Trends in Higher Education Series

Education Pays 2019

THE BENEFITS OF HIGHER EDUCATION FOR INDIVIDUALS AND SOCIETY
Jennifer Ma, Matea Pender, and Meredith Welch
ABOUT THE AUTHORS
Jennifer Ma
Senior Policy Research Scientist, College Board

Matea Pender

Policy Research Scientist, College Board

Meredith Welch

Doctoral Student, Policy Analysis & Management, Cornell University

ACKNOWLEDGMENTS
Anthony LaRosa and Edward Lu provided critical support for this publication. We also benefited from comments
from Dean Bentley, Jessica Howell, Michael Hurwitz, and Melanie Storey. Sandy Alexander provided expert
graphic design work. The publication would not have been possible without the cooperation and support of many
individuals at College Board, including Connie Betterton, Auditi Chakravarty, Jennifer Hwang, Jennifer Ip, Karen
Lanning, George Lalis, Robert Majoros, Jose Rios, and Jennifer San Miguel.

The tables supporting all of the graphs in this report, a PDF version of the report, and a PowerPoint file containing
individual slides for all of the graphs are available on our website research.collegeboard.org/research.

Please feel free to cite or reproduce the data in this report for noncommercial purposes with proper attribution.

For inquiries or requesting hard copies, please contact: [email protected].

© 2019 College Board. College Board, Advanced Placement Program, SAT, and the acorn logo are registered
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Trends in Higher Education Series

Education Pays 2019

THE BENEFITS OF HIGHER EDUCATION FOR INDIVIDUALS AND SOCIETY
Jennifer Ma, Matea Pender, and Meredith Welch
With an Introduction by Jessica Howell
Highlights
As in previous editions, Education Pays 2019: The Benefits of Higher ƒ In 1998, the percentage of male adults age 25 to 29 who had
Education for Individuals and Society documents differences in the completed at least a bachelor’s degree was 13%, 10%, and 31%
earnings and employment patterns of U.S. adults with different levels for blacks, Hispanics, and whites, respectively. By 2018, these
of education. It also compares health-related behaviors, reliance on percentages had increased to 20%, 17%, and 39%. (Figure 1.6)
public assistance programs, civic participation, and indicators of the ƒ Within each sector, students with higher family incomes were
well-being of the next generation. more likely to complete a degree than their lower-income peers
with similar high school GPAs. (Figure 1.4)
In addition to reporting median earnings by education level, this
year’s report presents data on variation in earnings by different Participation in postsecondary education differs
characteristics such as gender, race/ethnicity, occupation, college considerably across states.
major, and sector. Education Pays 2019 also examines the persistent
disparities across different socioeconomic groups in college ƒ The percentage of 18- to 24-year-olds enrolled in college in
participation and completion. 2017 ranged from 29% in Alaska and 31% in Nevada to 56% in
the District of Columbia and 57% in Rhode Island. (Figure 1.7)
We present correlations between various outcomes and educational
ƒ In 2017, the percentage of adults age 25 and older with at least a
attainment. It is worth noting that not all of the observed differences
bachelor’s degree ranged from 20% in West Virginia and 22% in
in outcomes are attributable to education. However, reliable
Mississippi to 44% in Massachusetts and 57% in the District of
statistical analyses support the significant role of postsecondary Columbia. (Figure 1.7)
education in generating the benefits reported and we cite causal
evidence when possible. THE BENEFITS OF HIGHER EDUCATION
AND VARIATION IN OUTCOMES
PARTICIPATION AND SUCCESS
IN HIGHER EDUCATION Individuals with higher levels of education earn more, pay
more taxes, and are more likely than others to be employed.
Although college enrollment rates continue to rise, gaps
in enrollment rates persist across demographic groups. ƒ In 2018, the median earnings of bachelor’s degree recipients
with no advanced degree working full time were $24,900
ƒ In 1998, 59% of black and 55% of Hispanic recent high school higher than those of high school graduates. Bachelor’s degree
graduates enrolled in college within one year of high school recipients paid an estimated $7,100 more in taxes and took
graduation, compared with 68% of white students. In 2018, home $17,800 more in after-tax income than high school
enrollment rates were 60%, 66%, and 70% for black, Hispanic, graduates. (Figure 2.1)
and white students, respectively. (Figure 1.1A)
ƒ The typical 4-year college graduate who enrolls at age 18 and
ƒ Since 1989, the enrollment rate for recent female high school graduates in 4 years can expect to earn enough relative to a high
graduates has consistently exceeded that of their male school graduate by age 33 to compensate for being out of the
counterparts. Annual enrollment rates fluctuate, but the average labor force for 4 years and for borrowing the full tuition and fees
gender gap increased from 4 percentage points between 1988 and books and supplies without any grant aid. (Figure 2.2A)
and 1998 to 5 percentage points the following decade and
7 percentage points between 2008 and 2018. (Figure 1.2A) ƒ In 2018, among full-time year-round workers between the ages
of 25 and 34, median earnings among women with at least a
ƒ Among students with similar high school math test scores, bachelor’s degree were $52,500, compared with $29,800 for
college enrollment rates are higher for those from higher those with a high school diploma. Median earnings among men
socioeconomic status (SES) quintiles than for those from with at least a bachelor’s degree were $63,300, compared with
lower SES quintiles. (Figure 1.3A) $39,800 for those with a high school diploma. (Figure 2.6)
While overall educational attainment is increasing, college ƒ In 2018, among adults between the ages of 25 and 64, 69% of
completion rates and attainment patterns differ considerably high school graduates, 73% of those with some college but no
across demographic groups. degree, 78% of those with associate degrees, and 83% of those
with 4-year college degree were employed. (Figure 2.11)
ƒ The percentage of young adults in the U.S. between the ages
of 25 and 34 with at least a bachelor’s degree grew from 11% in ƒ The unemployment rate for individuals age 25 and older with at
least a bachelor’s degree has consistently been about half of
1960 to 24% in 1980 and 1990. In 2018, 39% of adults in this age
the unemployment rate for high school graduates. (Figure 2.12A)
group had earned at least a bachelor’s degree. (Figure 1.5A)
ƒ In 1998, the percentage of female adults age 25 to 29 who had ƒ In 2018, the unemployment rate for 25- to 34-year-olds with at
least a bachelor’s degree was 2.2%, compared with 5.7% among
completed at least a bachelor’s degree was 17%, 11%, and 34%
high school graduates. (Figure 2.12B)
for blacks, Hispanics, and whites, respectively. By 2018, these
percentages had increased to 25%, 22%, and 47%. (Figure 1.6)

4
Median earnings increase with level of education, but there ƒ Children from lower-income backgrounds were less likely to attend
is considerable variation in earnings at each level of more selective institutions. Children whose parents were in the
educational attainment. top 1% of the income distribution were nearly 50 times more likely
to attend the most selective institutions as those whose parents
ƒ The percentage of full-time year-round workers age 35 to 44 were in the bottom 20%. (Figure 2.15B)
earning $100,000 or more in 2018 ranged from 2% of those
without a high school diploma and 5% of high school graduates ƒ In 2018, 4% of bachelor’s degree recipients age 25 and older
to 28% of those whose highest attainment was a bachelor’s lived in poverty, compared with 13% of high school graduates.
degree and 43% of advanced degree holders. (Figure 2.3) (Figure 2.16A)

ƒ Between 2016 and 2018, median earnings of individuals age 25 to ƒ In 2018, 7% of individuals age 25 and older with associate
34 working full time year-round with a bachelor’s degree ranged degrees and 9% of those with some college but no degree lived
from $42,100 among black females and $43,900 among Hispanic in households that benefited from the Supplemental Nutrition
females to $72,300 among Asian males. The earnings premium Assistance Program (SNAP), compared with 12% of those with
for a bachelor’s degree relative to a high school diploma was the only a high school diploma. (Figure 2.17)
highest among Asian males and females. (Figure 2.4)
Having a college degree is associated with a healthier lifestyle,
ƒ In 2018, median earnings of female 4-year college graduates potentially reducing health care costs. Adults with higher levels
working full time year-round were $56,700. However, 25% of of education are more active citizens than others and are more
them earned less than $40,500, and another 25% earned more involved in their children’s activities.
than $81,600. (Figure 2.5)
ƒ In 2018, 69% of 25- to 34-year-olds with at least a bachelor’s
ƒ In 2018, median earnings of male 4-year college graduates
degree and 47% of high school graduates reported exercising
working full time year-round were $75,200. However, 25% of
vigorously at least once a week. (Figure 2.19A)
them earned less than $50,400, and 25% earned more than
$110,000. (Figure 2.5) ƒ Children of parents with higher levels of educational attainment
are more likely than other children to engage in a variety of
ƒ Between 2013 and 2017, among occupations that employ large
educational activities with their family members. (Figures 2.20B
numbers of both high school graduates and college graduates,
and 2.21A)
the median earnings of those with only a high school diploma
ranged from $31,400 (in 2017 dollars) for retail salespersons ƒ Among adults age 25 and older, 19% of those with a high school
to $60,100 for general and operations managers. The median diploma volunteered in 2017, compared with 42% of those with
earnings of those with at least a bachelor’s degree ranged from a bachelor’s degree and 52% of those with an advanced degree.
$41,800 (in 2017 dollars) for administrative assistants to $89,500 (Figure 2.22A)
for first-line supervisors of nonretail workers. (Figure 2.8)
ƒ Voting rates are higher among individuals with higher levels
ƒ In 2016 and 2017, median earnings for early career bachelor’s of education. In the 2016 presidential election, 73% of 25- to
degree recipients ranged from $32,100 a year for early childhood 44-year-old U.S. citizens with at least a bachelor’s degree voted,
education majors to $62,000 for computer science majors. For compared with 41% of high school graduates in the same age
those in mid-career, median earnings ranged from $41,000 to group. (Figure 2.23A)
$95,000. (Figure 2.9)
ƒ Institutional median earnings vary by sector. From 2014 to 2015,
the typical 4-year college’s median earnings of 2003-04 and
2004-05 federal student aid recipients ranged from $34,600 at
for-profit institutions to $42,800 at private nonprofit institutions
and $42,950 at public institutions. (Figure 2.10A)

College education increases the chance that adults will move up

the socioeconomic ladder and reduces the chance that adults
will rely on public assistance.

