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The More You Learn, the More You Earn
Having more education lowers your risk of unemployment and leads to a bigger paycheck. What do you think your average salary will be when you achieve your educational goals? Be aware that you may need to use some of that salary to pay back your student loans.
Professional degree
Years of schooling: Varies by program; generally 2-8 years beyond a bachelor's degree
Annual salary: $97,968
Weekly income: $1,884
Total student loan debt: An average of $98,711 (for graduate and undergraduate school combined)
If you drop out before completing your degree, you must still pay back your loan money.
Doctorate degree
Years of schooling: Varies by program; generally 3-5 years beyond a master's degree or about 7 years beyond a bachelor's degree
Annual salary: $94,900
Weekly income: $1,825
Total student loan debt: An average of $98,800 (for graduate and undergraduate school combined)
If you drop out before completing your degree, you must still pay back your loan money.
Master's degree
Years of schooling: Generally 2-3 years beyond a bachelor's degree
Annual salary: $74,568
Weekly income: $1,434
Total student loan debt: An average of $66,000 (for graduate and undergraduate school combined)
If you drop out before completing your degree, you must still pay back your loan money.
Bachelor's degree
Years of schooling: Generally 4 years beyond a high school diploma
Annual salary: $62,296
Weekly income: $1,198
Total student loan debt: An average of $23,118
If you drop out before completing your degree, you must still pay back your loan money.
Associate's degree
Years of schooling: Generally 2-3 years beyond a high school diploma
Annual salary: $44,824
Weekly income: $862
Total student loan debt: An average of $13,289
If you drop out before completing your degree, you must still pay back your loan money.
Some college, no degree
Years of schooling: Any schooling beyond a high school diploma
Annual salary: $41,704
Weekly income: $802
Total student loan debt: An average of $11,302 for a certificate program
If you drop out before completing your certificate, you must still pay back your loan money.
Sources: Bureau of Labor Statistics, Current Population Survey, last modified March 1, 2019. National Center for Education Statistics.
Having more education also lowers your risk of unemployment. Visit the Bureau of Labor Statistics for the details.
Dropping out of school is not the only option!