 percentage points in 1998 and
6 percentage points in 2008.
ALSO IMPORTANT:
In 1977, female students accounted for 49% of all
college students. By 2017, this percentage had grown
to 57%. (NCES, Digest of Education Statistics, 2018,
Table 303.10)
NOTES: “Recent high school graduates” include those who graduated from high school in the
previous 12 months. “All 18- to 24-year-olds” also include those who have not completed high
school. “Postsecondary enrollment rates” are three-year moving averages and include both
undergraduate and graduate students. Some 18- to 24-year-olds have completed college
and are no longer enrolled.
SOURCES: NCES, Digest of Education Statistics, 2019, Tables
302.10 and 302.60; calculations by the authors.
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
12
EDUCATION PAYS 2019 Part 1: Distribution of Benets
College Enrollment by Math Score
and Socioeconomic Status
Among students with similar high school math test scores, college enrollment rates are higher
for those from higher socioeconomic status (SES) quintiles than for those from lower SES quintiles.
FIGURE 1.3A Postsecondary Enrollment Status in 2016 by Math Quintile and
Parents’ Socioeconomic Status: High School Class of 2013
46%
28%
36%
17%
18%
72%
57%
16%
54%
47%
18%
65%
Lowest
Two SES
Quintiles
(54%)
All Middle
SES
Quintile
(22%)
Highest
Two SES
Quintiles
(24%)
Lowest Two Math
Quintiles (38%)
Percentage of High School Graduates
82%
86%
94%
0%
20%
40%
60%
80%
100%
Lowest
Two SES
Quintiles
(43%)
Middle
SES
Quintile
(23%)
Highest
Two SES
Quintiles
(34%)
Middle Math
Quintile (19%)
Lowest
Two SES
Quintiles
(25%)
Middle
SES
Quintile
(17%)
Highest
Two SES
Quintiles
(58%)
Highest Two Math
Quintiles (44%)
63%
68%
86%
46%
49%
67%
63%
71%
85%
17%
19%
19%
18%
16%
9%
Currently
Enrolled or
Attained a
Credential
Left
College
Without a
Credential
FIGURE 1.3B Sector of First Postsecondary Institution by Math Quintile and
Parents’ Socioeconomic Status: High School Class of 2013
18%
39%
41%
0%
20%
40%
60%
80%
100%
Lowest
Two SES
Quintiles
All Middle
SES
Quintile
Highest
Two SES
Quintiles
Lowest Two Math
Quintiles
Percentage of Students
Lowest
Two SES
Quintiles
Middle
SES
Quintile
Highest
Two SES
Quintiles
Middle Math
Quintile
Lowest
Two SES
Quintiles
Middle
SES
Quintile
Highest
Two SES
Quintiles
Highest Two Math
Quintiles
For-Prot
Public 2-Year
Public 4-Year
Private
Nonprot
4-Year
10%
16%
69%
11%
18%
67%
13%
28%
57%
9%
23%
65%
11%
25%
62%
17%
38%
43%
16%
44%
37%
16%
44%
39%
26%
54%
19%
For the high school class of 2013, gaps in college
enrollment rates between students from dierent
SES backgrounds are larger for those with lower
math scores.
w
Among students in the lowest two math quintiles,
46% of those from the lowest two SES quintiles
had enrolled in college by 2016 (three years after
high school graduation), and 65% of those from
the highest two SES quintiles had enrolled.
w
Among students in the highest two math
quintiles, 82% of low-SES and 94% of high-SES
students had enrolled in college by 2016.
High-SES students are more likely to enroll in a
public or private nonprot 4-year institution than
their lower-SES peers with similar math scores.
ALSO IMPORTANT:
Figure 1.3B shows the sectors of rst institutions
students attended. Some students begin in one
sector before transferring to another type of
institution. For example, about 30% of students who
rst enrolled in a public 2-year college in 2012 had
transferred to a 4-year institution by 2018. (Shapiro
et al., 2019, Table 4a)
NOTES: Math quintiles were based on students’ 11th-grade math
scores. Socioeconomic status was measured by a composite
score of parental education, occupations, and family income in
2011 when students were in 11th grade. Components may not
sum to totals because of rounding.
SOURCES: NCES, High School Longitudinal Study of 2009;
PowerStats calculations by the authors.
13
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
College Completion Rates
Within each sector, students with higher family incomes were more likely to complete a degree
than their lower-income peers with similar high school GPAs.
FIGURE 1.4 Six-Year Completion Rates by Sector, High School GPA, and Family
Income: 2011-12 Beginning Postsecondary Students
Associate DegreeBachelor’s Degree
5%
5%
60%
74%
13%
8%
66%
77%
32%
23%
33%
45%
55%
40%
55%
63%
52%
62% 6%
75%
61%
68%
80%
61%
81%
89%
63%
84%
90%
49%
60%
66%
58%
67%
69%
61%
80%
84%
63%
83%
85%
80%
84%
80%
87%
93%
93%
6%
12%
18%
23%
32%
35%
15%
19%
30%
34%
42%
52%
12%
31%
31%
33%
55%
46%
8%
23%
16%
33%
19%
36%
18%
16%
7%
10%
8%
9%
9%
7%
17%
20%
17%
19%
22%
23%
21%
24%
15%
15%
17%
16%
Public 4-year
Private Nonprot
4-year
Public 2-year
For-Prot
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Low Income
Middle Income
High Income
Overall Sector
Completion Rate
2.9 and
Lower
3.0 to 3.4
3.5 to 4.0
2.9 and
Lower
3.0 to 3.4
3.5 to 4.0
2.9 and
Lower
3.0 to 3.4
3.5 to 4.0
Public 4-YearPrivate Nonprot 4-YearPublic 2-YearFor-Prot
0% 20% 40% 60% 80% 100%
Completion Rate
Among public 4-year students in the highest high
school GPA (HSGPA) category, 63% of low-income
students completed a degree within 6 years while
90% of high-income students did.
Among public 4-year students in the lowest HSGPA
category, 40% of low-income students completed
a degree within 6 years while 63% of high-income
students did.
Among undergraduate students who started
college for the rst time in 2011-12, 66% of those
whose rst enrollment was at a public 4-year
institution and 77% of those who started at a
private nonprot 4-year institution completed
either an associate or a bachelor’s degree within
6 years. In contrast, 32% of public 2-year students
and 23% of for-prot students completed an
associate or bachelor’s degree within 6 years.
ALSO IMPORTANT:
Figure 1.4 shows the shares of students who had
completed an associate or bachelor’s degree within
6 years. In addition, 2% of public 4-year, 1% of private
nonprot 4-year, 8% of public 2-year, and 24% of
for-prot students had completed a certicate within
6 years. (NCES, BPS 2012/2017; calculations by the
authors)
Full-time students are more likely to complete
credentials than part-time students. Among students
who rst enrolled in college in 2012, 80% of those
who enrolled full time had completed a credential
6 years later while only 21% of those who enrolled
part time had. (Shapiro et. al., 2018, Table 16)
While students’ academic preparation is perhaps
the most important predictor of their likelihood
of completing a credential, studies have shown
that initial college choice has a causal impact on
completion. For example, among college students
in the public sector, access to 4-year institutions
substantially increases bachelor’s degree
completion rates, particularly for low-income
students. (Goodman, Smith, & Hurwitz, 2015)
NOTES: Includes rst-time undergraduate students who
began their study in 2011-12. Completion status was as of
June 2017. Parents’ income groups of dependent students
were based on 2010 income: Low (less than $50,000),
Middle (between $50,000 and $99,999), and High ($100,000
or higher). For-prot sector is not broken down by HSGPA
because of small sample size. Components may not sum to
totals because of rounding.
SOURCES: NCES, Beginning Postsecondary Students
2012/2017; PowerStats calculations by the authors.
14
EDUCATION PAYS 2019 Part 1: Distribution of Benets
Educational Attainment
The percentage of young adults in the U.S. between the ages of 25 and 34 with at least
a bachelor’s degree grew from 11% in 1960 to 24% in 1980 and 1990. In 2018, 39% of adults
in this age group had earned at least a bachelor’s degree.
FIGURE 1.5A Educational Attainment of Individuals Age 25 to 34, 1940 to 2018,
Selected Years
64%
49%
42%
26%
15%
14%
12%
12%
8%
22%
32%
36%
44%
40%
41%
31%
27%
26%
7%
9%
11%
14%
22%
22%
28%
28%
28%
6%
5%
11%
16%
24%
24%
29%
33%
39%
1940
1950
1960
1970
1980
1990
2000
2010
2018
Less than a
High School
Diploma
High School
Diploma
Some College
or Associate
Degree
Bachelor’s
Degree or
Higher
NOTE: Percentages may not sum to 100 because of rounding.
SOURCE: U.S. Census Bureau, Educational Attainment in the United States, 2018, Table A-1.
FIGURE 1.5B Educational Attainment of Individuals by Age Group, 2018
8%
10%
10%
14%
26%
25%
31%
33%
18%
15%
16%
16%
10%
11%
11%
8%
39%
39%
33%
29%
0%
20%
40%
60%
80%
100%
Bachelor’s Degree
or Higher
Associate Degree
Some College,
No Degree
High School Diploma
Less than a High
School Diploma
NOTE: Percentages may not sum to 100 because of rounding.
SOURCE: NCES, Digest of Education Statistics, 2018, Table 104.30.
The percentage of adults age 25 to 34 with some
college or an associate degree grew rapidly in
the 1970s and again in the 1990s. It has stabilized
since 2000 at 28%.
In 1940, 86% of adults in the U.S. age 25 to 34 had
no postsecondary education experience. By 1980,
that percentage had decreased to 55% and has
since decreased by another 21 percentage points
to 34% in 2018.
In 2018, about 10% of adults age 25 to 49 held
an associate degree, and 39% held at least a
bachelor’s degree.
ALSO IMPORTANT:
The fact that the earnings dierential between
high school graduates and college graduates has
increased over time despite the increasing prevalence
of college degrees indicates that the demand for
college-educated workers in the labor market has
increased more rapidly than the supply. (See Goldin &
Katz [2008] and Autor [2010] for discussion of the
failure of the supply of college graduates to keep up
with the demand.)
According to the Organisation for Economic
Co-operation and Development (OECD), Korea had
the highest educational attainment among all OECD
countries in 2018 with 70% of 25- to 34-year-olds
having completed tertiary education. (OECD, 2019,
Chart A1.2)
25 to 34 35 to 49 50 to 64 65 and Older
15
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Educational Attainment by Race/Ethnicity
and Gender
Among blacks, whites, and Hispanics between the ages of 25 and 29, females outpace males
in terms of both high school and bachelor’s degree completion. This gender gap emerged in
the 1990s.