ƒ Among those who attended the most selective colleges, 68% of

children from the lowest parent income quintile were in the top
two income quintiles as adults, compared with 72% of children
from the middle-income quintile and 76% from the highest income
quintile. (Figure 2.15A)

5
Contents
4 Highlights
8 Introduction
Part 1: The Distribution of Benefits: Who Participates and Succeeds in Higher Education
College Enrollment
10 College Enrollment by Race/ FIGURE 1.1A College Enrollment Rates of Recent High School Graduates by Race/Ethnicity over Time
Ethnicity
FIGURE 1.1B College Enrollment Rates of 18- to 24-Year-Olds by Race/Ethnicity over Time

11 College Enrollment by Gender FIGURE 1.2A College Enrollment Rates of Recent High School Graduates by Gender over Time

FIGURE 1.2B College Enrollment Rates of 18- to 24-Year-Olds by Gender over Time

12 College Enrollment by Math FIGURE 1.3A College Enrollment by Math Quintile and Parents’ Socioeconomic Status
Score and Socioeconomic
Status FIGURE 1.3B Sector of First Postsecondary Institution by Math Quintile and Parents’ Socioeconomic Status

College Completion and Educational Attainment

13 College Completion Rates FIGURE 1.4 Six-Year Completion Rates by Sector, High School GPA, and Family Income

14 Educational Attainment FIGURE 1.5A Educational Attainment of Individuals Age 25 to 34 over Time

FIGURE 1.5B Educational Attainment of Individuals by Age Group, 2018

15 Educational Attainment by FIGURE 1.6 Percentage of 25- to 29-Year-Olds Who Have Completed High School or a Bachelor’s Degree,
Race/Ethnicity and Gender by Race/Ethnicity and Gender over Time

16 College Enrollment and FIGURE 1.7 College Enrollment Rates of 18- to 24-Year-Olds and Educational Attainment by State
Attainment by State

Part 2: Individual and Societal Benefits of Higher Education

Earnings
17 Education, Earnings, and Tax FIGURE 2.1 Median Earnings and Tax Payments of Full-Time Year-Round Workers Age 25 and Older,
Payments by Education Level, 2018

18 Earnings Premium Relative to FIGURE 2.2A Estimated Cumulative Full-Time Earnings Net of Loan Repayment for Tuition and Fees and
Price of Education Books and Supplies, by Education Level

19 Earnings Premium Relative to FIGURE 2.2B Age at Which Cumulative Earnings of College Graduates Exceed Those of High
Price of Education: Alternative School Graduates
Scenarios
20 Variation in Earnings Within FIGURE 2.3 Earnings Distribution of Full-Time Year-Round Workers Age 35 to 44, by Education Level, 2018
Levels of Education
21 Earnings by Race/Ethnicity, FIGURE 2.4 Median Earnings of Full-Time Year-Round Workers Age 25 to 34, by Race/Ethnicity, Gender, and
Gender and Education Level Education Level, 2016–2018

22 Earnings by Gender and FIGURE 2.5 Median, 25th Percentile, and 75th Percentile Earnings of Full-Time Year-Round Workers Age 25
Education Level and Older, by Gender and Education Level, 2018

23 Earnings over Time by Gender FIGURE 2.6 Median Earnings of Full-Time Year-Round Workers Age 25 to 34 over Time, by Gender and
and Education Level Education Level

24 Earnings Paths FIGURE 2.7 Median Earnings of Full-Time Year-Round Workers, by Age and Education Level, 2013–2017

25 Earnings by Occupation and FIGURE 2.8 Median Earnings of Full-Time Workers Age 25 and Older with a High School Diploma and Those
Education Level with at Least a Bachelor’s Degree, by Occupation, 2013–2017

26 Earnings by College Major FIGURE 2.9 Median Earnings of Early Career and Mid-Career College Graduates Working Full Time,
by College Major, 2016−2017

27 Variation in Earnings by FIGURE 2.10A Distribution of 2014 and 2015 Institutional Median Earnings of Federal Student Aid Recipients
Institutional Sector in 2003-04 and 2004-05, by Sector

FIGURE 2.10B Average 2014 and 2015 Earnings of Dependent Federal Student Aid Recipients in 2003-04 and
2004-05, by Sector and Graduation Rate

6
Contents—Continued
Other Economic Benefits
28 Employment FIGURE 2.11 Civilian Population Age 25 to 64: Percentage Employed, Unemployed, and Not in Labor Force,
2008, 2013, and 2018

29 Unemployment FIGURE 2.12A Unemployment Rates of Individuals Age 25 and Older, by Education Level, 1998 to 2018

30 Unemployment FIGURE 2.12B Unemployment Rates of Individuals Age 25 and Older, by Age and Education Level, 2018

FIGURE 2.12C Unemployment Rates of Individuals Age 25 and Older, by Race/Ethnicity and Education
Level, 2018

31 Retirement Plans FIGURE 2.13 Employer-Provided Retirement Plan Coverage Among Full-Time Year-Round Workers Age 25
and Older, by Sector and Education Level, 2018

32 Health Insurance FIGURE 2.14A Employer-Provided Health Insurance Coverage Among Full-Time Year-Round Workers Age 25
and Older, by Education Level, 1998, 2008, and 2018
FIGURE 2.14B Employer-Provided Health Insurance Coverage Among Part-Time Workers Age 25 and Older,
by Education Level, 1998, 2008, and 2018

33 Social Mobility FIGURE 2.15A Percentage of Children in Top Income Quintiles as Adults, by Parents’ Income and College Tier:
Children Born in 1980 to 1982
FIGURE 2.15B Distribution of College Enrollment by Parents’ Income Quintile, Children Born in 1980 to 1982

34 Poverty FIGURE 2.16A Percentage of Individuals Age 25 and Older Living in Households in Poverty, by Household Type
and Education Level, 2018
FIGURE 2.16B Living Arrangements of Children Under 18 Years of Age, by Poverty Status and Highest
Education of Either Parent, 2018

35 Public Assistance Programs FIGURE 2.17 Percentage of Individuals Age 25 and Older Living in Households That Participated in Various
Public Assistance Programs, by Education Level, 2018
Health Benefits
36 Smoking FIGURE 2.18A Smoking Rates Among Individuals Age 25 and Older over Time, by Education Level

FIGURE 2.18B Smoking Rates Among Individuals Age 25 and Older, by Gender and Education Level, 2017

37 Exercise FIGURE 2.19A Exercise Rates Among Individuals Age 25 and Older, by Age and Education Level, 2018

FIGURE 2.19B Percentage Distribution of Leisure-Time Aerobic Activity Levels Among Individuals Age 25 and
Older, by Education Level, 2018
Other Individual and Societal Benefits
38 Parents and Children: FIGURE 2.20A Percentage of 3- to 5-Year-Olds Enrolled in Preschool Programs, by Parents’ Education
Preschool-Age Children Level, 2017

FIGURE 2.20B Percentage of 3- to 5-Year-Olds Participating in Activities with a Family Member, by Parents’
Education Level, 2016

39 Parents and Children: FIGURE 2.21A Percentage of Kindergartners Through Fifth Graders Participating in Activities with a Family
School-Age Children Member in the Past Month, by Parents’ Education Level, 2016

FIGURE 2.21B Percentage of Elementary and Secondary School Children Whose Parents Were Involved in
School Activities, by Parents’ Education Level, 2016

40 Civic Involvement FIGURE 2.22A Percentage of Individuals Age 25 and Older Who Volunteered, by Gender and Education
Level, 2017
FIGURE 2.22B Percentage of Individuals Age 25 and Older Who Volunteered, by Age and Education
Level, 2017

41 Voting FIGURE 2.23A Voting Rates Among U.S. Citizens, by Age and Education Level, 2016 and 2018

FIGURE 2.23B Voting Rates Among U.S. Citizens During Presidential Elections over Time, by Education Level

