For me, the main benefit of attaining a degree from the LeBow College of Business is to use that degree to get myself a better, higher-paying job than I would be able to get without a degree. To be truthful, for me it all comes down to making more money. Unfortunately, it seems that in most cases you have to spend money to make money. Below is a chart that lists the approximate amount of money I have spent thus far on my education. COSTS
Tuition Paid: $50,000.00
Student Loans Owed: $25,000.00
Room and Board: $29,000.00
Textbooks and Equipment: $1,500.00
Transportation to and from Classes: $2,000.00
Approximate Total Cost: $107,500.00
I have set a goal for myself, which is to find a job when I graduate with a starting salary of at least $35,000/year. I think this is a reasonable goal, because at the end of this year I will have made close to $30,000.00 working full-time while being a student. Whether I attempt to get a permanent position at the company I am currently working with, or at a brand new company, I feel confident that I can assert that my worth is at least this amount. With this salary and an assumed percentage raise of 3% each year, which is about average, over five years I will have made about $185,822.00. That amount alone is well over the amount I have spent on my education. After 10 years, I will have made about $401,236.00, which is over 3 times the amount I have spent on my education. Based on these numbers, the benefit I expected to receive from earning my degree is validated and confirmed.
High school graduates, on average, earn about $1.2 million over their lifetime. Those with a bachelor's degree earn about $2.1 million. Since I will have a bachelor's degree when I graduate, I will be making about 43% more money than a high school graduate. Had I not earned my bachelor's, I would not expect to start at the same salary, nor would I expect a percentage raise each year. My degree also...