FIGURE 1.6 Percentage of 25- to 29-Year-Olds Who Have Completed High School
or a Bachelor’s Degree, by Race/Ethnicity and Gender, 1978 to 2018
76%
81%
88%
92%
92%
74%
12%
84%
86%
87%
87%
13%
13%
17%
18%
21%
20%
25%
12%
12%
0%
20%
40%
60%
80%
100%
Black, Non-Hispanic
At Least a High School Diploma At Least a Bachelor’s Degree
FemaleMaleFemaleMale
1978 1983 1988 1993 1998 2003 2008 2013 2018
7%
9%
0%
20%
40%
60%
80%
100%
Hispanic
56%
59%
59%
62%
60%
65%
62%
70%
81%
85%
8%
15%
17%
22%
10%
11%
9%
10%
1978 1983 1988 1993 1998 2003 2008 2013 2018
88%
89%
29%
22%
0%
20%
40%
60%
80%
100%
White, Non-Hispanic
25%
24%
34%
31%
39%
32%
47%
39%
89%
90%
92%
94%
93%
95%
95%
96%
1978 1983 1988 1993 1998 2003 2008 2013 2018
Between 1978 and 2018, the percentage of
black females age 25 to 29 who held a bachelor’s
degree nearly doubled from 13% to 25%, while the
percentage of black males with a bachelor’s degree
increased from 12% to 20%.
Between 1978 and 2018, the percentage of Hispanic
females age 25 to 29 who held a bachelor’s degree
tripled from 7% to 22%, while the percentage of
Hispanic males with a bachelor’s degree nearly
doubled from 9% to 17%.
Between 1978 and 2018, the percentage of white
females age 25 to 29 who held a bachelor’s degree
more than doubled from 22% to 47%, while the
percentage of white males with a bachelor’s degree
increased from 29% to 39%.
Between 2008 and 2018, the percentage of white
and Hispanic males or females age 25 to 29 with
a bachelor’s degree increased by about 7 to 9
percentage points, while the increase was about
2 to 4 percentage points among black males or
females over this time period.
ALSO IMPORTANT:
The share of all young adults age 25 to 29 with at
least a bachelor’s degree was 36% in 2018; this share
ranged from 19% for Hispanics and 23% for blacks to
43% for whites and 66% for Asians. (NCES, Digest of
Education Statistics, 2018, Table 104.30)
NOTE: Attainment rates are three-year moving averages.
SOURCES: NCES, The Condition of Education, 2007, Table 27;
Digest of Education Statistics, 2018, Table 104.30.
16
EDUCATION PAYS 2019 Part 1: Distribution of Benets
College Enrollment and Attainment by State
The percentage of 18- to 24-year-olds enrolled in college in 2017 ranged from 29% in Alaska
and 31% in Nevada to 56% in the District of Columbia and 57% in Rhode Island.
FIGURE 1.7 Postsecondary Enrollment Rates of 18- to 24-Year-Olds and
Percentage of All Adults with at Least a Bachelor’s Degree in 2017
57%
56%
53%
49%
49%
48%
48%
46%
46%
46%
45%
45%
45%
44%
44%
44%
44%
44%
43%
43%
43%
43%
42%
42%
42%
41%
41%
41%
41%
41%
40%
40%
39%
39%
39%
39%
39%
39%
38%
38%
37%
37%
37%
37%
35%
35%
34%
34%
33%
33%
31%
29%
0% 20% 40% 60%
34%
57%
44%
32%
34%
38%
36%
40%
37%
29%
40%
39%
30%
37%
29%
32%
31%
36%
34%
33%
32%
30%
31%
22%
27%
41%
34%
28%
28%
34%
28%
29%
31%
26%
24%
34%
31%
29%
30%
20%
27%
24%
24%
25%
36%
33%
27%
28%
27%
31%
25%
29%
0%20%40%60%
% of Adults with at Least a
Bachelor’s Degree
% of 18- to 24-Year-Olds Enrolling
in Postsecondary Education
RI
DC
MA
DE
CA
CT
NY
NJ
NH
MI
MD
VA
WI
VT
IA
PA
NE
MN
IL
ME
US
FL
ND
MS
IN
CO
UT
SC
OH
KS
SD
MO
NC
AL
LA
OR
GA
AZ
TX
WV
TN
KY
AR
OK
WA
HI
ID
WY
NM
MT
NV
AK
SOURCES: NCES, Digest of Education Statistics, 2018, Tables 104.88 and 302.65.
In 2017, the percentage of adults age 25 and older
with at least a bachelor’s degree ranged from 20%
in West Virginia and 22% in Mississippi to 44% in
Massachusetts and 57% in the District of Columbia.
Iowa, Michigan, Nebraska, and Wisconsin have
college enrollment rates above the national
average of 43%, but bachelor’s degree attainment
rates are slightly lower than the national average
of 32%.
ALSO IMPORTANT:
In 2018, median household income in the United
States was $63,200. Median household income was
under $50,000 in Mississippi, New Mexico, Arkansas,
Alabama, and Louisiana; it was over $80,000 in Hawaii,
New Hampshire, District of Columbia, Maryland, and
Massachusetts. (U.S. Census Bureau, Social and
Economic Supplement, Table H-8)
17
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Education, Earnings, and Tax Payments
In 2018, median earnings of bachelor’s degree recipients with no advanced degree working full time
were $24,900 higher than those of high school graduates. Bachelor’s degree recipients paid an estimated
$7,100 more in taxes and took home $17,800 more in after-tax income than high school graduates.
On average, taxes take a larger share of the incomes of
individuals with higher earnings, so the after-tax earnings
premium is slightly smaller than the pretax earnings premium.
Median earnings for individuals with associate degrees working
full time were 24% higher than median earnings for those with
only a high school diploma. After-tax earnings were 22% higher.
The median total tax payments of full-time workers with a
professional degree in 2018 were over 3.7 times as high as the
median tax payments of high school graduates working full time.
After-tax earnings were about 2.8 times as high.
ALSO IMPORTANT:
In 2018, 76% of 4-year college graduates age 25 and older had
earnings and 59% worked full time; 59% of high school graduates
age 25 and older had earnings, and 44% worked full time.
Not all the dierences in earnings reported here may be attributable to
education level. Educational credentials are correlated with a variety of
other factors that aect earnings, including parents’ socioeconomic
status and some personal characteristics.
While the average high school graduate may not earn as much as the
average college graduate simply by obtaining a bachelor’s degree,
rigorous research on the subject suggests that the gures cited here
do not measurably overstate the nancial return to higher education.
(Card, 2001; Carneiro, Heckman, & Vytlacil, 2011; Rouse, 2005; Harmon,
Oosterbeek, & Walker, 2003; Oreopoulos & Petronijevic, 2013)
FIGURE 2.1 Median Earnings and Tax Payments of Full-Time Year-Round Workers Age 25 and Older, by Education Level, 2018
$120,500
$102,300
$80,200
$65,400
$50,100
$46,300
$30,800
Professional Degree (2%)
Doctoral Degree (3%)
Master’s Degree (12%)
Bachelor’s Degree (27%)
Associate Degree (11%)
Some College,
No Degree (15%)
High School
Diploma (25%)
Less than a High
School Diploma (6%)
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
$32,400
$26,700
$20,100
$15,800
$11,400
$10,300
$8,700
$6,200
$88,100
$75,600
$60,100
$49,600
$38,700
$36,000
$31,800
$24,600
$40,500
Estimated Taxes
After-Tax Income
NOTES: The percentages in parentheses on the vertical axis indicate the shares of all full-time year-round workers age 25 and older with each education level in
2018. The bars in this graph show median earnings at each education level. The light blue segments represent the estimated average federal income, Social Security,
Medicare, state and local income, sales, and property taxes paid at these income levels. The dark blue segments show after-tax earnings. Percentages may not sum
to 100 because of rounding.
SOURCES: U.S. Census Bureau, Income, Poverty, and Health Insurance in the United States, 2018, Table PINC-03; Internal Revenue Service, 2017; Wiehe et al., 2018;
calculations by the authors.
18
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Earnings Premium Relative
to Price of Education
The typical 4-year college graduate who enrolls at age 18 and graduates in four years can expect
to earn enough relative to a high school graduate by age 33 to compensate for being out of the labor
force for four years and for borrowing the full tuition and fees and books and supplies without any grant aid.
FIGURE 2.2A Estimated Cumulative Full-Time Median Earnings (in 2017 Dollars)
Net of Loan Repayment for Tuition and Fees and Books and Supplies,
by Education Level
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
Cumulative Net Earnings
Age
18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64
Assumptions for Figure 2.2A
Age Starting
Full-Time Work
Price of Tuition and Fees
and Books and Supplies
High School 18 None
Some College, No Degree 19 Weighted average of public 2-year and public
4-year price. 2017-18: $9,230.
Associate Degree 20 Average public 2-year price.
2017-18: $4,960; 2018-19: $5,070.
Bachelor’s Degree 22 Weighted average of public and private
nonprot 4-year price. 2017-18: $18,840;
2018-19: $19,300; 2019-20: $19,830;
2020-21: $20,420.
NOTES: Excludes bachelor’s degree recipients who earn advanced degrees. Assumes students
borrow the cost of tuition and fees and books and supplies and pay it o over 10 years after
graduation with a 4.45% annual interest rate during and after college. Tuition/loan payments
and earnings are discounted at 3%, compounded every year beyond age 18. The 2020-21 price
is projected using the 2019-20 price and a 3% annual increase.
SOURCES: U.S. Census Bureau, American Community Survey, 2013–2017 Five-Year Public Use
Microdata Sample; College Board, Trends in College Pricing, 2019; calculations by the authors.
For the typical associate degree recipient who
pays the published tuition and fees and books
and supplies at a community college and earns
an associate degree 2 years after high school
graduation, total earnings exceed those of high
school graduates by age 31.
For the typical student who attends a public
college for a year and leaves without a degree,
total earnings exceed those of high school
graduates by age 36.
The longer college graduates remain in the
workforce, the greater the payo to their
investment in higher education.
ALSO IMPORTANT:
Figure 2.2A shows the cumulative earnings for
full-time year-round workers. Individuals with higher
levels of education are more likely to work full time
year-round than those with lower levels of education.
Figure 2.2A shows the cumulative earnings using
median earnings and weighted average 4-year tuition
and fees and books and supplies. Results using some
alternative assumptions are shown in Figure 2.2B.
Median Earnings by Education Level and Age, 2013–2017
Age
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
18 $18,600 $0 $0 $0
19 $18,600 $16,600 $0 $0
20 $22,600 $23,000 $25,600 $0
21 $22,600 $23,000 $25,600 $0
22 to 24 $22,600 $23,000 $25,600 $35,400
25 to 29 $29,300 $31,400 $35,400 $46,000
30 to 34 $31,900 $37,100 $41,200 $55,200
35 to 39 $36,300 $41,900 $46,600 $65,700
40 to 44 $37,300 $45,500 $49,500 $70,800
45 to 49 $40,100 $47,800 $51,800 $74,300
50 to 54 $41,200 $49,400 $52,300 $75,800
55 to 59 $41,200 $49,600 $52,600 $73,600
60 to 64 $40,400 $49,300 $52,300 $70,000
19
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Earnings Premium Relative to Price
of Education: Alternative Scenarios
The break-even age (age at which cumulative earnings of college graduates exceed those
of high school graduates) increases with amount of time students take to earn their degrees.
Grant aid that reduces the net price of college shortens the break-even period.