42 References

7
Introduction
Jessica Howell THE PAYOFF OF HIGHER EDUCATION
Vice President, Research, College Board FOR INDIVIDUALS
Education Pays: The Benefits of Higher Education for Individuals Most college students report improved job prospects and financial
and Society documents the substantial individual payoff from security as a primary reason for college attendance. The data are
investments in higher education, the variation in outcomes clear: adults with postsecondary credentials are, in fact, more
experienced by different individuals, and the benefits we all enjoy likely to be employed and to earn more than individuals who did
from a more educated populace. Since 2004, College Board has not attend college. In 2018, 83% of adults with bachelor’s degrees
been publishing updates to this report every three years. Education or higher were employed, compared with 69% of adults with a
Pays rounds out the Trends in Higher Education series that includes high school diploma (Figure 2.11). In 2018, median earnings of
Trends in Student Aid and Trends in College Pricing. These reports full-time workers with associate and bachelor’s degrees were
provide a foundation for evaluating public policies to increase 24% and 61% higher, respectively, than that of their peers with
educational opportunities. only a high school diploma. The earnings premium for workers
This report combines publicly available government statistics and with postbaccalaureate credentials is even higher (Figure 2.1).
academic research to paint a detailed and integrated picture of the Though not all the earnings premia cited above are attributable to
benefits of higher education and the distribution of those benefits differences in educational attainment, a growing body of research
across society. Many graphs in this report compare the experiences clearly identifies postsecondary education as causally impacting
of people with different education levels and illustrate straightforward earnings (Zimmerman, 2014; Hoekstra, 2009).
correlations between education and various outcomes. When The benefits of a college education extend beyond financial
possible, we cite causal evidence of the direct impact of higher gains. More educated citizens have greater access to health care
education on both financial outcomes and behavior patterns. and retirement plans. They are more likely to engage in healthy
behaviors, be active and engaged citizens, and be in a position to
COLLEGE ACCESS AND SUCCESS provide better opportunities for their children.
Education Pays provides information about college enrollment Because the price of college continues to rise over time, even
patterns, completion rates, and educational attainment levels substantial benefits from investing in education must be compared
across demographic groups in the United States. The nation has with costs in order to assess whether college is a worthwhile
made progress increasing the share of young adults who invest in investment. Figures 2.2A and 2.2B indicate that a 4-year college
postsecondary education. The percentage of 18- to 24-year-olds graduate who enrolls at age 18 with median earnings can expect
who enroll in college increased from 25% in 1978 to 41% in 2018 to earn enough by age 33 to compensate for being out of the labor
(Figure 1.1B). The growth in college enrollment over time translates force for four years and for borrowing the full tuition and fees and
into 67% of adults age 25 to 34 in the U.S. having at least some books and supplies without any grant aid. An associate degree is
college experience in 2018, an increase from 57% in 2000 and from both faster and less expensive to acquire but yields smaller earnings,
46% in 1980 (Figure 1.5A). on average, than a bachelor’s degree, so it is unsurprising that the
Although the share of all young adults age 25 to 29 who had break-even age of an associate degree is similar (age 31). Over the
a bachelor’s degree or higher rose to 36% in 2018, this share course of a lifetime, and accounting for the costs of obtaining a
ranged from 19% for Hispanics and 23% for blacks to 43% for degree, individuals with a bachelor’s degree earn about $400,000
whites and 66% for Asians (Page 15). Gaps in college enrollment more than individuals with a high school degree. The financial
and completion rates can be partially explained by differences in benefits of an associate degree are roughly half as large.
academic preparation in K–12. Yet, even among students with similar The average payoff to college is considerable, but not all students
academic achievement levels in high school, students from lower- reap the same financial rewards. Several analyses in this report
socioeconomic-status families enroll and graduate at lower rates focus on the variation in the outcomes of higher education
than those from higher-socioeconomic-status families (Figures across and within demographic groups, types of credentials, and
1.3A and 1.4). Moreover, there are stark differences by student institutional sectors. The distribution of earnings in Figure 2.3 tells
socioeconomic status in types of postsecondary institutions a more nuanced story about the mid-career earnings of full-time
students with similar academic preparation choose, which likely workers with the same level of education. While 28% of employed
contributes to uneven college completion rates (Figure 1.3B). adults with a bachelor’s degree working full time earn more than

8
$100,000, 17% earn less than $40,000. This disparity in earnings The data in Education Pays provide a strong argument for increasing
outcomes reflects, among other underlying factors, geographic access to and support for successful postsecondary pathways.
differences in wages, variation in types of colleges attended, and Research suggests that increased public commitment to this priority
differences in fields of study and occupations (Figures 2.8 through through public subsidies for higher education institutions is the most
2.10B). Although these nuances are important to our understanding promising approach to increasing degree completion and realizing
of the circumstances under which educational investments pay off, greater private and public benefits (Deming & Walters, 2017; Avery,
the overall patterns are clear—more education is associated with Howell, Pender, & Sacerdote, 2019).
increased opportunities for the vast majority of students.
IS COLLEGE WORTH IT?
This report also reveals earnings differentials among individuals with
similar levels of education by race and gender. Underrepresented A postsecondary education opens the door to many opportunities.
minorities continue to earn less than their white and Asian As the price of college continues to rise, more students and families
counterparts and females continue to earn less than their male are asking if college is worth it. Media headlines highlight stories
counterparts (Figures 2.4 through 2.6). Though issues of equity exist of college students saddled with debt without gainful employment.
in the workplace, postsecondary education remains a catalyst for Although these stories do exist, they are far from typical. As
social mobility. Figure 2.15A shows that a college education can be illustrated in this report, college is a worthwhile investment that pays
a powerful equalizer. When students attend similar postsecondary off over time for most students. Of course, students and families
institutions, the percentage of students who end up in the top two face crucial choices—which institution, which field of study, and
income quintiles as adults is nearly the same for students from the how to finance it all—that factor into their eventual answer to the
lowest-income-quintile families as it is for those from top-income- question, “Was college worth it?” Additional data and transparency
quintile families. Although Figure 2.15B illustrates that affluent about the costs and benefits of postsecondary education are
students are still considerably more likely to attend selective colleges needed to inform these choices.
than their less affluent peers, expanding access to selective Education Pays shows the variation in earnings by institutional
colleges remains a promising avenue to economic mobility. sector based on the college-level earnings data from the
Department of Education’s College Scorecard (Figures 2.10A and
THE PUBLIC BENEFITS OF HIGHER EDUCATION
2.10B). In 2019, the Department of Education expanded upon the
Society at large also gains from increases in postsecondary college-level earnings data it began releasing in 2015. It provided
attainment. A more productive economy generates a higher standard program-level data for every college, including median debt data and
of living. We can all enjoy the benefits of having a more well-educated median first-year earnings data. This is the first time such detailed
populace. Increases in wages generate higher tax payments at the data about labor market outcomes of students from specific majors
local, state, and federal levels. In 2018, four-year college graduates and colleges have been made available at the national level. The
paid, on average, 82% more in taxes than high school graduates and, earnings data include information for associate and bachelor’s
for those with a professional degree, average tax payments were degrees, certificate programs, and graduate degrees—a substantial
more than three times as high as those of high school graduates. step toward transparency around the monetary benefits of specific
Spending on social support programs such as unemployment postsecondary investments. Continued progress in providing data
compensation, the Supplemental Nutrition Assistance Program on the benefits and costs of postsecondary investments at the
(SNAP), and Medicaid is much lower for individuals with higher levels institution and program levels will give students, families, institutions,
of education. Figure 2.17 shows that SNAP participation among and policymakers the information they need to quantitatively
individuals with a high school diploma is four times as high as that evaluate which postsecondary opportunities best serve individual
among those with a bachelor’s degree or higher. and public educational goals.

Education is associated with healthful behaviors and civic

engagement. Over time, rates of smoking have dropped the most
precipitously among college-educated adults (Figure 2.18A). Rates
of reported exercise rise with educational attainment for individuals
of all ages (Figure 2.19A). Adults with greater educational attainment
are more likely to volunteer and to vote. In the 2016 presidential
election, 73% of young adults age 25 to 44 with at least a bachelor’s
degree voted, compared with 41% of their peers with a high school
diploma (Figure 2.23A).

9
College Enrollment by Race/Ethnicity
In 1998, 59% of black and 55% of Hispanic recent high school graduates enrolled in college
within one year of high school graduation, compared with 68% of white students. In 2018,
enrollment rates were 60%, 66%, and 70% for black, Hispanic, and white students, respectively.

FIGURE 1.1A Postsecondary Enrollment Rates of Recent High School Graduates ƒ Enrollment rates of young adults between the
by Race/Ethnicity, 1978 to 2018 ages of 18 and 24 are lower than enrollment rates
of all recent high school graduates.
Recent High School Graduates
ƒ In 1998, 29% of black and 21% of Hispanic young
Black Hispanic White
adults between the ages of 18 and 24 were enrolled
80% in college, compared with 40% of white young
adults. In 2018, enrollment rates were 37% for
70%
68% black and Hispanic and 42% for white young adults.

59% 66%
60%
60% ALSO IMPORTANT:
50%
55%
Enrollment Rate

48% ƒ College enrollment rates are higher for Asians than

47% for other racial/ethnic groups. In 2018, 83% of Asians
40%
enrolled in college within a year of graduating from
high school. (NCES, Digest of Education Statistics,
2019, Table 302.20; calculations by the authors)

20% ƒ Differences in high school graduation rates account

for some of the college enrollment gaps graphed in
Figure 1.1B. In 2016-17, 89% of white, 78% of black,
and 80% of Hispanic public high school students
0% graduated from high school in four years. (NCES,
1978 1983 1988 1993 1998 2003 2008 2013 2018 Digest of Education Statistics, 2018, Table 219.47)

FIGURE 1.1B Postsecondary Enrollment Rates of All 18- to 24-Year-Olds by

Race/Ethnicity, 1978 to 2018

All 18- to 24-Year-Olds

Black Hispanic White

80%

60%
Enrollment Rate

40% 42%
40% 37%
29% 37%
27%
21%
20%
21%
17%

0%
1978 1983 1988 1993 1998 2003 2008 2013 2018

NOTES: “Recent high school graduates” include those who graduated from high school in the SOURCES: National Center for Education Statistics (NCES),
previous 12 months. “All 18- to 24-year-olds” also include those who have not completed high Digest of Education Statistics, 2019, Tables 302.20 and 302.60;
school. “Postsecondary enrollment rates” are three-year moving averages and include both calculations by the authors.
undergraduate and graduate students. Some 18- to 24-year-olds have completed college and are
no longer enrolled. Because of small sample sizes for Hispanics and blacks, annual fluctuations in
enrollment rates may not be significant.

10 EDUCATION PAYS 2019 Part 1: Distribution of Benefits

College Enrollment by Gender
In 1998, 62% of male and 70% of female recent high school graduates enrolled in college
within one year of high school graduation. In 2018, enrollment rates were 65% and 72%
for male and female students, respectively.

