The soaring cost of a college education has prompted a surge in skepticism about the value of a bachelor's degree, especially when some majors may not lead to lucrative careers. Yet there's another option that can super-charge your income without incurring the debt of a 4-year degree: Getting a 2-year associate degree.
Parents and students are increasingly scrutinizing the return on investment in a college degree given the soaring price of a four-year program, which has pushed student debt up to $1.8 trillion and weighed down more than 40 million Americans with loans. But a two-year degree, especially in sought-after fields, can open doors to high-paying careers without the same sizable investment of a bachelor's program.
"Two year degrees are an often overlooked option for college-bound students," Jackson Gruver, Payscale data analyst, told CBS MoneyWatch. "But not only are two-year degrees more affordable, they can be just as valuable for securing job opportunities and higher earning potential, particularly when attending a school with a strong reputation in a specific focus area."
Some associate degree programs set their grads on a path toward a median pay of above $100,000 in their mid-career years, or about 10 years after they graduate, according to a recent analysis from PayScale.
By comparison, college graduates between 25- and 64-years-old enjoyed median incomes of $74,154 last year, according to recent data from the U.S. Census Bureau.
Annual tuition, room and board for 2-year associate degree programs stood at $11,391 in 2020, according to government data. By comparison, a 4-year degree typically cost almost $29,000 annually that year.
Multiply that cost over four years, and a bachelor's degree can set a student back by about $116,000, versus about $23,000 for an associate degree.
Students looking for a specialized career may want to explore two-year programs that allow them to receive training that will prepare them for a career in a shorter amount of time, Gruver noted.
The top-earning majors include radiation therapy and software engineering, with both leading to a median pay at mid-career in the six-figures.
The top-earning schools for two-year degrees are those that tend to offer specialized training, such as in nursing, engineering or other STEM-related professions. For instance, the Helene Fuld College of Nursing is the school with the most financially rewarding associate degrees, with mid-career pay of $106,200.
Of course, not every associate degree grad will be earning above six figures after they graduate. Earlier research has found that those with two-year degree earn about $42,000 on average in their early career. By comparison, at the same point in their career, grads with a bachelor's degree earn about $57,000 per year.
Some associate degree grads may earn even less than people with only high school degrees, who typically earn about $44,000 a year. At the bottom of the pay scale is an associate degree in early childhood education; those recipients earn a median mid-career pay of $39,500, PayScale found.
2024-12-25 01:281540 view
2024-12-24 23:44335 view
2024-12-24 23:422248 view
2024-12-24 23:41658 view
2024-12-24 23:341674 view
2024-12-24 23:32636 view
USA TODAY will publish its third annual list of best financial advisers in April and invites readers
Ashley Graham isn't afraid to get candid about her family life.The supermodel recently shared that h
London — Anyone riding the rails in the U.K. this coronation weekend will notice a change to the ico