FIGURE 2.2B Age at Which Cumulative Earnings of College Graduates Exceed
Those of High School Graduates, by Degree and College Cost
31
37
30
33
36
30
0
10
20
30
40
2 Years of
Average
Public
2-Year
Published
Price
3 Years of
Average
Public
2-Year
Published
Price
2 Years of
Average
Public
2-Year
Net Price
4 Years of
Average
Public
and Private
Nonprot
4-Year
Published
Price
5 Years of
Average
Public and
Private
Nonprot
4-Year
Published
Price
4 Years of
Average
Public and
Private
Nonprot
4-Year
Net Price
Associate Degree Bachelor’s Degree
Break-even Age Compared with
High School Graduates
Tuition and Fees and Books and Supplies
Assumptions for Figure 2.2B
Education Level
Age Starting
Full-Time Work
Price of Tuition and Fees and Books
and Supplies
High School 18 None
Associate Degree
Baseline (2 years of average public
2-year published price)
20 2017-18: $4,960; 2018-19: $5,070.
3 years of average public 2-year
published price
21 2017-18: $4,960; 2018-19: $5,070;
2019-20: $5,190.
2 years of average public 2-year
net price
20 2017-18: $910; 2018-19: $980.
Bachelor’s Degree
Baseline (4 years of average public
and private nonprot 4-year
published price)
22 2017-18: $18,840; 2018-19: $19,300;
2019-20: $19,830; 2020-21: $20,420.
5 years of average public and private
nonprot 4-year published price
23 2017-18: $18,840; 2018-19: $19,300;
2019-20: $19,830; 2020-21: $20,420;
2021-22: $21,030.
4 years of average public and private
nonprot 4-year net price
22 2017-18: $7,990; 2018-19: $8,030;
2019-20: $8,350; 2020-21: $8,600.
The break-even age depends on the length of study.
As an example, for students paying the published
price and taking 5 years to complete a bachelor’s
degree, the break-even age is 36. Full-pay students
who complete a bachelor’s degree in four years
have a projected break-even age of 33.
Compared with high school graduates with median
earnings working full time, the break-even age
for associate degree recipients with median
earnings is 31 if they pay the average public 2-year
published tuition and fees and books and supplies
for 2 years. The break-even age increases to 37 if
they pay these expenses for 3 years; it is 30 if they
receive the average amount of grant aid and pay
net tuition and fees and buy books and supplies
for two years.
ALSO IMPORTANT:
The calculations for Figures 2.2A and 2.2B are based
on median earnings for full-time year-round workers.
There is considerable variation in earnings within
each education level (Figure 2.3).
Figures 2.2A and 2.2B assume that students have
no earnings while attending school full time. Many
students work part time while in school.
NOTES: Excludes bachelor’s degree recipients who earn
advanced degrees. Assumes students borrow the cost of
tuition and fees and books and supplies and pay it o over
10 years after graduation with a 4.45% annual interest rate
during and after college. Tuition/loan payments and earnings
are discounted at 3%, compounded every year beyond age 18.
The 2020-21 and 2021-22 prices are projected using the
2019-20 price and a 3% annual increase.
SOURCES: U.S. Census Bureau, American Community Survey,
2013–2017 Five-Year Public Use Microdata Sample; College
Board, Trends in College Pricing, 2019; calculations by
the authors.
20
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Variation in Earnings Within Levels
of Education
Median earnings are higher for those with higher levels of education, but there is considerable
variation in earnings at each level of educational attainment.
The percentage of full-time year-round workers age 35 to 44
earning $100,000 or more in 2018 ranged from 2% of those
without a high school diploma and 5% of high school graduates
to 28% of those whose highest attainment was a bachelor’s
degree and 43% of advanced degree holders.
In 2018, while 5% of all full-time year-round workers age 35 to 44
earned less than $20,000, 20% of those without a high school
diploma and 8% of those with only a high school diploma were
in this income category. In contrast, only 2% of those whose
highest attainment was a bachelor’s degree and 1% of those
with advanced degrees fell into this category.
In 2018, 19% of all full-time year-round workers age 35 to 44
held advanced degrees, 27% held bachelor’s degrees, while
23% held only a high school diploma and 7% did not graduate
from high school.
ALSO IMPORTANT:
Figure 2.3 includes only full-time year-round workers. The
percentage of individuals who are employed rises with level of
education, as does the percentage of those employed who work
full time. (Bureau of Labor Statistics, Labor Force Statistics from
the Current Population Survey)
Figure 2.3 includes workers between the ages of 35 and 44, an age
group when the majority of full-time workers have nished school
and started a career.
Some of the variation in earnings is associated with elds of study,
occupation, and location. Earnings also dier by gender and
race/ethnicity. (Baum, Kurose, & Ma, 2013)
FIGURE 2.3 Earnings Distribution of Full-Time Year-Round Workers Age 35 to 44, by Education Level, 2018
$1 to
$19,999
$40,000 to
$59,999
$20,000 to
$39,999
$60,000 to
$79,999
$80,000 to
$99,999
$100,000
and over
2%
1%
2%
50%20%
40%8%
32%6%
27%4%
15%
5%
20%
27%
27%
31%
22%
18%
5%
2%
14%
18%
19%
20%
18%
5%
9%
10%
13%
15%
5%
9%
10%
28%
43%
25%5% 24% 17% 10% 19%
Less than a High School Diploma (7%)
High School Diploma (23%)
Some College, No Degree (14%)
Associate Degree (11%)
Bachelor’s Degree (27%)
Advanced Degree (19%)
All (100%)
NOTES: The percentages shown in parentheses on the vertical axis represent shares of all full-time year-round workers age 35 to 44 with each education level.
Percentages may not sum to 100 because of rounding.
SOURCES: U.S. Census Bureau, Income, Poverty, and Health Insurance in the United States, 2018, PINC-03; calculations by the authors.
21
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Earnings by Race/Ethnicity,
Gender, and Education Level
Between 2016 and 2018, median earnings of individuals age 25 to 34 working full time
year-round with a bachelor’s degree ranged from $42,100 among black females and $43,900
among Hispanic females to $72,300 among Asian males.
FIGURE 2.4 Median Earnings (in 2018 Dollars) of Full-Time Year-Round Workers Age 25 to 34, by Race/Ethnicity, Gender, and Education Level,
2016–2018
Median Earnings
$0
$20,000
$40,000
$60,000
$80,000
$100,000
Less than a
High School Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
$21,600
$26,800
$31,100
$31,300
$42,100
$56,000
$28,500
$31,500
$36,600
$40,500
$47,600
$70,600
Black
$28,700
$34,800
$40,900
$41,800
$72,300
$89,100
$18,700
$29,100
$31,900
$33,500
$56,100
$75,700
Female Male Female Male Female Male Female Male Female Male
Asian
$23,000
$26,900
$31,100
$33,900
$43,900
$57,300
Hispanic White All
$29,300
$26,500
$33,000
$23,500
$30,400
$35,300
$31,000
$40,700
$29,200
$37,400
$39,500
$32,300
$43,200
$31,600
$41,100
$41,100
$35,400
$49,000
$34,100
$46,000
$51,600
$50,200
$62,000
$48,500
$60,800
$69,900
$60,200
$76,200
$60,900
$77,200
NOTES: Based on combined data from the 2017, 2018, and 2019 Annual Social and Economic Supplement of the Current Population Survey. Earnings in 2016
and 2017 are adjusted to 2018 dollars using the Consumer Price Index for all urban consumers. Median earnings are the medians of combined data. The “Asian,”
“Black,” and “White” categories include individuals who reported one race only and who reported non-Hispanic.
SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2017, 2018, and 2019; calculations by the authors.
The earnings premium for a bachelor’s degree relative to a high
school diploma was the highest among Asian males and females,
whose median earnings were about twice as high as for those
with a high school diploma.
The earnings gap between 25- to 34-year-old associate degree
recipients and high school graduates working full time ranged
from 14% ($4,400) among white females to 29% ($9,000) among
black males.
Among full-time workers age 25 to 34, median earnings of white
males with a bachelor’s degree were 23% higher than median
earnings of white females with a bachelor’s degree. The gender
gaps were: 29% among Asian, 17% among Hispanic, and 13%
among black bachelor’s degree recipients.
ALSO IMPORTANT:
Between 2016 and 2018, the proportion of individuals age 25 to 34
working full time year-round ranged from 41% for those without a
high school diploma to 70% for those with an advanced degree.
Ratio of Median Earnings of Bachelor’s Degree Recipients to Median
Earnings of High School Graduates, by Race/Ethnicit
y and Gender,
Full-Time Year-Round Workers, 2016–2018
Asian Female
BA/HS Earnings Ratio
Age 25 to 34 Age 25 and Older
1.93 2.05
Male 2.08 1.94
Black Female 1.57 1.67
Male 1.51 1.50
Hispanic Female 1.63 1.62
Male 1.46 1.51
White Female 1.62 1.57
Male 1.52 1.61
All Female 1.66 1.69
Male 1.63 1.68
22
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Earnings by Gender and Education Level
Earnings of full-time year-round workers are strongly correlated with level of education,
but there is considerable variation in earnings among both men and women at each level
of educational attainment.
In 2018, median earnings of female 4-year college graduates were
$56,700. This exceeded median earnings of female high school
graduates by 74% ($24,100). Median earnings of male bachelor’s
degree recipients were $75,200. This exceeded median earnings
of male high school graduates by 65% ($29,600).
In 2018, 25% of females with a college degree earned less than
$40,500 and 25% earned more than $81,600. Among male college
graduates, 25% earned less than $50,400 and 25% earned above
$110,000.
In 2018, 61% of males with some college education but no degree
and 68% of males holding associate degrees earned more than
the median earnings of male high school graduates ($45,600).
In 2018, 61% of females with some college education but no degree
and 67% of females holding associate degrees earned more than
the median earnings of female high school graduates ($32,600).
ALSO IMPORTANT:
In 2018, 14% of female high school graduates earned more than
the median for female college graduates, and 15% of female
college graduates earned less than the median for female high
school graduates.
In 2018, 17% of male high school graduates earned more than the
median for male college graduates, and 21% of male college graduates
earned less than the median for male high school graduates.