FIGURE 1.2A Postsecondary Enrollment Rates of Recent High School Graduates ƒ Since 1989, the college enrollment rate of recent
by Gender, 1978 to 2018 female high school graduates has consistently
exceeded that of recent male high school graduates.
Recent High School Graduates
ƒ In 2018, 38% of all male and 44% of all female young
Male Female
adults between the ages of 18 and 24 were enrolled
80% in college. The gender gap in enrollment for this
72% age group was 3 percentage points in 1998 and
70%
65%
6 percentage points in 2008.
62%
60%
ALSO IMPORTANT:
50%
Enrollment Rate

50%
ƒ In 1977, female students accounted for 49% of all
college students. By 2017, this percentage had grown
40%
to 57%. (NCES, Digest of Education Statistics, 2018,
Table 303.10)

20%

0%
1978 1983 1988 1993 1998 2003 2008 2013 2018

FIGURE 1.2B Postsecondary Enrollment Rates of All 18- to 24-Year-Olds by

Gender, 1978 to 2018

All 18- to 24-Year-Olds

Male Female

80%

60%
Enrollment Rate

44%

40% 38%
38%
28% 35%

20% 24%

0%
1978 1983 1988 1993 1998 2003 2008 2013 2018

NOTES: “Recent high school graduates” include those who graduated from high school in the SOURCES: NCES, Digest of Education Statistics, 2019, Tables
previous 12 months. “All 18- to 24-year-olds” also include those who have not completed high 302.10 and 302.60; calculations by the authors.
school. “Postsecondary enrollment rates” are three-year moving averages and include both
undergraduate and graduate students. Some 18- to 24-year-olds have completed college
and are no longer enrolled.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 11
 College Enrollment by Math Score
and Socioeconomic Status
Among students with similar high school math test scores, college enrollment rates are higher
for those from higher socioeconomic status (SES) quintiles than for those from lower SES quintiles.

FIGURE 1.3A Postsecondary Enrollment Status in 2016 by Math Quintile and ƒ For the high school class of 2013, gaps in college
Parents’ Socioeconomic Status: High School Class of 2013 enrollment rates between students from different
SES backgrounds are larger for those with lower
100%
94% math scores.

86% 86% 9% w Among students in the lowest two math quintiles,

82% 46% of those from the lowest two SES quintiles
80%
had enrolled in college by 2016 (three years after
Percentage of High School Graduates

16%
72% 19%
68% 18% high school graduation), and 65% of those from
65%
16% 63% the highest two SES quintiles had enrolled.
Left
60%
54%
18% 17%
19% College w Among students in the highest two math
Without a
Credential quintiles, 82% of low-SES and 94% of high-SES
46%
18%
85%
students had enrolled in college by 2016.
Currently
40% Enrolled or
17%
67%
71% Attained a
ƒ High-SES students are more likely to enroll in a
57%
63% Credential public or private nonprofit 4-year institution than
47% 46% 49% their lower-SES peers with similar math scores.
20% 36%
28%
ALSO IMPORTANT:

0% ƒ Figure 1.3B shows the sectors of first institutions

All Lowest Middle Highest Lowest Middle Highest Lowest Middle Highest
Two SES SES Two SES Two SES SES Two SES Two SES SES Two SES students attended. Some students begin in one
Quintiles Quintile Quintiles Quintiles Quintile Quintiles Quintiles Quintile Quintiles sector before transferring to another type of
(54%) (22%) (24%) (43%) (23%) (34%) (25%) (17%) (58%)
institution. For example, about 30% of students who
Lowest Two Math Middle Math Highest Two Math
Quintiles (38%) Quintile (19%) Quintiles (44%)
first enrolled in a public 2-year college in 2012 had
transferred to a 4-year institution by 2018. (Shapiro
et al., 2019, Table 4a)
FIGURE 1.3B Sector of First Postsecondary Institution by Math Quintile and
Parents’ Socioeconomic Status: High School Class of 2013

100%

19%

80%
41% 37% 39%
43%

57% For-Profit
Percentage of Students

62%
67% 65%
60% 69% Public 2-Year

54%
Public 4-Year

40% Private
39% 44% 44% Nonprofit
38%
4-Year
28%
25%
20% 18% 23%
16%
26%
18% 17% 16% 16% NOTES: Math quintiles were based on students’ 11th-grade math
10% 11% 13% 9% 11% scores. Socioeconomic status was measured by a composite
0% score of parental education, occupations, and family income in
All Lowest Middle Highest Lowest Middle Highest Lowest Middle Highest
Two SES SES Two SES Two SES SES Two SES Two SES SES Two SES
2011 when students were in 11th grade. Components may not
Quintiles Quintile Quintiles Quintiles Quintile Quintiles Quintiles Quintile Quintiles sum to totals because of rounding.
Lowest Two Math Middle Math Highest Two Math SOURCES: NCES, High School Longitudinal Study of 2009;
Quintiles Quintile Quintiles PowerStats calculations by the authors.

12 EDUCATION PAYS 2019 Part 1: Distribution of Benefits

 College Completion Rates
Within each sector, students with higher family incomes were more likely to complete a degree
than their lower-income peers with similar high school GPAs.

FIGURE 1.4 Six-Year Completion Rates by Sector, High School GPA, and Family ƒ Among public 4-year students in the highest high
Income: 2011-12 Beginning Postsecondary Students school GPA (HSGPA) category, 63% of low-income
students completed a degree within 6 years while
Bachelor’s Degree Associate Degree
90% of high-income students did.
Public 4-year 60% 5% 66%
ƒ Among public 4-year students in the lowest HSGPA
Completion Rate
Overall Sector

Private Nonprofit
4-year
74% 77% category, 40% of low-income students completed
Public 2-year 13% 18% 32% a degree within 6 years while 63% of high-income
For-Profit 8% 16% 23% students did.
ƒ Among undergraduate students who started
Low Income 33% 7% 40% college for the first time in 2011-12, 66% of those
2.9 and
Lower Middle Income 45% 10% 55% whose first enrollment was at a public 4-year
High Income 55% 8% 63% institution and 77% of those who started at a
private nonprofit 4-year institution completed
Public 4-Year

Low Income 52% 9% 61% either an associate or a bachelor’s degree within

3.0 to 3.4 Middle Income 62% 6% 68% 6 years. In contrast, 32% of public 2-year students
High Income 75% 5% 80% and 23% of for-profit students completed an
associate or bachelor’s degree within 6 years.
Low Income 61% 63%
3.5 to 4.0 Middle Income 81% 84%
ALSO IMPORTANT:
High Income 89% 90%
ƒ Figure 1.4 shows the shares of students who had
Low Income 49% 9% 58% completed an associate or bachelor’s degree within
2.9 and 6 years. In addition, 2% of public 4-year, 1% of private
Lower Middle Income 60% 7% 67%
nonprofit 4-year, 8% of public 2-year, and 24% of
Private Nonprofit 4-Year

High Income 66% 69%

for-profit students had completed a certificate within
Low Income 61% 63% 6 years. (NCES, BPS 2012/2017; calculations by the
3.0 to 3.4 Middle Income 83%
authors)
80%
High Income 84% 85% ƒ Full-time students are more likely to complete
credentials than part-time students. Among students
Low Income 80% 80% who first enrolled in college in 2012, 80% of those
3.5 to 4.0 Middle Income 84% 87% who enrolled full time had completed a credential
High Income 93% 93% 6 years later while only 21% of those who enrolled
part time had. (Shapiro et. al., 2018, Table 16)
Low Income 6% 17% 23% ƒ While students’ academic preparation is perhaps
2.9 and
Lower Middle Income 12% 20% 32% the most important predictor of their likelihood
High Income 18% 17% 35% of completing a credential, studies have shown
that initial college choice has a causal impact on
Public 2-Year

Low Income 15% 19% 34% completion. For example, among college students
3.0 to 3.4 Middle Income 19% 22% 42% in the public sector, access to 4-year institutions
High Income 52%
substantially increases bachelor’s degree
30% 23%
completion rates, particularly for low-income
Low Income 12% 21% 33% students. (Goodman, Smith, & Hurwitz, 2015)
3.5 to 4.0 Middle Income 31% 24% 55%
NOTES: Includes first-time undergraduate students who
High Income 31% 15% 46% began their study in 2011-12. Completion status was as of
June 2017. Parents’ income groups of dependent students
were based on 2010 income: Low (less than $50,000),
Low Income 8% 15% 23%
For-Profit

Middle (between $50,000 and $99,999), and High ($100,000

Middle Income 16% 17% 33% or higher). For-profit sector is not broken down by HSGPA
High Income 36% because of small sample size. Components may not sum to
19% 16%
totals because of rounding.
0% 20% 40% 60% 80% 100% SOURCES: NCES, Beginning Postsecondary Students
Completion Rate 2012/2017; PowerStats calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 13
Educational Attainment
The percentage of young adults in the U.S. between the ages of 25 and 34 with at least
a bachelor’s degree grew from 11% in 1960 to 24% in 1980 and 1990. In 2018, 39% of adults
in this age group had earned at least a bachelor’s degree.

FIGURE 1.5A Educational Attainment of Individuals Age 25 to 34, 1940 to 2018, ƒ The percentage of adults age 25 to 34 with some
Selected Years college or an associate degree grew rapidly in
the 1970s and again in the 1990s. It has stabilized
Less than a High School Some College Bachelor’s since 2000 at 28%.
High School Diploma or Associate Degree or
Diploma Degree Higher ƒ In 1940, 86% of adults in the U.S. age 25 to 34 had
no postsecondary education experience. By 1980,
2018 8% 26% 28% 39% that percentage had decreased to 55% and has
since decreased by another 21 percentage points
2010 12% 27% 28% 33% to 34% in 2018.

2000 12% 31% 28% 29% ƒ In 2018, about 10% of adults age 25 to 49 held
an associate degree, and 39% held at least a
1990 14% 41% 22% 24% bachelor’s degree.

