At a time when President Obama has set a goal of the United States leading the world in college completion by 2020, a new report details the financial and non-monetary benefits of obtaining a postsecondary degree. The third installment of the College Board’s “Education Pays†series, Education Pays 2010: The Benefits of Higher Education for Individuals and Society, found that those who attended college (whether they graduated or not), earned more than high school graduates who did not attend college, and that college graduates were more likely to be employed. Among the report’s other findings:
- College graduates pay more in taxes
- Governments spend less on income support programs, such as food stamps, for college graduates
- College-educated adults are more likely to receive health insurance and pension benefits from their employers
- College education is correlated to healthier lifestyles, reducing health care costs for individuals and for taxpayers
- Children of college-educated parents are better prepared for school than other children
The report also examines participation and success trends in higher education, finding that enrollment gaps persist across racial and socioeconomic groups. Another interesting participation statistic was that approximately 40 percent of dependent undergraduate students whose families made less than $40,000 a year enrolled in public two-year colleges in 2007-08, and eight percent enrolled in for-profit institutions. Meanwhile, 17 percent of undergraduate students whose parents made at least $120,000 a year enrolled in public two-year colleges, and only one percent attended for-profit institutions.