Figure 2.5 includes only full-time year-round workers ages 25 and
older. Among both men and women, the percentage of individuals who
are employed rises with level of education, as does the percentage of
those employed who are working full time. (Bureau of Labor Statistics,
Labor Force Statistics from the Current Population Survey)
FIGURE 2.5
Median, 25th P
er
centile, and 75th Percentile Earnings of Full-Time Year-Round Workers Age 25 and Older, by Gender and
Education Level, 2018
Less than a
High School
Diploma
Some College,
No Degree
Bachelor’s
Degree
Doctoral
Degree
Less than a
High School
Diploma
Some College,
No Degree
Bachelor’s
Degree
Doctoral
Degree
High School
Diploma
Associate
Degree
Master’s
Degree
Professional
Degree
High School
Diploma
Associate
Degree
Master’s
Degree
Professional
Degree
$19,000
$24,700
$27,800
$30,400
$40,500
$50,500
$62,200
$59,600
$24,500
$32,600
$38,800
$41,500
$56,700
$66,700
$95,200
$99,800
$33,300
$46,300
$52,900
$57,100
$81,600
$94,100
$148,000
$155,000
$23,300
$31,600
$35,900
$40,700
$50,400
$63,500
$77,400
$78,100
$34,000
$45,600
$51,700
$56,700
$75,200
$99,600
$115,800
$135,400
$48,500
$62,700
$76,300
$78,500
$110,000
$140,000
$190,000
$235,000
Earnings
$0
$50,000
$100,000
$150,000
$200,000
MaleFemale
Median
25th Percentile
75th Percentile
NOTES: This graph shows earnings by education level separately for female and male full-time year-round workers age 25 and older. The bottom of each bar shows
the 25th percentile; 25% of the people in the group earn less than this amount. The box shows median earnings for the group. The top of the bar shows the 75th
percentile; 25% of the people in the group earn more than this amount.
SOURCES: U.S. Census Bureau, Income, Poverty, and Health Insurance in the United States, 2018, PINC-03; calculations by the authors.
23
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Earnings over Time by Gender
and Education Level
In 2018, among full-time year-round workers between the ages of 25 and 34, median earnings
for women with at least a bachelor’s degree were $52,500, compared with $29,800 for those with
a high school diploma.
In 2018, among full-time year-round workers between the ages
of 25 and 34, median earnings for men with at least a bachelor’s
degree were $63,300, compared with $39,800 for those with a
high school diploma.
Between 2013 and 2018, ination-adjusted median earnings
of full-time year-round workers age 25 to 34 increased by 15%
for male high school graduates and 3% for men with at least a
bachelor’s degree. For women, the ve-year percentage change
was 4% for both high school graduates and those with at least a
bachelor’s degree.
Among those with a bachelor’s degree or higher, 26% of men and
33% of women had advanced degrees in 2018, compared with
28% of men and 30% of women a decade earlier.
ALSO IMPORTANT:
In 2018, 54% of 25- to 34-year-old women worked full time, ranging
from 26% of those without a high school diploma to 65% of those
with at least a bachelor’s degree.
In 2018, 72% of 25- to 34-year-old men worked full time, ranging
from 50% of those without a high school diploma to 78% of those
with at least a bachelor’s degree.
FIGURE 2.6 Median Earnings (in 2018 Dollars) of Full-Time Year-Round Workers Age 25 to 34, by Gender and Education Level, 1978 to 2018
Median Earnings in 2018 Dollars
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
1978 1983 1988 1993 1998 2003 2008 2013 2018
1978 1983 1988 1993 1998 2003 2008 2013 2018
Female Male
Advanced Degree
Bachelor’s Degree
or Higher
Bachelor’s Degree
Associate Degree
Some College or
Associate Degree
Some College
High School
Graduate
Grades 9 to 11
Percentage of “Bachelor’s Degree or Higher” with Advanced Degrees (Master’s, Doctoral, or Professional)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Female 24% 23% 22% 24% 26% 27% 27% 27% 28% 31% 30% 28% 32% 31% 32% 31% 32% 34% 32% 32% 33%
Male 22% 22% 21% 23% 24% 25% 25% 25% 25% 24% 28% 27% 24% 25% 25% 28% 28% 28% 30% 27% 26%
SOURCES: Data for 1993 and prior: NCES, The Condition of Education, 2014; Data for 1994 and after: U.S. Census Bureau, Income, Poverty, and Health Insurance in
the United States, 1995 to 2018, PINC tables; CPI-U: Bureau of Labor Statistics; calculations by the authors.
2018
24
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Earnings Paths
Across all education levels, earnings generally increase fastest between the ages of 25 and 34
and peak between the ages of 50 and 59.
Between 2013 and 2017, median earnings for individuals age 50
to 54 working full time year-round whose highest degree was a
bachelor’s degree were 65% higher than the median earnings for
25- to 29-year-olds with this level of education. For high school
graduates, earnings of the older group were 41% higher than
earnings of the younger group.
The gap between median earnings of college graduates without
advanced degrees and high school graduates ranged from
$16,700 (57%) for 25- to 29-year-olds to $34,200 (85%) for
45- to 49-year-olds between 2013 and 2017.
Between 2013 and 2017, the gap between median earnings
of associate degree holders and high school graduates was
$6,100 (21%) for 25- to 29-year-olds and $12,300 (33%) for
40- to 44-year-olds.
The earnings path is the steepest for individuals with advanced
degrees. Between 2013 and 2017, the gap in median earnings
between those with professional degrees and those with
bachelor’s degrees was 30% for 25- to 29-year-olds and 88%
for 60- to 64-year-olds.
FIGURE 2.7 Median Earnings (in 2017 Dollars) of Full-Time Year-Round Workers, by Age and Education Level, 2013–2017
25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64
Age
$120,000
$140,000
$0
$100,000
$20,000
$40,000
$60,000
$80,000
Median Earnings
Professional Degree
Doctoral Degree
Master’s Degree
Bachelor’s Degree
Associate Degree
Some College, No Degree
High School Diploma
Less than a High School
Diploma
Median Earnings of Full-Time Year-Round Workers, 2013–2017
Less than a High
School Diploma
Some College,
No DegreeHigh School Diploma Associate Degree Bachelor’s Degree Master’s Degree Doctoral Degree Professional Degree
25 to 29
50 to 54
60 to 64
$24,900 $29,300 $31,400 $35,400 $46,000 $52,300 $63,700 $59,600
$131,500
$131,500
$30,600 $41,200 $49,400 $52,300 $75,800 $88,100 $111,200
$31,100 $40,400 $49,300 $52,300 $70,000 $82,600 $106,200
NOTES: Based on the 2013 to 2017 American Community Survey ve-year combined data le. Earnings are adjusted to 2017 dollars using the Consumer Price
Index for all urban consumers from the Bureau of Labor Statistics. Median earnings are the median of combined data.
SOURCES: U.S. Census Bureau, American Community Survey, 2013–2017 Five-Year Public Use Microdata Sample; calculations by the authors.
25
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Earnings by Occupation and Education Level
Many 4-year college graduates work in occupations that also employ a signicant number
of individuals with no college credentials. In all these occupations, bachelor’s degree recipients
earn more than high school graduates on average.
Within each education level, earnings vary considerably
by occupation.
Between 2013 and 2017, among occupations that employ large
numbers of both high school graduates and college graduates,
the median earnings of those with only a high school diploma
ranged from $31,400 (in 2017 dollars) for retail salespersons
to $60,100 for general and operations managers; the median
earnings of those with at least a bachelor’s degree ranged from
$41,800 (in 2017 dollars) for administrative assistants to $89,500
for rst-line supervisors of nonretail workers.
Between 2013 and 2017, the earnings gap between those with at
least a bachelor’s degree and high school graduates working in
the same occupation varied signicantly, ranging from 15% for
bookkeeping, accounting, and auditing clerks to 75% for rst-line
supervisors of nonretail sales workers.
ALSO IMPORTANT:
Figure 2.8 shows occupational dierences in earnings, which do
not necessarily correspond to dierences in earnings related to
postsecondary elds of study shown in Figure 2.9.
Some occupations require at least a bachelor’s degree. While most
of these occupations (for example, doctors and lawyers) have high
payos in terms of earnings, others (such as teaching) are not as
remunerative. (Baum, Kurose, & Ma, 2013, Section 8)
FIGURE 2.8 Median Earnings (in 2017 Dollars) of Full-Time Workers Age 25 and Older with a High School Diploma and Those with at Least a
Bachelor’s Degree, by Occupation, 2013–2017
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$31,400
$31,900
$36,000
$37,200
$37,600
$42,500
$51,000
$51,500 $51,500
$60,100
$48,500
$45,500
$41,800
$42,900
$52,600
$63,700
$89,500
$88,100
$72,800
$89,200
Median Earnings
High School Diploma Bachelor’s Degree or Higher
Retail
Salespersons
Customer
Service
Representatives
General and
Operations
Managers
Administrative
Assistants
First-Line
Supervisors
of Nonretail
Sales
Workers
Bookkeeping,
Accounting,
and Auditing
Clerks
First-Line
Supervisors of
Retail Sales
Workers
First-Line
Supervisors
of Oce
and Admin.
Support
Workers
Wholesale
and
Manufacturing
Sales Reps
First-Line
Supervisors
of Production
and Operating
Workers
First-Line
Supervisors
of Production
and Operating
Workers
First-Line
Supervisors of
Oce and Admin.
Support Workers
First-Line
Supervisors
of Nonretail
Workers
Customer
Service
Reps
Bookkeeping,
Accounting, and
Auditing Clerks
First-Line
Supervisors of
Retail Workers
Wholesale and
Manufacturing
Sales Reps
General and
Operations
Managers
Retail
Salespersons
Administrative
Assistants
% of FT Workers with
High School Diploma
Bachelor’s Degree or Higher
BA/HS Earnings Ratio
30% 26% 28% 29% 29% 22% 21% 17% 38% 16%
47%
1.48
26% 27% 22% 18% 26% 35% 44% 49% 17%
1.54 1.43 1.16 1.15 1.40 1.50 1.75 1.71 1.41
NOTE: Includes 10 largest occupations with at least 15% of full-time workers with only a high school diploma and another 15% with at least a bachelor’s degree.
SOURCES: U.S. Census Bureau, American Community Survey, 2013–2017 Five-Year Public Use Microdata Sample; calculations by the authors.
26
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Earnings by College Major
In 2016 and 2017, the median earnings for bachelor’s degree recipients without an advanced
degree was $40,000 per year for those in early career (age 22 to 27) and $68,000 for those
in their mid-career (age 35 to 45).
FIGURE 2.9 Median Earnings of Early Career and Mid-Career College Graduates
Working Full Time, by College Major, 2016−2017
$41,000
$56,000
$58,000
$56,000
$60,000
$43,000
$65,000
$66,000
$62,000
$65,000
$50,000
$60,000
$65,000
$70,000
$68,000
$74,000
$74,000
$75,000
$70,000
$94,000
$70,000
$72,000
$80,000
$85,000
$90,000
$88,000
$0 $20,000 $40,000 $60,000 $80,000 $100,000
Early Childhood Education
Median Earnings
$95,000
Early Career Mid-Career
$32,100
$34,000
$34,200
$34,600
$35,000
$35,000
$35,000
$36,000
$36,000
$38,000
$38,000
$38,900
$40,000
$40,000
$40,000
$41,000
$42,000
$42,000
$45,000
$48,500
$50,000
$50,000
$50,000
$52,000
$55,000
$57,000
$62,000
Psychology
Leisure and Hospitality
Sociology
English Language
Elementary Education
Biology
History
Philosophy
Journalism
Secondary Education
Art History
Business Management
Communications
Overall
Chemistry
Marketing
Political Science
General Business
Physics
Nursing
Accounting
Mathematics
Finance
Economics
Business Analytics
Computer Science
NOTES: Figures represent a 2016 and 2017 average. Median earnings are for full-time workers
whose highest education level is a bachelor’s degree only. Early career graduates are those age
22 to 27, and mid-career graduates are those age 35 to 45. All gures exclude those currently
enrolled in school.