1980 15% 40% 22% 24%

ALSO IMPORTANT:

1970 26% 44% 14% 16% ƒ The fact that the earnings differential between
high school graduates and college graduates has
1960 42% 36% 11% 11% increased over time despite the increasing prevalence
of college degrees indicates that the demand for
1950 49% 32% 9% 5% college-educated workers in the labor market has
increased more rapidly than the supply. (See Goldin &
1940 64% 22% 7% 6% Katz [2008] and Autor [2010] for discussion of the
failure of the supply of college graduates to keep up
with the demand.)
NOTE: Percentages may not sum to 100 because of rounding.
SOURCE: U.S. Census Bureau, Educational Attainment in the United States, 2018, Table A-1. ƒ According to the Organisation for Economic
Co-operation and Development (OECD), Korea had
the highest educational attainment among all OECD
FIGURE 1.5B Educational Attainment of Individuals by Age Group, 2018 countries in 2018 with 70% of 25- to 34-year-olds
having completed tertiary education. (OECD, 2019,
100%
Chart A1.2)

29%
33%
80% 39% 39%

Bachelor’s Degree
8% or Higher
11%
60%
Associate Degree
10% 11% 16%
16% Some College,
No Degree
18% 15%
40%
High School Diploma

33% Less than a High

31% School Diploma
25%
20% 26%

14%
8% 10% 10%
0%
25 to 34 35 to 49 50 to 64 65 and Older

NOTE: Percentages may not sum to 100 because of rounding.

SOURCE: NCES, Digest of Education Statistics, 2018, Table 104.30.

14 EDUCATION PAYS 2019 Part 1: Distribution of Benefits

Educational Attainment by Race/Ethnicity
and Gender
Among blacks, whites, and Hispanics between the ages of 25 and 29, females outpace males
in terms of both high school and bachelor’s degree completion. This gender gap emerged in
the 1990s.

FIGURE 1.6 Percentage of 25- to 29-Year-Olds Who Have Completed High School ƒ Between 1978 and 2018, the percentage of
or a Bachelor’s Degree, by Race/Ethnicity and Gender, 1978 to 2018 black females age 25 to 29 who held a bachelor’s
degree nearly doubled from 13% to 25%, while the
At Least a High School Diploma At Least a Bachelor’s Degree percentage of black males with a bachelor’s degree
Male Female Male Female increased from 12% to 20%.
ƒ Between 1978 and 2018, the percentage of Hispanic
Black, Non-Hispanic females age 25 to 29 who held a bachelor’s degree
100%
92% tripled from 7% to 22%, while the percentage of
87% 88%
81% 92% Hispanic males with a bachelor’s degree nearly
80% 76% 87% 86% doubled from 9% to 17%.
84%
74% ƒ Between 1978 and 2018, the percentage of white
60% females age 25 to 29 who held a bachelor’s degree
more than doubled from 22% to 47%, while the
percentage of white males with a bachelor’s degree
40%
increased from 29% to 39%.
25%
21%
20% 17% ƒ Between 2008 and 2018, the percentage of white
13% 12% 20% and Hispanic males or females age 25 to 29 with
18%
12% 12% 13% a bachelor’s degree increased by about 7 to 9
0% percentage points, while the increase was about
1978 1983 1988 1993 1998 2003 2008 2013 2018
2 to 4 percentage points among black males or
females over this time period.
Hispanic
100%

85% ALSO IMPORTANT:

80%
70% 81% ƒ The share of all young adults age 25 to 29 with at
62% 65% least a bachelor’s degree was 36% in 2018; this share
59%
60% ranged from 19% for Hispanics and 23% for blacks to
60% 62%
59% 43% for whites and 66% for Asians. (NCES, Digest of
56%
Education Statistics, 2018, Table 104.30)
40%

22%
20% 15%
9% 10% 11%
17%
9% 10% 8%
0%
7%
1978 1983 1988 1993 1998 2003 2008 2013 2018

White, Non-Hispanic
100% 94% 95% 96%
89% 90%
93% 95%
92%
89%
80% 88%

60%

47%
39%
40%
29% 34%
39%
25%
31% 32%
20% 24%
22%
NOTE: Attainment rates are three-year moving averages.

0% SOURCES: NCES, The Condition of Education, 2007, Table 27;

1978 1983 1988 1993 1998 2003 2008 2013 2018 Digest of Education Statistics, 2018, Table 104.30.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 15
College Enrollment and Attainment by State
The percentage of 18- to 24-year-olds enrolled in college in 2017 ranged from 29% in Alaska
and 31% in Nevada to 56% in the District of Columbia and 57% in Rhode Island.

FIGURE 1.7 Postsecondary Enrollment Rates of 18- to 24-Year-Olds and ƒ In 2017, the percentage of adults age 25 and older
Percentage of All Adults with at Least a Bachelor’s Degree in 2017 with at least a bachelor’s degree ranged from 20%
in West Virginia and 22% in Mississippi to 44% in
% of Adults with at Least a % of 18- to 24-Year-Olds Enrolling Massachusetts and 57% in the District of Columbia.
Bachelor’s Degree in Postsecondary Education
29% AK 29%
ƒ Iowa, Michigan, Nebraska, and Wisconsin have
25% NV 31% college enrollment rates above the national
31% MT 33% average of 43%, but bachelor’s degree attainment
27% NM 33% rates are slightly lower than the national average
28% WY 34% of 32%.
27% ID 34%
33% HI 35%
36% WA 35%
OK 37%
ALSO IMPORTANT:
25%
24% AR 37% ƒ In 2018, median household income in the United
24% KY 37%
States was $63,200. Median household income was
27% TN 37%
20% WV 38% under $50,000 in Mississippi, New Mexico, Arkansas,
30% TX 38% Alabama, and Louisiana; it was over $80,000 in Hawaii,
29% AZ 39% New Hampshire, District of Columbia, Maryland, and
31% GA 39% Massachusetts. (U.S. Census Bureau, Social and
34% OR 39%
Economic Supplement, Table H-8)
24% LA 39%
26% AL 39%
31% NC 39%
29% MO 40%
28% SD 40%
34% KS 41%
28% OH 41%
28% SC 41%
34% UT 41%
41% CO 41%
27% IN 42%
22% MS 42%
31% ND 42%
30% FL 43%
32% US 43%
33% ME 43%
34% IL 43%
36% MN 44%
31% NE 44%
32% PA 44%
29% IA 44%
37% VT 44%
30% WI 45%
39% VA 45%
40% MD 45%
29% MI 46%
37% NH 46%
40% NJ 46%
36% NY 48%
38% CT 48%
34% CA 49%
32% DE 49%
44% MA 53%
57% DC 56%
34% RI 57%

60% 40% 20% 0% 0% 20% 40% 60%

SOURCES: NCES, Digest of Education Statistics, 2018, Tables 104.88 and 302.65.

16 EDUCATION PAYS 2019 Part 1: Distribution of Benefits

Education, Earnings, and Tax Payments
In 2018, median earnings of bachelor’s degree recipients with no advanced degree working full time
were $24,900 higher than those of high school graduates. Bachelor’s degree recipients paid an estimated
$7,100 more in taxes and took home $17,800 more in after-tax income than high school graduates.

ƒ On average, taxes take a larger share of the incomes of

ALSO IMPORTANT:
individuals with higher earnings, so the after-tax earnings
premium is slightly smaller than the pretax earnings premium. ƒ In 2018, 76% of 4-year college graduates age 25 and older had
earnings and 59% worked full time; 59% of high school graduates
ƒ Median earnings for individuals with associate degrees working age 25 and older had earnings, and 44% worked full time.
full time were 24% higher than median earnings for those with
only a high school diploma. After-tax earnings were 22% higher. ƒ Not all the differences in earnings reported here may be attributable to
education level. Educational credentials are correlated with a variety of
ƒ The median total tax payments of full-time workers with a other factors that affect earnings, including parents’ socioeconomic
professional degree in 2018 were over 3.7 times as high as the status and some personal characteristics.
median tax payments of high school graduates working full time.
After-tax earnings were about 2.8 times as high. ƒ While the average high school graduate may not earn as much as the
average college graduate simply by obtaining a bachelor’s degree,
rigorous research on the subject suggests that the figures cited here
do not measurably overstate the financial return to higher education.
(Card, 2001; Carneiro, Heckman, & Vytlacil, 2011; Rouse, 2005; Harmon,
Oosterbeek, & Walker, 2003; Oreopoulos & Petronijevic, 2013)

FIGURE 2.1 Median Earnings and Tax Payments of Full-Time Year-Round Workers Age 25 and Older, by Education Level, 2018
Estimated Taxes After-Tax Income

Professional Degree (2%) $32,400 $88,100 $120,500

Doctoral Degree (3%) $26,700 $75,600 $102,300

Master’s Degree (12%) $20,100 $60,100 $80,200

Bachelor’s Degree (27%) $15,800 $49,600 $65,400

Associate Degree (11%) $11,400 $38,700 $50,100

Some College,
No Degree (15%) $10,300 $36,000 $46,300

High School
Diploma (25%) $8,700 $31,800 $40,500

Less than a High

School Diploma (6%) $6,200 $24,600 $30,800

$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000

NOTES: The percentages in parentheses on the vertical axis indicate the shares of all full-time year-round workers age 25 and older with each education level in
2018. The bars in this graph show median earnings at each education level. The light blue segments represent the estimated average federal income, Social Security,
Medicare, state and local income, sales, and property taxes paid at these income levels. The dark blue segments show after-tax earnings. Percentages may not sum
to 100 because of rounding.
SOURCES: U.S. Census Bureau, Income, Poverty, and Health Insurance in the United States, 2018, Table PINC-03; Internal Revenue Service, 2017; Wiehe et al., 2018;
calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 17
 Earnings Premium Relative
to Price of Education
The typical 4-year college graduate who enrolls at age 18 and graduates in four years can expect
to earn enough relative to a high school graduate by age 33 to compensate for being out of the labor
force for four years and for borrowing the full tuition and fees and books and supplies without any grant aid.

