The arrival of Labor Day and the beginning of the school year are a good time to talk about the link between education and the job market. Today's column is addressed to high school students, their families and their communities. It's especially addressed to my daughter Glynis, who's starting her freshman year.
Let's first look at some numbers: raw data on dollars earned in Washington state for different levels of education.
Median annual income for a worker with a full-time job who didn't finish high school is $21,000. The high school diploma kicks that number up to $30,000. (Your chance of having a full-time job at all is also a lot lower if you don't finish high school.)
A two-year associate's degree brings annual earnings to $42,000. A four-year bachelor's is worth $51,700.
To oversimplify, across a 40-year career, the difference between a college diploma and no diploma is $1.2 million.
Does this sound like the beginning of the standard "Stay in school and get an education" lecture? It's not intended that way.
At least not entirely. The numbers above are averages. Averages are very useful, but don't apply to every individual. So take these numbers, along with other generic advice, and make your own plans.
As an economist and as a college professor, I want to tell you three facts that you can use in working out your own education and work strategy.
First fact: colleges are very different from one another, in the same way that a Chevy pickup is different from a Porsche Boxster.
Community college is different from the University of Washington, which is different from Western Washington, which is different from private Ivy League schools. Western has a national reputation for excellent teaching. UW is the place to learn today from a prof whose work will be in the textbooks that get written five years down the road.
If someone tells you that colleges are all alike, never listen to that person's advice again.
This does not mean that one school is better than another. It means you want to find one that fits your educational goals and your educational needs. That's not hard if you take control. You can find an enormous amount of detail about a college by getting on the Web. Making campus visits is also very worthwhile.
Second fact: If you're choosing among public colleges in Washington, forget about cost differences as a decision factor. Tuition differences don't amount to a hill of beans compared to the lifetime career value of finding a college that fits right. The dollar value of your career is measured in millions; tuition differences are measured in thousands. Take a loan…do whatever you need to… to get the education that will get you off to the best start.
To be blunt about this, do not start at a community college and plan to transfer to a four-year school in order to save money. This practically defines the saying "penny-wise and pound foolish." Community college and university classes are rarely equivalent, even when the course names are the same. The level of intellectual rigor is much higher at the state's universities.
To be blunt again, do not let someone talk you into starting at a four-year school if it's a community college that offers the educational experience that you need after high school. Community colleges focus far more than do universities on providing support for someone ramping up academically or returning to school. Community colleges are also generally a better fit for someone for whom flexible scheduling is a must.
Third fact: Never think you can't afford to go to college and never forego applying to your dream school because of costs.
College is expensive and it is more expensive than it used to be. Do not plan on working lots of hours during the school year to pay college costs (unless you're going to be a part-time student). Students who work long hours rarely have the energy left to fully benefit from the college experience. On the other hand, it's okay to take out loans if it's the only way to get to the career you want.
The good news is that your pricey dream college may actually be the cheapest place for you to go. Yes, expensive private schools are, well, very expensive. They also have the most financial aid.
If for some reason your heart is set on Whitman or Harvard, and you've got the grades -- apply. Maybe the money won't come together, but you might be pleasantly surprised.
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Dick Startz is Castor Professor of Economics and Davis Distinguished Scholar at the University of Washington. He can be reached at econcol@u.washington.edu.
This column appeared in the following publication:
Everett Herald, Sept. 7, 2004.