SOURCE: Federal Reserve Bank of New York, The Labor Market for Recent College Graduates,
based on Census Bureau’s American Community Survey data.
In 2016 and 2017, median earnings for early career
bachelor’s degree recipients ranged from $32,100
a year for early childhood education majors to
$62,000 for computer science majors. For those in
mid-career, median earnings ranged from $41,000
to $95,000.
The dierences in earnings between early
career and mid-career varies greatly by major.
For example, the gap between early career and
mid-career earnings is smaller for nursing and
accounting majors, who have relatively high early
career earnings. By contrast, mid-career earnings
are 86% higher than early career earnings for
biology majors.
ALSO IMPORTANT:
The share of college graduates who ultimately attend
graduate school varies by college major. Overall, 37%
of college graduates age 25 to 65 had a graduate
degree in 2016 and 2017. This rate ranges from
17% for marketing majors to over 60% for biology,
chemistry, and physics majors. (Federal Reserve Bank
of New York, 2019)
While recent college graduates have relatively low
levels of unemployment across majors, 43% were
underemployed in 2016 and 2017. These rates vary
from 11% and 16% for nursing and elementary
education majors to 60% and 63% for business
management and leisure and hospitality majors.
(Federal Reserve Bank of New York, 2019)
Research suggests that dierent elds of study have
dierent labor market payos, even after accounting
for institution and peer quality. In some cases, the
additional labor market payo to a particular eld
of study is as large as the college premium itself.
(Kirkeboen, Leuven, & Mogstad, 2016).
27
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Variation in Earnings by Institutional Sector
Institutional median earnings vary by sector. From 2014 to 2015, the typical 4-year college’s
median earnings of 2003-04 and 2004-05 federal student aid recipients ranged from $34,600 at
for-prot institutions to $42,800 at private nonprot institutions and $42,950 at public institutions.
FIGURE 2.10A Distribution of 2014 and 2015 Institutional Median Earnings of
Federal Student Aid Recipients in 2003-04 and 2004-05, by Sector
$0
$10,000
$20,000
$30,000
$40,000
$50,000
Institutional Median Earnings
Median
25th Percentile
75th Percentile
Public
2-Year
For-Prot
2-Year
$22,300
$25,300
$30,800
$27,700
$34,300
$30,900
Public
4-Year
Private
Nonprot
4-Year
For-Prot
4-Year
$37,200
$42,950
$48,800
$35,900
$42,800
$50,800
$30,900
$34,600
$42,200
NOTES: Median earnings by sector are based on median earnings of federal student aid
recipients in each institution. The bottom of each bar shows the 25th percentile; 25% of
institutions in the group had median earnings below this amount. The orange box shows median
earnings for the group. The top of the bar shows the 75th percentile; 25% of institutions had
median earnings above this amount.
FIGURE 2.10B Average 2014 and 2015 Earnings of Dependent Federal Student Aid
Recipients in 2003-04 and 2004-05, by Sector and Graduation Rate
$61,000
$52,100
$44,700
$74,800
$50,300
$35,700
$0
$20,000
$40,000
$60,000
$80,000
70% or
Higher
Between
50% and 69%
Lower
than 50%
70% or
Higher
Between
50% and 69%
Lower
than 50%
Public 4-year Private Nonprot 4-year
Average Earnings
Sector and Graduation Rate
NOTES: Earnings are dened as mean earnings of dependent students working and not enrolled
10 years after college entry. Data for 2003-04 and 2004-05 pooled cohorts and earnings are
measured in 2014 and 2015 calendar years. College graduation rate categories are based on
six-year bachelor’s degree graduation rates for the 2011 entering cohort (150% of normal time).
SOURCES: U.S. Department of Education, College Scorecard Data; NCES, IPEDS fall 2017 data;
calculations by the authors.
The 75th percentile of institutional median
earnings at public 2-year colleges was lower than
the 25th percentiles of public and private nonprot
4-year institutions.
The typical public 2-year college’s median
earnings were higher than those of for-prot
2-year institutions at $30,900 and $25,300,
respectively.
Average earnings were about the same ($52,100
versus $50,300) for dependent students who
attended public or private nonprot 4-year
colleges with 6-year bachelor’s degree graduation
rates between 50% and 69%.
Variation in earnings by colleges’ bachelor’s
degree graduation rate was larger within the
private nonprot sector than in the public sector.
ALSO IMPORTANT:
The College Scorecard data include median and mean
earnings aggregated at the college level for students
who have received federal student aid, disaggregated
by dependency status. Earnings are calculated
among students who are employed and not enrolled
in college. Therefore, students who are enrolled in
graduate school at the time of measurement are not
included. However, students who have completed
advanced degrees within 10 years of college entry are
included. Finally, reported average earnings include
both college degree completers and noncompleters.
(The College Scorecard, Data Documentation)
The amount of time students spend in school, the
degrees they earn, eld of study, completion rates,
and incoming student characteristics all vary across
institutional sectors, which inuences the earnings
data reported here.
Researchers have found a positive causal relationship
between college selectivity and earnings, especially
among certain subgroups of students. (Dale & Krueger,
2014; Hoekstra, 2009; Zimmerman, 2014)
28
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Employment
In 2018, among adults between the ages of 25 and 64, 69% of high school graduates, 73% of those
with some college but no degree, 78% of those with associate degrees, and 83% of those with 4-year
college degree were employed.
FIGURE 2.11 Civilian Population Age 25 to 64: Percentage Employed,
Unemployed, and Not in Labor Force, 2008, 2013, and 2018
56.9%
53.0%
57.3%
71.1%
66.4%
68.8%
74.8%
69.9%
72.7%
80.2%
76.3%
78.0%
83.2%
81.2%
83.0%
5.7%
6.7%
3.4%
4.3%
5.5%
2.9%
4.0%
5.3%
2.8%
4.3%
2.2%
2.2%
3.1%
1.8%
37.4%
40.3%
39.3%
24.5%
28.1%
28.3%
21.2%
24.8%
24.5%
16.7%
19.4%
19.8%
14.6%
15.7%
15.3%
2008
2013
2018
2008
2013
2018
2008
2013
2018
2008
2013
2018
2008
2013
2018
Less than a High
School Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree or Higher
Employed Unemployed Not in Labor Force
3.1%
Civilian Population Age 25 to 64, Number in Millions, 2008, 2013, and 2018
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree or
Higher
2008 18.4 48.4 28.4 15.7 50.9
2013 17.4 47.8 28.4 17.7 55.6
2018 15.9 47.3 27.3 18.5 63.3
NOTES: To be considered a member of the labor force, individuals must either be employed or
be actively seeking employment. Percentages may not sum to 100 because of rounding.
SOURCES: U.S. Census Bureau, Basic Monthly Current Population Survey, January through
December 2008, 2013, and 2018; calculations by the authors.
Between 2008 and 2013, the percentage of
individuals who were either unemployed or not in the
labor force increased across all education levels.
Between 2013 and 2018, the percentage of
individuals who were unemployed declined and the
percentage not in the labor force remained stable.
The percentage of individuals who were not in the
labor force was higher in 2018 than in 2008. The
increase ranged from 0.7 percentage points for
those with a bachelor’s degree or higher to
3.8 percentage points for those with a high
school diploma.
ALSO IMPORTANT:
The percentage of individuals who are unemployed
(Figure 2.11) diers from the unemployment rate
(Figure 2.12A), which is the ratio of unemployed
individuals to the sum of employed and unemployed
individuals, excluding those who are not in the
labor force.
The length of unemployment spells has also
uctuated over time. In 2018, 1.4% of the civilian
labor force was unemployed for 15 weeks or longer.
This percentage reached a peak of 5.7% in 2010, at
the height of the Great Recession. (Bureau of Labor
Statistics, Table A-15, Alternative Measures of Labor
Underutilization)
29
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Unemployment
The unemployment rate for individuals age 25 and older with at least a bachelor’s degree
has consistently been about half of the unemployment rate for high school graduates.
Unemployment rates for all education groups peaked in 2010 at
4.7% for bachelor’s degree holders, 7.0% for associate degree
holders, and 10.3% for those with a high school diploma.
Since 2010, unemployment rates have been declining every year
across all education groups. In 2018, unemployment rates were
2.1% for bachelor’s degree holders, 2.8% for associate degree
holders, and 4.1% for those with a high school diploma.
Over the 20-year period from 1998 to 2018, the largest gaps
between the unemployment rates of bachelor’s degree
recipients and high school graduates occurred between 2009
and 2011 (about 5 to 6 percentage point gaps). The smallest gaps
occurred between 1999 and 2001, as well as in 2018 (about 2
percentage point gaps).
ALSO IMPORTANT:
Among individuals with the same level of educational attainment, the
unemployment rate diers by age and by race/ethnicity (Figure 2.12B
and Figure 2.12C).
FIGURE 2.12A
Unemplo
yment Rat
es of Individuals A
ge 25 and Older, by Education Level, 1998 to 2018
0%
20001998 2002 2004 2006 2008 2010 2012 2014 2016 2018
4%
8%
12%
16%
Unemployment Rate
Less than a High School
Diploma
High School Diploma
Some College, No Degree
Associate Degree
Bachelor’s Degree or Higher
Unemployment Rates of Individuals Age 25 and Older, by Education Level, 1998 to 2018, Selected Years
Unemployment Rate
BA/HS
Unemployment Rate RatioLess than a HS Diploma High School Diploma Some College, No Degree Associate Degree Bachelor’s Degree or Higher
1998 7.1% 4.0% 3.2% 2.5% 1.8% 0.45
2003 8.8% 5.5% 5.2% 4.0% 3.1% 0.56
2008 9.0% 5.7% 5.1% 3.7% 2.6% 0.45
2013 11.0% 7.5% 7.0% 5.4% 3.7% 0.49
2018 5.6% 4.1% 3.7% 2.8% 2.1% 0.53
SOURCES: Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey; calculations by the authors.
30
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Unemployment
In 2018, the unemployment rate for 25- to 34-year-olds with at least a bachelor’s degree
was 2.2%, while the unemployment rate for high school graduates was 5.7%.
FIGURE 2.12B Unemployment Rates of Individuals Age 25 and Older, by Age and
Education Level, 2018
8.4%
5.2%
4.4%
4.9%
4.6%
5.7%
4.2%
3.4%
3.1%
4.7%
3.4%
3.0%
3.3%
4.0%
3.1%
2.8%
2.6%
2.5%
3.4%
2.2%
1.8%
2.2%
2.3%
2.8%
45 to 54 55 to 64 65 and Older25 to 34 35 to 44
0%
10%
8%
6%
2%
4%
Unemployment Rate
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree or
Higher
3.2%
SOURCES: U.S. Census Bureau, Current Population Survey, January through December 2018;
calculations by the authors.