FIGURE 2.2A Estimated Cumulative Full-Time Median Earnings (in 2017 Dollars) ƒ For the typical associate degree recipient who
Net of Loan Repayment for Tuition and Fees and Books and Supplies, pays the published tuition and fees and books
by Education Level and supplies at a community college and earns
an associate degree 2 years after high school
High School Some College, Associate Bachelor’s graduation, total earnings exceed those of high
Diploma No Degree Degree Degree
school graduates by age 31.
$1,200,000 ƒ For the typical student who attends a public
college for a year and leaves without a degree,
total earnings exceed those of high school
$1,000,000 graduates by age 36.
ƒ The longer college graduates remain in the
workforce, the greater the payoff to their
$800,000
investment in higher education.
Cumulative Net Earnings

$600,000 ALSO IMPORTANT:

ƒ Figure 2.2A shows the cumulative earnings for
full-time year-round workers. Individuals with higher
$400,000 levels of education are more likely to work full time
year-round than those with lower levels of education.
ƒ Figure 2.2A shows the cumulative earnings using
$200,000
median earnings and weighted average 4-year tuition
and fees and books and supplies. Results using some
alternative assumptions are shown in Figure 2.2B.
$0
18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64
Age

Assumptions for Figure 2.2A Median Earnings by Education Level and Age, 2013–2017

Age Starting Price of Tuition and Fees High School Some College, Associate Bachelor’s
Full-Time Work and Books and Supplies Age Diploma No Degree Degree Degree
High School 18 None 18 $18,600 $0 $0 $0
Some College, No Degree 19 Weighted average of public 2-year and public 19 $18,600 $16,600 $0 $0
4-year price. 2017-18: $9,230.
20 $22,600 $23,000 $25,600 $0
Associate Degree 20 Average public 2-year price.
21 $22,600 $23,000 $25,600 $0
2017-18: $4,960; 2018-19: $5,070.
22 to 24 $22,600 $23,000 $25,600 $35,400
Bachelor’s Degree 22 Weighted average of public and private
nonprofit 4-year price. 2017-18: $18,840; 25 to 29 $29,300 $31,400 $35,400 $46,000
2018-19: $19,300; 2019-20: $19,830;
2020-21: $20,420. 30 to 34 $31,900 $37,100 $41,200 $55,200
35 to 39 $36,300 $41,900 $46,600 $65,700
NOTES: Excludes bachelor’s degree recipients who earn advanced degrees. Assumes students 40 to 44 $37,300 $45,500 $49,500 $70,800
borrow the cost of tuition and fees and books and supplies and pay it off over 10 years after
45 to 49 $40,100 $47,800 $51,800 $74,300
graduation with a 4.45% annual interest rate during and after college. Tuition/loan payments
and earnings are discounted at 3%, compounded every year beyond age 18. The 2020-21 price 50 to 54 $41,200 $49,400 $52,300 $75,800
is projected using the 2019-20 price and a 3% annual increase.
55 to 59 $41,200 $49,600 $52,600 $73,600
SOURCES: U.S. Census Bureau, American Community Survey, 2013–2017 Five-Year Public Use
60 to 64 $40,400 $49,300 $52,300 $70,000
Microdata Sample; College Board, Trends in College Pricing, 2019; calculations by the authors.

18 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

Earnings Premium Relative to Price
of Education: Alternative Scenarios
The break-even age (age at which cumulative earnings of college graduates exceed those
of high school graduates) increases with amount of time students take to earn their degrees.
Grant aid that reduces the net price of college shortens the break-even period.

FIGURE 2.2B Age at Which Cumulative Earnings of College Graduates Exceed ƒ The break-even age depends on the length of study.
Those of High School Graduates, by Degree and College Cost As an example, for students paying the published
price and taking 5 years to complete a bachelor’s
40 degree, the break-even age is 36. Full-pay students
37
36 who complete a bachelor’s degree in four years
33 have a projected break-even age of 33.
Break-even Age Compared with

31 30 30
30
High School Graduates

ƒ Compared with high school graduates with median

earnings working full time, the break-even age
for associate degree recipients with median
20
earnings is 31 if they pay the average public 2-year
published tuition and fees and books and supplies
for 2 years. The break-even age increases to 37 if
10 they pay these expenses for 3 years; it is 30 if they
receive the average amount of grant aid and pay
net tuition and fees and buy books and supplies
0 for two years.
2 Years of 3 Years of 2 Years of 4 Years of 5 Years of 4 Years of
Average Average Average Average Average Average
Public Public Public Public Public and Public and
2-Year 2-Year 2-Year and Private Private Private
Published Published Net Price Nonprofit Nonprofit Nonprofit
ALSO IMPORTANT:
Price Price 4-Year 4-Year 4-Year
Published Published Net Price ƒ The calculations for Figures 2.2A and 2.2B are based
Price Price on median earnings for full-time year-round workers.
Associate Degree Bachelor’s Degree There is considerable variation in earnings within
each education level (Figure 2.3).
Tuition and Fees and Books and Supplies
ƒ Figures 2.2A and 2.2B assume that students have
no earnings while attending school full time. Many
students work part time while in school.

Assumptions for Figure 2.2B

Age Starting Price of Tuition and Fees and Books

Education Level Full-Time Work and Supplies
High School 18 None
Associate Degree
Baseline (2 years of average public 20 2017-18: $4,960; 2018-19: $5,070.
2-year published price)
3 years of average public 2-year 21 2017-18: $4,960; 2018-19: $5,070;
published price 2019-20: $5,190.
NOTES: Excludes bachelor’s degree recipients who earn
2 years of average public 2-year 20 2017-18: $910; 2018-19: $980.
advanced degrees. Assumes students borrow the cost of
net price
tuition and fees and books and supplies and pay it off over
Bachelor’s Degree 10 years after graduation with a 4.45% annual interest rate
Baseline (4 years of average public 22 2017-18: $18,840; 2018-19: $19,300; during and after college. Tuition/loan payments and earnings
and private nonprofit 4-year 2019-20: $19,830; 2020-21: $20,420. are discounted at 3%, compounded every year beyond age 18.
published price) The 2020-21 and 2021-22 prices are projected using the
5 years of average public and private 23 2017-18: $18,840; 2018-19: $19,300;
2019-20 price and a 3% annual increase.
nonprofit 4-year published price 2019-20: $19,830; 2020-21: $20,420; SOURCES: U.S. Census Bureau, American Community Survey,
2021-22: $21,030. 2013–2017 Five-Year Public Use Microdata Sample; College
4 years of average public and private 22 2017-18: $7,990; 2018-19: $8,030; Board, Trends in College Pricing, 2019; calculations by
nonprofit 4-year net price 2019-20: $8,350; 2020-21: $8,600. the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 19
Variation in Earnings Within Levels
of Education
Median earnings are higher for those with higher levels of education, but there is considerable
variation in earnings at each level of educational attainment.

ƒ The percentage of full-time year-round workers age 35 to 44

ALSO IMPORTANT:
earning $100,000 or more in 2018 ranged from 2% of those
without a high school diploma and 5% of high school graduates ƒ Figure 2.3 includes only full-time year-round workers. The
to 28% of those whose highest attainment was a bachelor’s percentage of individuals who are employed rises with level of
degree and 43% of advanced degree holders. education, as does the percentage of those employed who work
full time. (Bureau of Labor Statistics, Labor Force Statistics from
ƒ In 2018, while 5% of all full-time year-round workers age 35 to 44 the Current Population Survey)
earned less than $20,000, 20% of those without a high school
diploma and 8% of those with only a high school diploma were ƒ Figure 2.3 includes workers between the ages of 35 and 44, an age
in this income category. In contrast, only 2% of those whose group when the majority of full-time workers have finished school
highest attainment was a bachelor’s degree and 1% of those and started a career.
with advanced degrees fell into this category. ƒ Some of the variation in earnings is associated with fields of study,
occupation, and location. Earnings also differ by gender and
ƒ In 2018, 19% of all full-time year-round workers age 35 to 44
race/ethnicity. (Baum, Kurose, & Ma, 2013)
held advanced degrees, 27% held bachelor’s degrees, while
23% held only a high school diploma and 7% did not graduate
from high school.

FIGURE 2.3 Earnings Distribution of Full-Time Year-Round Workers Age 35 to 44, by Education Level, 2018

$1 to $20,000 to $40,000 to $60,000 to $80,000 to $100,000

$19,999 $39,999 $59,999 $79,999 $99,999 and over

All (100%) 5% 25% 24% 17% 10% 19%

1%

Advanced Degree (19%) 5% 18% 18% 15% 43%

2%

Bachelor’s Degree (27%) 15% 22% 20% 13% 28%

Associate Degree (11%) 4% 27% 31% 19% 10% 10%

Some College, No Degree (14%) 6% 32% 27% 18% 9% 9%

High School Diploma (23%) 8% 40% 27% 14% 5% 5%

2%
Less than a High School Diploma (7%) 20% 50% 20% 5%
2%

NOTES: The percentages shown in parentheses on the vertical axis represent shares of all full-time year-round workers age 35 to 44 with each education level.
Percentages may not sum to 100 because of rounding.
SOURCES: U.S. Census Bureau, Income, Poverty, and Health Insurance in the United States, 2018, PINC-03; calculations by the authors.

20 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

Earnings by Race/Ethnicity,
Gender, and Education Level
Between 2016 and 2018, median earnings of individuals age 25 to 34 working full time
year-round with a bachelor’s degree ranged from $42,100 among black females and $43,900
among Hispanic females to $72,300 among Asian males.

