Consumer Ed
Introduction
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Going to college is possible when you have earned your high school equivalency. The process of enrolling and getting started may seem frightening, but if it is taken one step at a time, it becomes very possible.
In the introduction, Juan wanted to go to college. He wanted to learn about his possibilities. He discovered the many ways college can be paid for with loans, grants, and scholarships. He learned about goal-setting and planning, and the steps it takes to get to college.
The potential income difference between the high school equivalency and higher education is significant. The investment in your education can be personally and financially rewarding.
Median Usual Weekly Earnings by Educational Attainment (2021)
| Less than a High School Diploma or High School Equivalency | $626 |
| High School Equivalency or H.S. Graduate | $809 |
| Some college, no degree | $899 |
| Associate Degree (2 years) | $963 |
| Bachelor's Degree (4 years) | $1,334 |
| Master's Degree (6 years) | $1,574 |
| Doctoral Degree (8 years) | $1,909 |
| Tech or Vocational Degree | $1,924 |
Source: U.S. Bureau of Labor Statistics, Current Population Survey
Borrower Beware
There has been a lot of discussion in the news about the burden of student loan debt, and it's not idle chatter. According to the Education Data Initiative, student loan debt in the United States totaled $1.749 trillion in 2021. Over 40 million Americans have student loan debt, and the average balance exceeds $35,000. If you're attending a public university, you could need to borrow at least $30,000 to earn a bachelor's degree. This is why it is imperative that you figure out what you want to study, what kind of degree you want to pursue, before you begin so you can make the most of your educational investment. Keep in mind that you will have to begin paying your student loans six months after you graduate unless you continue your education. There are ways to defer your loan payments if you qualify, but this does not eliminate the debt or shrink it. In fact, interest continues to accrue and you will ultimately owe more.