FIGURE 2.12C Unemployment Rates of Individuals Age 25 and Older, by
Race/Ethnicity and Education Level, 2018
2.9%
10.4%
4.6%
5.1%
5.6%
2.4%
6.7%
3.9%
3.5%
4.1%
2.5%
5.8%
3.7%
3.2%
3.7%
3.1%
4.1%
3.5%
2.5%
2.8%
2.4%
2.9%
2.9%
2.0%
2.1%
Hispanic White AllAsian Black
0%
10%
8%
6%
2%
4%
Unemployment Rate
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree or
Higher
SOURCE: Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey,
Table 7.
In 2018, unemployment rates of 25- to 34-year-
olds were 4.7% for those with some college but no
degree and 3.1% for those with associate degrees.
Unemployment rates decline between the ages of
25 and 54 for those with an associate degree or
less. For those with at least a bachelor’s degree,
the unemployment rate is lowest for individuals
between the ages of 35 to 44.
The gaps in unemployment rates by education
level are larger for blacks than for other racial/
ethnic groups. In 2018, the gap between the
unemployment rates for blacks with at least a
bachelor’s degree and black high school graduates
was 3.8 percentage points, compared with 1.5
percentage points for whites, 1 percentage point
for Hispanics, and no gap for Asians.
ALSO IMPORTANT:
Research suggests that graduating from college
during a recession can result in lower initial
earnings driven by adverse labor market conditions.
(Oreopoulos, von Wachter, & Heisz, 2012)
The gap in labor force participation rates between
those with at least a bachelor’s degree and those
with a high school diploma ranged from 9 percentage
points for Hispanics to 16 percentage points for Asians
and whites, and 18 percentage points for blacks.
Labor Force Participation Rates of Individuals Age 25 and
Older, by Race/Ethnicity and Education Level, 2018
Less
than a
High
School
Diploma
High
School
Diploma
Some
College,
No
Degree
Associate
Degree
Bachelor’s
Degree or
Higher
Asian 41% 59% 66% 70% 75%
Black 36% 60% 67% 73% 78%
Hispanic 59% 70% 73% 76% 79%
White 48% 57% 62% 69% 73%
SOURCE: Bureau of Labor Statistics, Labor Force Statistics
from the Current Population Survey, Table 7.
31
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Retirement Plans
Individuals with higher education levels are more likely than others to be oered and to
participate in retirement plans provided by their employers.
FIGURE 2.13 Employer-Provided Retirement Plan Coverage Among Full-Time
Year-Round Workers Age 25 and Older, by Sector and Education
Level, 2018
25%
53%
40%
71%
44%
72%
47%
70%
49%
77%
50%
77%
0%
20%
40%
60%
80%
100%
Private Federal, State, and Local
Governments
Percentage Covered
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
Participation Rates in Employer-Provided Retirement Plans Among Eligible Full-Time
Year-Round Workers Age 25 and Older, by Sector and Education Level, 2018
Sector
Less than a High
School Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
Private 72% 80% 83% 84% 88% 89%
Federal, State,
and Local
Governments
89% 91% 93% 94% 94% 96%
Employer-Provided Retirement Plan Coverage Among Full-Time Year-Round Workers
Age 25 and Older in the Private Sector, by Employer Size and Education Level, 2018
Number of
Employees
Less than a High
School Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
Less than 100 13% 24% 28% 30% 33% 37%
100 to 999 32% 45% 49% 50% 51% 52%
1000 or More 44% 55% 55% 59% 57% 56%
SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic
Supplement, 2019; calculations by the authors.
In 2018, 40% of high school graduates age 25 and
older working full time year-round in the private
sector were oered a retirement plan, compared
with 49% of those whose highest degree was
a bachelor’s degree. In the public sector, these
percentages were 71% and 77%, respectively.
Among those to whom these plans were available,
participation rates were higher for individuals
with higher education levels. In the private sector,
participation rates ranged from 72% among
full-time year-round workers with less than a
high school diploma to 89% among those with
advanced degrees. Participation rates ranged
from 89% to 96% in the public sector.
Within the private sector, larger employers were
more likely to oer retirement plans than smaller
employers.
ALSO IMPORTANT:
In 2018, the percentage of part-time workers (those
who worked at least 20 hours a week for at least
26 weeks but less than full time year-round) who
were oered retirement plans ranged from 15% for
those without a high school diploma and 30% for
high school graduates to 41% for bachelor’s degree
recipients and 47% for those with an advanced
degree. (U.S. Census Bureau, 2019 Annual Social and
Economic Supplement; calculations by the authors)
The payout of dened contribution plans depends on
the amount accumulated in a personal account. Over
time, these plans have become more common than
dened benets plans, which provide a predetermined
income level each year after retirement.
Low earnings levels, which are more common
among individuals with lower education levels, may
explain some of the dierence in participation rates
in employer-provided retirement plans that require
workers to contribute a portion of their wages.
32
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Health Insurance
Among both full-time and part-time workers, those with higher levels of educational attainment
are more likely than others to be covered by employer-provided health insurance.
FIGURE 2.14A Employer-Provided Health Insurance Coverage Among Full-Time
Year-Round Workers Age 25 and Older, by Education Level, 1998,
2008, and 2018
46%
38%
33%
63%
59%
52%
67%
63%
59%
70%
67%
59%
75%
71%
64%
77%
75%
70%
0%
20%
40%
60%
80%
100%
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
Percentage Covered
1998 2008 2018
FIGURE 2.14B Employer-Provided Health Insurance Coverage Among Part-Time
Workers Age 25 and Older, by Education Level, 1998, 2008,
and 2018
24%
33%
39%
38%
47%
57%
19%
31%
33%
37%
40%
50%
17%
27%
30%
31%
37%
43%
0%
20%
40%
60%
80%
100%
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
Percentage Covered
1998 2008 2018
NOTE: Part-time workers are those who worked at least 20 hours a week for at least 26 weeks
during the year, but did not work full time year-round.
SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic
Supplement, 1999, 2009, and 2019; calculations by the authors.
In 2018, 52% of high school graduates age 25 and
older working full time year-round were covered
by employer-provided health insurance, compared
with 64% of those with a bachelor’s degree and
70% of those with advanced degrees.
Employer-provided health insurance coverage
has declined over the past 20 years for both full-
time and part-time workers. Between 1998 and
2018, health insurance coverage declined by 7 to
11 percentage points for individuals with at least
some college education working full time year-
round. The decline was 11 to 13 percentage points
for individuals with a high school diploma or less.
In 1998, 57% of advanced degree holders, 47%
of bachelor’s degree holders, and 33% of high
school graduates working part time were covered
by employer-provided health insurance. By 2018,
those percentages had declined to 43%, 37%, and
27%, respectively.
ALSO IMPORTANT:
In 2017, when 10% of adults age 18 and older were
not covered by health insurance at any time during
the year, only 5% of those with a bachelor’s degree
or higher were not covered. This was the case for 8%
of those with associate degrees, 10% of those with
some college but no degree, and 12% of high school
graduates. (U.S. Census Bureau, Health Insurance
Coverage Status and Type of Coverage by Selected
Characteristics, 2017, Table HI01)
In 2017, when 36% of adults age 18 and older were
covered by government health care plans, 26% of
adults with a bachelor’s degree or higher, 33% of
those with an associate degree, 36% of those with
some college but no degree, and 43% of high school
graduates had government coverage. (U.S. Census
Bureau, Health Insurance Coverage Status and Type
of Coverage by Selected Characteristics, 2017,
Table HI01)
33
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Social Mobility
The percentage of students who end up in the top two income quintiles as adults is strongly
correlated with the selectivity of the college they attend. However, within each college selectivity
level, this percentage is highest for those from more auent backgrounds.
FIGURE 2.15A Percentage of Children in Top Two Income Quintiles as Adults, by Parents’ Income Quintile and Children’s College Tier: Children
Born in 1980 to 1982
0%
20%
40%
60%
80%
52% 68%
41% 63%
24% 49%
35%14%
12% 32%
12% 32%
53% 71%
42% 65%
26% 53%
39%15%
15% 37%
15% 38%
55% 72%
43% 68%
29% 57%
43%18%
17% 42%
19% 43%
57% 74%
46% 70%
33% 62%
46%21%
21% 46%
23%
62% 76%
53% 73%
41% 66%
47%24%
25% 49%
52%28%
49%
Most Selective
Highly Selective
Selective
Nonselective
2-Year
For-Prot
Most Selective
Highly Selective
Selective
Nonselective
2-Year
For-Prot
Most Selective
Highly Selective
Selective
Nonselective
2-Year
For-Prot
Most Selective
Highly Selective
Selective
Nonselective
2-Year
For-Prot
Most Selective
Highly Selective
Selective
Nonselective
2-Year
For-Prot
Bottom Quintile Second Quintile Third Quintile Fourth Quintile Top Quintile
Parents’ Income Quintile and Children’s College Tier
Fourth Quintile Top Quintile
NOTE: Incomes of adult children were as of 2014 and measured in 2015 dollars.
FIGURE 2.15B Distribution of College Enrollment by Parents’ Income Quintile,
Children Born in 1980 to 1982
Never Attended
2-Year
For-Prot
Other Enrollment
Nonselective
Selective
Highly Selective
Most Selective
Bottom Second Third Fourth To p Top 1%
Parents’ Income Quintile
0%
20%
40%
60%
80%
100%
14%
9%
14%
21%
18%
21%
25%
22%
36%
27%
6%
29%
23%
18%
18%
24%
18%
35%
9%
7%
4%
7%
12%
39%
19%
11%
7%
25%
46%
NOTES: Other enrollment includes children who attended colleges with fewer than 100 students,
those who rst enrolled between the ages of 23 and 28, and those who attended less-than-2-year
institutions. College tiers are dened using Barron’s selectivity categories for 4-year institutions.
The 2-year category includes both public and private non-prot schools and for-prot includes
both 2-year and 4-year institutions.
SOURCES: Opportunity Insights, Mobility Report Cards: The Role of Colleges in Intergenerational
Mobility, Tables 6 and 8; calculations by the authors.
Among those who attended the most selective
colleges, 68% of children from the lowest parent
income quintile were in the top two income
quintiles as adults, compared with 72% from the
middle and 76% from the highest income quintiles.
Children from lower-income backgrounds were
less likely to attend more selective institutions.
Children whose parents were in the top 1% of the
income distribution were nearly 50 times more
likely to attend the most selective institutions as
those whose parents were in the bottom 20%.
ALSO IMPORTANT:
Overall, the percentage of children who attend any
college that end up in the top two income quintiles
as adults range from 36% and 43% in the bottom two
parent income quintiles to 55% and 62% for the top
two income quintiles.
Within each college selectivity tier, rates of upward
mobility for students from the lowest income quintile
dier substantially across colleges with similar
earnings outcomes. This is driven by the fact that
access for low-income students varies signicantly
across colleges. (Chetty et al., 2017)
These data do not take into account whether or not a
student earned a degree. Completion rates are higher
at more selective colleges.
34
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Poverty
For all household types, the poverty rate falls as the level of education increases. The 2018 poverty
rate for individuals with an associate degree was 7%, compared with 13% for high school
graduates with no college experience.