FIGURE 2.4 Median Earnings (in 2018 Dollars) of Full-Time Year-Round Workers Age 25 to 34, by Race/Ethnicity, Gender, and Education Level,
2016–2018

Less than a High School Some College, Associate Bachelor’s Advanced

High School Diploma Diploma No Degree Degree Degree Degree
$100,000
$89,100

$77,200
$76,200
$75,700

$72,300

$70,600

$69,900
$80,000

$62,000

$60,900

$60,800
$60,200
$57,300
$56,000
$56,100

$51,600

$50,200
Median Earnings

$60,000

$49,000

$48,500
$47,600

$46,000
$43,900

$43,200
$42,100
$41,800

$41,100
$41,100
$40,900

$40,700
$40,500

$39,500

$37,400
$36,600

$35,400
$35,300
$34,800

$34,100
$33,900
$33,500

$33,000
$32,300
$31,900

$31,600
$31,500
$31,300
$31,100

$31,100

$31,000

$30,400
$40,000

$29,200
$29,300
$29,100

$28,700

$28,500

$26,900
$26,800

$26,500

$23,500
$23,000
$21,600
$18,700

$20,000

$0
Female Male Female Male Female Male Female Male Female Male

Asian Black Hispanic White All

NOTES: Based on combined data from the 2017, 2018, and 2019 Annual Social and Economic Supplement of the Current Population Survey. Earnings in 2016
and 2017 are adjusted to 2018 dollars using the Consumer Price Index for all urban consumers. Median earnings are the medians of combined data. The “Asian,”
“Black,” and “White” categories include individuals who reported one race only and who reported non-Hispanic.
SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2017, 2018, and 2019; calculations by the authors.

ƒ The earnings premium for a bachelor’s degree relative to a high Ratio of Median Earnings of Bachelor’s Degree Recipients to Median
school diploma was the highest among Asian males and females, Earnings of High School Graduates, by Race/Ethnicity and Gender,
whose median earnings were about twice as high as for those Full-Time Year-Round Workers, 2016–2018
with a high school diploma.
BA/HS Earnings Ratio
ƒ The earnings gap between 25- to 34-year-old associate degree Age 25 to 34 Age 25 and Older
recipients and high school graduates working full time ranged Asian Female 1.93 2.05
from 14% ($4,400) among white females to 29% ($9,000) among Male 2.08 1.94
black males.
Black Female 1.57 1.67
ƒ Among full-time workers age 25 to 34, median earnings of white Male 1.51 1.50
males with a bachelor’s degree were 23% higher than median Hispanic Female 1.63 1.62
earnings of white females with a bachelor’s degree. The gender Male 1.46 1.51
gaps were: 29% among Asian, 17% among Hispanic, and 13%
White Female 1.62 1.57
among black bachelor’s degree recipients.
Male 1.52 1.61
All Female 1.66 1.69
ALSO IMPORTANT: Male 1.63 1.68

ƒ Between 2016 and 2018, the proportion of individuals age 25 to 34

working full time year-round ranged from 41% for those without a
high school diploma to 70% for those with an advanced degree.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 21
Earnings by Gender and Education Level
Earnings of full-time year-round workers are strongly correlated with level of education,
but there is considerable variation in earnings among both men and women at each level
of educational attainment.

ƒ In 2018, median earnings of female 4-year college graduates were

ALSO IMPORTANT:
$56,700. This exceeded median earnings of female high school
graduates by 74% ($24,100). Median earnings of male bachelor’s ƒ In 2018, 14% of female high school graduates earned more than
degree recipients were $75,200. This exceeded median earnings the median for female college graduates, and 15% of female
of male high school graduates by 65% ($29,600). college graduates earned less than the median for female high
school graduates.
ƒ In 2018, 25% of females with a college degree earned less than
$40,500 and 25% earned more than $81,600. Among male college ƒ In 2018, 17% of male high school graduates earned more than the
graduates, 25% earned less than $50,400 and 25% earned above median for male college graduates, and 21% of male college graduates
$110,000. earned less than the median for male high school graduates.

ƒ In 2018, 61% of males with some college education but no degree ƒ Figure 2.5 includes only full-time year-round workers ages 25 and
older. Among both men and women, the percentage of individuals who
and 68% of males holding associate degrees earned more than
are employed rises with level of education, as does the percentage of
the median earnings of male high school graduates ($45,600).
those employed who are working full time. (Bureau of Labor Statistics,
ƒ In 2018, 61% of females with some college education but no degree Labor Force Statistics from the Current Population Survey)
and 67% of females holding associate degrees earned more than
the median earnings of female high school graduates ($32,600).

FIGURE 2.5 Median, 25th Percentile, and 75th Percentile Earnings of Full-Time Year-Round Workers Age 25 and Older, by Gender and
Education Level, 2018
$235,000

75th Percentile
$200,000
$190,000
Median
25th Percentile

$155,000
$148,000
$150,000
$140,000
$135,400

$115,800
$110,000
Earnings

$99,800 $99,600
$100,000 $95,200
$94,100

$81,600
$76,300 $78,500 $75,200
$66,700
$62,700 $77,400 $78,100
$57,100 $56,700 $56,700
$52,900 $51,700 $63,500
$62,200 $59,600 $48,500 $45,600
$50,000 $46,300
$41,500
$38,800 $50,500 $50,400
$33,300 $32,600 $34,000
$40,500 $40,700
$35,900
$24,500 $31,600
$27,800 $30,400
$24,700 $23,300
$19,000

$0
Less than a Some College, Bachelor’s Doctoral Less than a Some College, Bachelor’s Doctoral
High School No Degree Degree Degree High School No Degree Degree Degree
Diploma Diploma
High School Associate Master’s Professional High School Associate Master’s Professional
Diploma Degree Degree Degree Diploma Degree Degree Degree

Female Male

NOTES: This graph shows earnings by education level separately for female and male full-time year-round workers age 25 and older. The bottom of each bar shows
the 25th percentile; 25% of the people in the group earn less than this amount. The box shows median earnings for the group. The top of the bar shows the 75th
percentile; 25% of the people in the group earn more than this amount.
SOURCES: U.S. Census Bureau, Income, Poverty, and Health Insurance in the United States, 2018, PINC-03; calculations by the authors.

22 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

 Earnings over Time by Gender
and Education Level
In 2018, among full-time year-round workers between the ages of 25 and 34, median earnings
for women with at least a bachelor’s degree were $52,500, compared with $29,800 for those with
a high school diploma.

ƒ In 2018, among full-time year-round workers between the ages

ALSO IMPORTANT:
of 25 and 34, median earnings for men with at least a bachelor’s
degree were $63,300, compared with $39,800 for those with a ƒ In 2018, 54% of 25- to 34-year-old women worked full time, ranging
high school diploma. from 26% of those without a high school diploma to 65% of those
with at least a bachelor’s degree.
ƒ Between 2013 and 2018, inflation-adjusted median earnings
of full-time year-round workers age 25 to 34 increased by 15% ƒ In 2018, 72% of 25- to 34-year-old men worked full time, ranging
for male high school graduates and 3% for men with at least a from 50% of those without a high school diploma to 78% of those
bachelor’s degree. For women, the five-year percentage change with at least a bachelor’s degree.
was 4% for both high school graduates and those with at least a
bachelor’s degree.
ƒ Among those with a bachelor’s degree or higher, 26% of men and
33% of women had advanced degrees in 2018, compared with
28% of men and 30% of women a decade earlier.

FIGURE 2.6 Median Earnings (in 2018 Dollars) of Full-Time Year-Round Workers Age 25 to 34, by Gender and Education Level, 1978 to 2018

$80,000

$70,000

Advanced Degree
$60,000
Bachelor’s Degree
Median Earnings in 2018 Dollars

or Higher

$50,000 Bachelor’s Degree

Associate Degree
$40,000
Some College or
Associate Degree

$30,000 Some College

High School
$20,000
Graduate

Grades 9 to 11

$10,000

$0
1978 1983 1988 1993 1998 2003 2008 2013 2018 1978 1983 1988 1993 1998 2003 2008 2013 2018
Female Male

Percentage of “Bachelor’s Degree or Higher” with Advanced Degrees (Master’s, Doctoral, or Professional)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Female 24% 23% 22% 24% 26% 27% 27% 27% 28% 31% 30% 28% 32% 31% 32% 31% 32% 34% 32% 32% 33%
Male 22% 22% 21% 23% 24% 25% 25% 25% 25% 24% 28% 27% 24% 25% 25% 28% 28% 28% 30% 27% 26%

SOURCES: Data for 1993 and prior: NCES, The Condition of Education, 2014; Data for 1994 and after: U.S. Census Bureau, Income, Poverty, and Health Insurance in
the United States, 1995 to 2018, PINC tables; CPI-U: Bureau of Labor Statistics; calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 23
Earnings Paths
Across all education levels, earnings generally increase fastest between the ages of 25 and 34
and peak between the ages of 50 and 59.

ƒ Between 2013 and 2017, median earnings for individuals age 50 ƒ Between 2013 and 2017, the gap between median earnings
to 54 working full time year-round whose highest degree was a of associate degree holders and high school graduates was
bachelor’s degree were 65% higher than the median earnings for $6,100 (21%) for 25- to 29-year-olds and $12,300 (33%) for
25- to 29-year-olds with this level of education. For high school 40- to 44-year-olds.
graduates, earnings of the older group were 41% higher than
ƒ The earnings path is the steepest for individuals with advanced
earnings of the younger group.
degrees. Between 2013 and 2017, the gap in median earnings
ƒ The gap between median earnings of college graduates without between those with professional degrees and those with
advanced degrees and high school graduates ranged from bachelor’s degrees was 30% for 25- to 29-year-olds and 88%
$16,700 (57%) for 25- to 29-year-olds to $34,200 (85%) for for 60- to 64-year-olds.
45- to 49-year-olds between 2013 and 2017.

