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(EMAILWIRE.COM, June 10, 2013 ) Washington, DC -- At the time wherein California university students are taking out extraordinarily large loans, the investment seems to be paying off through better-paying jobs for graduates compared to those without bachelor's degree, according to a new study. However, the relationship between higher education and better job cultivation is nothing new.
According to new numbers from the Public Policy Institute of California, “economic returns of attaining a bachelor’s degree are, on average, quite large regardless of major." The institute continues by stating "Average loan debts are relatively low in comparison with the average economic returns to earning a college degree; consequently, paying back student loans should not pose a huge financial problem for the typical college graduate.”
The average Californian worker with a high school diploma can expect around $1 million over the 40 years an average worker earns. The average earnings for the same person with a bachelor's degree is $1.9 million, according to the study. Unemployment rates are also much higher for those without a bachelor's degree as compared to their graduated contemporaries.
Due to low tuition at community colleges, California students loans are modest when compared to other states. However those who attend universities take on substantially larger loans, and a majority of students do require some form of assistance during their tenure in the University of his/her choosing.
Regardless of less needing to take loans for community college, the number has still risen since a decade prior. Total amounts has risen as well. The average loan for a Cal State or UC student three years prior was $5,289, which is up from the 2007 total average of $4,000 flat.
The report was titled “Student Debt and the Value of a College Degree,” and recommended that the state continue to tailor efforts to crack down on for-profit schools which have heavy loan revenue, while creating lowered rates of graduates.
It also noted that state campuses must make it easier to students to finish their degrees within four years by cutting back on the necessary money to borrow.
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