FIGURE 2.16A Percentage of Individuals Age 25 and Older Living in Households
in Poverty, by Household Type and Education Level, 2018
20%
9%
4% 4%
2%
47%
35%
29%
20%
11%
26%
13%
9%
7%
4%
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree or
Higher
All HouseholdsMarried Couples with
Related Children
Female Householders with
Related Children
Poverty Rate
0%
20%
40%
60%
Under 18 Under 18
SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic
Supplement, 2019; calculations by the authors.
FIGURE 2.16B Living Arrangements of Children Under 18 Years of Age, by Poverty
Status and Highest Education of Either Parent, 2018
Living with
Mothers Only
Living with Both
Parents
Living with Fathers Only
or Living with Neither Parent
69%
39%
76%
55%
58%
65%
84%
91%
22%
46%
17%
39%
35%
30%
13%
8%
9%
14%
7%
6%
7%
5%
3% 2%
0%
20%
40%
60%
80%
100%
All
Children
Below
100%
Poverty
100% of
Poverty
and
Above
Less than
a High
School
Diploma
High
School
Diploma
Some
College or
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
Poverty Status Highest Education Level
of Either Parent
Percentage of Children Under 18
NOTES: In 2018, 4% of children under 18 did not live with either parent. Percentages may not sum to
100 because of rounding.
SOURCE: U.S. Census Bureau, America’s Families and Living Arrangements, 2018, Table C-3.
Within each education level, individuals living in
households headed by unmarried females with
children under 18 have much higher poverty rates
than those living in other household types. For
example, the 2018 poverty rate for individuals with
some college but no degree was 29% for those
living in households headed by unmarried females
with children, compared with 9% overall for this
education group.
In 2018, 69% of all children under age 18 lived with
both parents. Of children under 18, 39% of those
below 100% poverty thresholds lived with both
parents, compared with 76% of those above 100%
poverty thresholds.
The percentage of children under age 18 who
lived with both parents ranged from 55% for those
whose parents did not graduate from high school
and 58% of those whose parents had a high
school diploma to 91% of those whose parents
had an advanced degree.
ALSO IMPORTANT:
In 2018, 5% of all adults and 15% of adults below the
poverty threshold lived in households headed by
unmarried females with children. (U.S. Census Bureau,
Current Population Survey, 2019 Annual Social and
Economic Supplement; calculations by the authors)
The ocial poverty threshold varies with family size,
number of children under 18, and senior citizen status.
In 2018, the poverty threshold was $13,064 for a single
person under age 65, $20,231 for a family of 3 with 2
children, and $25,465 for a family of 4 with 2 children.
(U.S. Census Bureau, Poverty Thresholds, 2018)
The poverty threshold is the ocial measure of
poverty and is slightly dierent from the poverty
guidelines used to determine eligibility for public
programs. In 2018, the poverty guideline for families
of 4 issued by the Department of Health and Human
Services was $25,100. (U.S. Department of Health and
Human Services, 2018)
35
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Public Assistance Programs
Individuals with higher levels of education are less likely to live in households receiving
public assistance.
Medicaid provides health insurance to many low-income families
and other eligible individuals. The National School Lunch Program
provides free and reduced-price lunches to eligible school
children. The Supplemental Nutrition Assistance Program (SNAP)
subsidizes food purchases for eligible low-income households.
Housing assistance includes public housing or rent subsidies for
eligible low-income households.
In 2018, 7% of individuals age 25 and older with associate
degrees lived in households that beneted from SNAP, compared
with 12% of those with only a high school diploma.
In 2018, 28% of adult high school graduates and 46% of those
without a high school diploma lived in households that received
Medicaid coverage. Participation rates were 22% for those with
some college but no degree, 19% for those with an associate
degree, and 10% for those with at least a bachelor’s degree.
In 2018, 4% of adult high school graduates and 9% of those
without a high school diploma lived in households that received
housing assistance. Participation rates were 3% for those with
some college but no degree, 3% for those with an associate
degree, and 1% for those with at least a bachelor’s degree.
ALSO IMPORTANT:
The participation rates for Medicaid, SNAP, and the free and
reduced-price lunch program were higher in 2018 than in 2008. For
example, SNAP participation rose from 8% in 2008 to 12% in 2018
for high school graduates, from 4% to 7% for individuals with an
associate degree, and from 1% to 3% for those with a bachelor’s
degree or higher. (Baum, Ma, & Payea, 2010)
In scal year 2018, 39.8 million individuals in 19.8 million households
received an average of $126 ($254 per household) per month in
SNAP benets. (U.S. Department of Agriculture Food and Nutrition
Service)
In 2016-17, 26.1 million children—52% of all those enrolled in U.S.
public schools—were eligible for free and reduced-price lunches.
(NCES, Digest of Education Statistics 2018, Table 204.10)
Research suggests that access to safety net programs as children
improved individuals’ health and economic outcomes as adults
(Hoynes, Schanzenbach, & Almond, 2016).
FIGURE 2.17 Percentage of Individuals Age 25 and Older Living in Households That Participated in Various Public Assistance Programs,
by Education Level, 2018
46%
9%
13%
12%
4%
11%
9%
3% 3%
10%
4%
3%
1%
Medicaid School Lunch SNAP Housing Assistance
24%
23%
28%
22%
19%
0%
50%
20%
10%
30%
40%
Participation Rate
10%
7%
Less than a High School Diploma High School Diploma Some College, No Degree Associate Degree Bachelor’s Degree or Higher
SOURCES: U.S. Census Bureau, Current Population Survey, 2019 Annual Social and Economic Supplement; calculations by the authors.
36
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Smoking
Smoking rates among college graduates have been signicantly lower than smoking rates
among other adults since information about the risks of smoking became public.
FIGURE 2.18A Smoking Rates Among Individuals Age 25 and Older, by
EducationLevel, 1940 to 2017
0%
10%
20%
30%
40%
50%
1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2017
Smoking Rate
Less than a
High School
Diploma
High School
Diploma
Some College
or Associate
Degree
Bachelor’s
Degree or
Higher
NOTE: Data for 1999 through 2017 are three-year moving averages.
SOURCES: de Walque, 2004; National Center for Health Statistics (NCHS), Health, United States,
2018, Table 18; calculations by the authors.
FIGURE 2.18B Smoking Rates Among Individuals Age 25 and Older, by Gender
and Education Level, 2017
30%
24%
18%
7%
17%
20%
19%
17%
5%
13%
0%
5%
10%
15%
20%
25%
30%
Less than a
High School
High School
Diploma
Some College
or Associate
Bachelor’s
Degree
Total
Smoking Rate
Male Female
SOURCE: NCHS, Health, United States, 2018, Table 18.
Diploma Degree
Across all education levels, smoking rates in the
United States increased in the 1940s, peaked in
the late 1950s, and began a steady decline in the
1960s after the U.S. Surgeon General released
the rst report on smoking and health in 1964.
Smoking rates among college-educated adults
declined much more rapidly than smoking rates
among other adults.
College graduates were as likely as other adults
to smoke before the medical consensus on the
dangers of smoking became clear. By 1970, when
information was widespread and clear public
warnings were mandatory, the smoking rate
among college graduates had declined to 37%,
while 44% of high school graduates smoked.
In 2017, smoking rates were 6% for college
graduates and 23% for high school graduates.
Within each education level, males are more likely
to smoke than females. For example, 24% of
males with a high school diploma smoked in 2017,
compared with 19% of females. Among those with
at least a bachelor’s degree, 7% of males and 5%
of females smoked.
ALSO IMPORTANT:
Statistical analysis suggests that higher levels of
education are not just correlated with lower smoking
rates but also cause declines in smoking. (de Walque,
2004; Grimard & Parent, 2007; Rosenbaum, 2012)
In their analysis of the positive relationship between
education and health outcomes, Cutler and Lleras-
Muney (2010) nd that income, health insurance, and
family background account for about 30% of the
dierences. Knowledge and measures of cognitive
ability explain an additional 30% of the dierences in
behaviors, with social networks explaining another
10%. The authors nd that much of the dierence
seems to be driven by the fact that education raises
cognition, which in turn improves behavior.
37
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Exercise
Among adults age 25 to 34, 69% of individuals with at least a bachelor’s degree and 47%
of high school graduates reported exercising vigorously at least once a week in 2018.
FIGURE 2.19A Exercise Rates Among Individuals Age 25 and Older, by Age and
Education Level, 2018
37%
47%
55%
57%
69%
19%
22%
22%
21%
17%
35%
42%
49%
53%
66%
16%
20%
24%
18%
18%
30%
39%
44%
42%
61%
21%
24%
27%
26%
22%
Less than a High School Diploma
High School Diploma
Some College, No Degree
Associate Degree
Bachelor’s Degree or Higher
High School Diploma
Associate Degree
Less than a High School Diploma
Some College, No Degree
Bachelor’s Degree or Higher
High School Diploma
Associate Degree
Less than a High School Diploma
Some College, No Degree
Bachelor’s Degree or Higher
25 to 3435 to 4445 to 54
24%
33%
34%
42%
56%
25%
29%
31%
28%
27%
14%
20%
27%
29%
41%
26%
32%
34%
33%
35%
0% 20% 40% 60% 80% 100%
High School Diploma
Associate Degree
Less than a High School Diploma
Some College, No Degree
Bachelor’s Degree or Higher
Less than a High School Diploma
High School Diploma
Some College, No Degree
Associate Degree
Bachelor’s Degree or Higher
55 to 6465 and Older
Vigorous Light/Moderate
SOURCES: NCHS, National Health Interview Survey, 2018; calculations by the authors.
FIGURE 2.19B Percentage Distribution of Leisure-Time Aerobic Activity Levels
Among Individuals Age 25 and Older, by Education Level, 2018
35%
43%
52%
65%
17%
21%
22%
20%
48%
35%
27%
15%
0%
20%
40%
60%
80%
100%
Less than a High
School Diploma
High School
Diploma
Some College
or Associate
Degree
Bachelor’s Degree
or Higher
Percentage of Individuals
Inactive
Insuciently
Active
Suciently
Active
Among 45- to 54-year-olds, 61% of individuals
with at least a bachelor’s degree and 39% of high
school graduates reported exercising vigorously
at least once a week in 2018.
Within each education level, older individuals are
less likely to exercise than younger individuals.
However, individuals age 65 and older with at
least a bachelor’s degree report similar rates of
vigorous exercise as 25- to 34-year-olds without
a high school diploma.
In 2018, 65% of individuals with at least a bachelor’s
degree and 43% of high school graduates reported
meeting the federal guidelines for physical activity
of at least 2½ hours a week of moderate or 1¼ hours
of intensive aerobic activity.
ALSO IMPORTANT:
Numerous studies investigating the relationship
between education and health support the idea that
the skills, attitudes, and thought patterns fostered by
education lead to more responsible health-related
behaviors. (Mirowsky & Ross, 2003)
Improvements in health are associated with each
additional year of schooling, but in contrast to the
relationship between education and wages, there
does not appear to be a “sheepskin” eect with the
completion of a degree having a bigger impact than
just the completion of an additional year of education.
