College degrees pay off, new study shows

Capital News Service
LANSING – A four-year college degree is still worth paying for – even during recession years, a recent study shows. The Pew Charitable Trust concluded that during the recession, recent college grads had a lower unemployment rate than their counterparts with only high school diplomas or associate’s degrees, and the reason was largely not because they took pay cuts or accepted jobs they were overqualified for. “It’s indisputable that a full college education puts people at a better economic standing,” said Rep. Sean McCann, D-Kalamazoo, a member of the House Higher Education Appropriations Subcommittee. The national study shows that although bachelor’s degree holders experienced a 7 percent decline in employment, a 5 percent decline in wages and a 3 percent decline in the number working in college-level jobs during the recession, they were still much better protected than their less-educated counterparts. “This shows that we really need to continue to invest in higher education and all education as a public good and as a way to increase prosperity,” McCann said.