(Cutler & Lleras-Muney, 2006)
NOTES: “Inactive” is participating in no leisure-time aerobic
activity that lasted at least 10 minutes. “Insuciently Active”
is participating in aerobic activities for at least 10 minutes but
less than 150 minutes per week. “Suciently Active,” which
meets 2008 federal physical activity guidelines, is participating
in moderate-intensity leisure-time physical activity at least
150 minutes per week, or in vigorous-intensity leisure-time
physical activity at least 75 minutes per week, or an equivalent
combination. Percentages shown were age-adjusted using the
projected 2000 U.S. population provided by the U.S. Census
Bureau as the standard population. Age adjustment was used to
allow comparisons among various population subgroups that
have dierent age distributions. Percentages may not sum to
100 because of rounding.
SOURCE: NCHS, Tables of Summary Health Statistics for U.S.
Adults: 2018, National Health Interview Survey, Table A-14a.
38
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Parents and Children: Preschool-Age Children
Children of parents with higher levels of educational attainment are more likely than other
children to be enrolled in preschool programs.
FIGURE 2.20A Percentage of 3- to 5-Year-Olds Enrolled in Preschool Programs, by
Parents’ Education Level, 2017
26%
33%
34%
36%
47%
46%
0%
10%
20%
30%
40%
50%
Less than a High
School Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
Percentage of Children
SOURCE: NCES, Digest of Education Statistics, 2018, Table 202.20.
FIGURE 2.20B Percentage of 3- to 5-Year-Olds Participating in Activities with a
Family Member, by Parents’ Education Level, 2016
0%
20%
40%
60%
80%
100%
Read to by Family
Member Three or More
Told a Story by Family
Member at Least Once
Did Arts and Crafts
at Least Once in the
Visited a Library
at Least Once in
61%
79%
80%
85%
90%
91%
77%
78%
83%
87%
89%
89%
77%
86%
88%
89%
89%
91%
27%
35%
38%
42%
47%
56%
Less than a
High School
Diploma
High School
Diploma
Some College Associate
Degree
Bachelor’s
Degree
Advanced
Degree
SOURCE: NCES, Digest of Education Statistics, 2018, Table 207.10.
In 2017, 46% of children age 3 to 5 whose parents
had an advanced degree enrolled in preschool
programs, compared with 33% of children whose
parents had a high school diploma and 26% of
children whose parents did not obtain a high
school diploma.
In 2016, children age 3 to 5 whose parents had an
advanced degree were 12 percentage points more
likely to have been read to 3 or more times in the
last week than children whose parents had only a
high school diploma (91% versus 79%).
In 2016, children age 3 to 5 whose parents had
a bachelor’s degree were 12 percentage points
more likely to have visited a library at least once in
the past month than children whose parents had
only a high school diploma (47% versus 35%).
ALSO IMPORTANT:
Children attending pre-kindergarten programs
are more ready for school at the end of their pre-
kindergarten year than children who do not attend
these programs. (Brookings, 2017)
Times in Past Week in the Past Week Past Week Past Month
39
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Parents and Children: School-Age Children
Children of parents with higher levels of educational attainment are more likely than other
children to engage in a wide variety of educational activities with their family members.
FIGURE 2.21A Percentage of Kindergartners Through Fifth Graders Participating
in Activities with a Family Member in the Past Month, by Parents’
Education Level, 2016
29%
37%
37%
38%
45%
56%
23%
27%
28%
30%
39%
47%
17%
24%
22%
30%
37%
39%
39%
50%
55%
56%
61%
66%
0%
20%
40%
60%
80%
100%
Visited a Library Went to a Play,
Concert, or Other
Live Show
Visited an Art
Gallery, Museum, or
Historical Site
Attended an Event
Sponsored by a
Community, Religious,
or Ethnic Group
Less than a
High School
Diploma
High School
Diploma
Some College Associate
Degree
Bachelor’s
Degree
Advanced
Degree
SOURCE: NCES, Digest of Education Statistics, 2018, Table 207.20.
FIGURE 2.21B Percentage of Elementary and Secondary School Children Whose
Parents Were Involved in School Activities, by Parents’ Education
Level, 2016
0%
20%
40%
60%
80%
100%
Attended a
General School
or PTO/PTA Meeting
Attended a
Parent-Teacher
Conference
Attended a
Class Event
Volunteered at
School
Less than a
High School
Diploma
High School
Diploma
Some College Associate
Degree
Bachelor’s
Degree
Advanced
Degree
76%
82%
89%
90%
93%
95%
70%
73%
76%
78%
81%
84%
54%
70%
78%
83%
87%
93%
25%
27%
35%
45%
54%
65%
SOURCE: NCES, Digest of Education Statistics, 2018, Table 207.40.
Among kindergartners to fth graders whose
parents’ highest education was a bachelor’s degree,
45% had visited a library in the past month. This
compares with 37% of children whose parents had
only a high school diploma and 56% of those whose
parents held an advanced degree.
About one-quarter of children in kindergarten to fth
grade whose parents’ highest education was a high
school diploma had visited an art gallery, museum,
or historical site in the past month; half of children
in this group had attended an event sponsored
by a community, religious, or ethnic group. This
compares with 37% and 61%, respectively, of
children whose parents’ highest level of education
was a bachelor’s degree.
Among parents of elementary and secondary school
children, just over a quarter of those whose highest
education was a high school diploma volunteered
at school; more than half of those with at least a
bachelor’s degree volunteered.
ALSO IMPORTANT:
Kalil, Ryan, & Corey (2012) nd that “highly
educated mothers not only spend more time in
active child care than less educated mothers, but
that they alter the composition of that time to suit
children’s developmental needs more than less
educated mothers.”
40
EDUCATION PAYS 2019 Part 2: Individual and Societal Benets
Civic Involvement
The share of adults who perform unpaid volunteer activities increases with education. Among those
age 25 and older, the volunteering rate in 2017 ranged from 10% for those without a high school
diploma to 52% for those with advanced degrees.
FIGURE 2.22A Percentage of Individuals Age 25 and Older Who Volunteered, by
Gender and Education Level, 2017
Female Male
Volunteering Rate
All
10%
19%
31%
34%
42%
52%
12%
21%
35%
37%
47%
8%
16%
27%
29%
37%
47%
0%
10%
20%
30%
40%
50%
60%
56%
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
FIGURE 2.22B Percentage of Individuals Age 25 and Older Who Volunteered, by
Age and Education Level, 2017
0%
10%
20%
30%
40%
50%
60%
Volunteering Rate
25 to 34 35 to 54 55 to 64 65 and Older
10%
16%
26%
28%
37%
44%
11%
21%
34%
37%
47%
57%
9%
18%
32%
33%
43%
52%
9%
19%
31%
34%
37%
50%
Less than a
High School
Diploma
High School
Diploma
Some College,
No Degree
Associate
Degree
Bachelor’s
Degree
Advanced
Degree
NOTE: Volunteers are dened as individuals who performed unpaid volunteer activities for
organizations at any point from September 2016 through September 2017.
SOURCES: U.S. Census Bureau, September 2017 Supplement to the Current Population Survey;
calculations by the authors.
At each education level, higher percentages of
women than of men volunteered. In 2017, among
adults whose highest education was a bachelor’s
degree, 47% of women volunteered while 37% of
men did. The gender gap is 5 percentage points
among individuals with a high school diploma
(21% for women versus 16% for men).
At each education level, individuals between the
ages of 35 and 54 were more likely to volunteer
than others.
ALSO IMPORTANT:
Volunteers were more likely to donate to charity and
to invest in community-building than nonvolunteers.
(National & Community Service, 2018)
As is the case with most of the indicators included
in this report, the correlation seen here should not
necessarily be interpreted as causation. Personal
characteristics may make people more likely
both to pursue higher education and to volunteer.
However, statistical analysis suggests that the actual
increments in volunteer activity attributable to
increased education are similar to those described
here. Enrolling in college signicantly increases
the likelihood of volunteering, controlling for
other demographic characteristics. (Dee, 2004;
Oreopoulos & Salvanes, 2011)
41
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
Voting
Voting rates are higher among individuals with higher levels of education. In the 2016 presidential
election, 73% of 25- to 44-year-old U.S. citizens with at least a bachelor’s degree voted,
compared with 41% of high school graduates in the same age group.
FIGURE 2.23A Voting Rates Among U.S. Citizens, by Age and Education Level,
2016 and 2018
15%
24%
39%
50%
16%
30%
44%
62%
29%
48%
62%
73%
38%
59%
74%
79%
43%
58%
72%
75%
20%
36%
50%
60%
24%
41%
56%
73%
37%
57%
70%
79%
47%
66%
77%
83%
48%
66%
75%
80%
Less than a High School Diploma
High School Diploma
Some College or Associate Degree
Bachelor’s Degree or Higher
Less than a High School Diploma
High School Diploma
Some College or Associate Degree
Bachelor’s Degree or Higher
Less than a High School Diploma
High School Diploma
Some College or Associate Degree
Bachelor’s Degree or Higher
Less than a High School Diploma
High School Diploma
Some College or Associate Degree
Bachelor’s Degree or Higher
Less than a High School Diploma
High School Diploma
Some College or Associate Degree
Bachelor’s Degree or Higher
18 to 2425 to 4445 to 6465 to 7475 and Older
2018 2016
0% 20% 40% 60% 80%
SOURCES: U.S. Census Bureau, Voting and Registration in the Election of November 2016 and
2018, Table 5; calculations by the authors.
FIGURE 2.23B Voting Rates Among U.S. Citizens During Presidential Elections,
byEducation Level, 1964 to 2016
88%
76%
63%
76%
52%
65%
35%
0%
20%
40%
60%
80%
100%
1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 20162012
Voting Rate
Bachelor’s Degree
or Higher
Some College or
Associate Degree
High School
Diploma
Grades 9 to 11
82%
Within each age group and education level, voting
rates were higher in the 2016 presidential election
than in the 2018 midterm election.
At all levels of education, voting rates increase
with age.
Between 1964 and 2016, voting rates during
presidential elections declined across all education
groups. Declines in voting rates were largest for
those without a high school diploma (from 65% in
1964 to 35% in 2016) and smallest for those with at
least a bachelor’s degree (from 88% in 1964 to 76%
in 2016).
ALSO IMPORTANT:
Voting rates across all age and education groups
were higher during the 2018 midterm election than
during the 2014 midterm election. The increase
in voting rates during the 2018 midterm election
was particularly large among younger age groups.
(U.S. Census Bureau, Voting and Registration in
the Election of November 2014 and 2018, Table 5;
calculations by the authors).
Only U.S. citizens are eligible to vote in elections.
Voting rates in Figures 2.23A and 2.23B represent
percentages of U.S. citizens who voted. In 2016,
8.7% of the U.S. population ages 18 and older
were noncitizens. (U.S. Census Bureau, Voting and
Registration in the Election of November 2016,
Table 5; calculations by the authors).
NOTE: Because citizenship status for 1976 and earlier is not
available, voting rates in these years represent percentages of
all U.S. age-eligible population who voted.
SOURCES: U.S. Census Bureau, Voting and Registration Tables,
1964 to 2016; calculations by the authors.
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42
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