FIGURE 2.7 Median Earnings (in 2017 Dollars) of Full-Time Year-Round Workers, by Age and Education Level, 2013–2017

$140,000
Professional Degree

$120,000 Doctoral Degree

$100,000 Master’s Degree

Median Earnings

$80,000 Bachelor’s Degree

Associate Degree
$60,000

Some College, No Degree

$40,000

High School Diploma

$20,000

Less than a High School

$0 Diploma
25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64
Age

Median Earnings of Full-Time Year-Round Workers, 2013–2017

Less than a High Some College,
School Diploma High School Diploma No Degree Associate Degree Bachelor’s Degree Master’s Degree Doctoral Degree Professional Degree
25 to 29 $24,900 $29,300 $31,400 $35,400 $46,000 $52,300 $63,700 $59,600
50 to 54 $30,600 $41,200 $49,400 $52,300 $75,800 $88,100 $111,200 $131,500
60 to 64 $31,100 $40,400 $49,300 $52,300 $70,000 $82,600 $106,200 $131,500

NOTES: Based on the 2013 to 2017 American Community Survey five-year combined data file. Earnings are adjusted to 2017 dollars using the Consumer Price
Index for all urban consumers from the Bureau of Labor Statistics. Median earnings are the median of combined data.
SOURCES: U.S. Census Bureau, American Community Survey, 2013–2017 Five-Year Public Use Microdata Sample; calculations by the authors.

24 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

Earnings by Occupation and Education Level
Many 4-year college graduates work in occupations that also employ a significant number
of individuals with no college credentials. In all these occupations, bachelor’s degree recipients
earn more than high school graduates on average.

ƒ Within each education level, earnings vary considerably

ALSO IMPORTANT:
by occupation.
ƒ Figure 2.8 shows occupational differences in earnings, which do
ƒ Between 2013 and 2017, among occupations that employ large not necessarily correspond to differences in earnings related to
numbers of both high school graduates and college graduates,
postsecondary fields of study shown in Figure 2.9.
the median earnings of those with only a high school diploma
ranged from $31,400 (in 2017 dollars) for retail salespersons ƒ Some occupations require at least a bachelor’s degree. While most
to $60,100 for general and operations managers; the median of these occupations (for example, doctors and lawyers) have high
earnings of those with at least a bachelor’s degree ranged from payoffs in terms of earnings, others (such as teaching) are not as
$41,800 (in 2017 dollars) for administrative assistants to $89,500 remunerative. (Baum, Kurose, & Ma, 2013, Section 8)
for first-line supervisors of nonretail workers.
ƒ Between 2013 and 2017, the earnings gap between those with at
least a bachelor’s degree and high school graduates working in
the same occupation varied significantly, ranging from 15% for
bookkeeping, accounting, and auditing clerks to 75% for first-line
supervisors of nonretail sales workers.

FIGURE 2.8 Median Earnings (in 2017 Dollars) of Full-Time Workers Age 25 and Older with a High School Diploma and Those with at Least a
Bachelor’s Degree, by Occupation, 2013–2017

High School Diploma Bachelor’s Degree or Higher

$100,000
$89,500 $88,100 $89,200

$80,000
$72,800

$63,700
Median Earnings

$60,100
$60,000
$52,600 $51,000 $51,500 $51,500
$48,500
$45,500
$41,800 $42,900 $42,500
$40,000 $36,000 $37,200 $37,600
$31,400 $31,900

$20,000

$0
Retail Customer Administrative Bookkeeping, First-Line First-Line First-Line Wholesale First-Line General and
Salespersons Service Assistants Accounting, Supervisors of Supervisors Supervisors and Supervisors Operations
Representatives and Auditing Retail Sales of Office of Nonretail Manufacturing of Production Managers
Clerks Workers and Admin. Sales Sales Reps and Operating
Support Workers Workers
Workers

First-Line
First-Line First-Line Supervisors
Customer Bookkeeping, First-Line Supervisors of Supervisors Wholesale and of Production General and
Retail Service Administrative Accounting, and Supervisors of Office and Admin. of Nonretail Manufacturing and Operating Operations
Salespersons Reps Assistants Auditing Clerks Retail Workers Support Workers Workers Sales Reps Workers Managers
% of FT Workers with
High School Diploma 30% 26% 28% 29% 29% 22% 21% 17% 38% 16%
Bachelor’s Degree or Higher 26% 27% 22% 18% 26% 35% 44% 49% 17% 47%
BA/HS Earnings Ratio 1.54 1.43 1.16 1.15 1.40 1.50 1.75 1.71 1.41 1.48

NOTE: Includes 10 largest occupations with at least 15% of full-time workers with only a high school diploma and another 15% with at least a bachelor’s degree.
SOURCES: U.S. Census Bureau, American Community Survey, 2013–2017 Five-Year Public Use Microdata Sample; calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 25
Earnings by College Major
In 2016 and 2017, the median earnings for bachelor’s degree recipients without an advanced
degree was $40,000 per year for those in early career (age 22 to 27) and $68,000 for those
in their mid-career (age 35 to 45).

FIGURE 2.9 Median Earnings of Early Career and Mid-Career College Graduates ƒ In 2016 and 2017, median earnings for early career
Working Full Time, by College Major, 2016−2017 bachelor’s degree recipients ranged from $32,100
a year for early childhood education majors to
Early Career Mid-Career $62,000 for computer science majors. For those in
mid-career, median earnings ranged from $41,000
Computer Science $62,000 $95,000
to $95,000.
Business Analytics $57,000 $88,000
ƒ The differences in earnings between early
Economics $55,000 $90,000 career and mid-career varies greatly by major.
For example, the gap between early career and
Finance $52,000 $85,000
mid-career earnings is smaller for nursing and
Mathematics $50,000 $80,000 accounting majors, who have relatively high early
career earnings. By contrast, mid-career earnings
Accounting $50,000 $72,000
are 86% higher than early career earnings for
Nursing $50,000 $70,000 biology majors.
Physics $48,500 $94,000

General Business $45,000 $70,000 ALSO IMPORTANT:

Political Science $42,000 $75,000 ƒ The share of college graduates who ultimately attend
graduate school varies by college major. Overall, 37%
Marketing $42,000 $74,000
of college graduates age 25 to 65 had a graduate
Chemistry $41,000 $74,000 degree in 2016 and 2017. This rate ranges from
17% for marketing majors to over 60% for biology,
Overall $40,000 $68,000
chemistry, and physics majors. (Federal Reserve Bank
Communications $40,000 $70,000 of New York, 2019)

Business Management $40,000 $65,000 ƒ While recent college graduates have relatively low
levels of unemployment across majors, 43% were
Art History $38,900 $60,000
underemployed in 2016 and 2017. These rates vary
Secondary Education $38,000 $50,000 from 11% and 16% for nursing and elementary
education majors to 60% and 63% for business
Journalism $38,000 $65,000
management and leisure and hospitality majors.
Philosophy $36,000 $62,000 (Federal Reserve Bank of New York, 2019)

History $36,000 $66,000 ƒ Research suggests that different fields of study have
different labor market payoffs, even after accounting
Biology $35,000 $65,000
for institution and peer quality. In some cases, the
Elementary Education $35,000 $43,000 additional labor market payoff to a particular field
of study is as large as the college premium itself.
English Language $35,000 $60,000
(Kirkeboen, Leuven, & Mogstad, 2016).
Sociology $34,600 $56,000

Leisure and Hospitality $34,200 $58,000

Psychology $34,000 $56,000

Early Childhood Education $32,100 $41,000

$0 $20,000 $40,000 $60,000 $80,000 $100,000

Median Earnings

NOTES: Figures represent a 2016 and 2017 average. Median earnings are for full-time workers
whose highest education level is a bachelor’s degree only. Early career graduates are those age
22 to 27, and mid-career graduates are those age 35 to 45. All figures exclude those currently
enrolled in school.
SOURCE: Federal Reserve Bank of New York, The Labor Market for Recent College Graduates,
based on Census Bureau’s American Community Survey data.

26 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

 Variation in Earnings by Institutional Sector
Institutional median earnings vary by sector. From 2014 to 2015, the typical 4-year college’s
median earnings of 2003-04 and 2004-05 federal student aid recipients ranged from $34,600 at
for-profit institutions to $42,800 at private nonprofit institutions and $42,950 at public institutions.

FIGURE 2.10A Distribution of 2014 and 2015 Institutional Median Earnings of ƒ The 75th percentile of institutional median
Federal Student Aid Recipients in 2003-04 and 2004-05, by Sector earnings at public 2-year colleges was lower than
the 25th percentiles of public and private nonprofit
75th Percentile 4-year institutions.
$50,800 Median
$50,000 $48,800 ƒ The typical public 2-year college’s median
25th Percentile earnings were higher than those of for-profit
$42,950 $42,800
$42,200 2-year institutions at $30,900 and $25,300,
Institutional Median Earnings

$40,000
respectively.
$34,600 $34,300
$37,200
$35,900 $30,800 ƒ Average earnings were about the same ($52,100
$30,900
$30,000
$30,900 $25,300 versus $50,300) for dependent students who
$27,700 attended public or private nonprofit 4-year
$20,000 $22,300 colleges with 6-year bachelor’s degree graduation
rates between 50% and 69%.

$10,000 ƒ Variation in earnings by colleges’ bachelor’s

degree graduation rate was larger within the
private nonprofit sector than in the public sector.
$0
Public Private For-Profit Public For-Profit
4-Year Nonprofit 4-Year 2-Year 2-Year
4-Year ALSO IMPORTANT:

NOTES: Median earnings by sector are based on median earnings of federal student aid ƒ The College Scorecard data include median and mean
recipients in each institution. The bottom of each bar shows the 25th percentile; 25% of earnings aggregated at the college level for students
institutions in the group had median earnings below this amount. The orange box shows median who have received federal student aid, disaggregated
earnings for the group. The top of the bar shows the 75th percentile; 25% of institutions had by dependency status. Earnings are calculated
median earnings above this amount.
among students who are employed and not enrolled
in college. Therefore, students who are enrolled in
FIGURE 2.10B Average 2014 and 2015 Earnings of Dependent Federal Student Aid graduate school at the time of measurement are not
Recipients in 2003-04 and 2004-05, by Sector and Graduation Rate included. However, students who have completed
advanced degrees within 10 years of college entry are
$80,000
$74,800 included. Finally, reported average earnings include
both college degree completers and noncompleters.
(The College Scorecard, Data Documentation)
$61,000
$60,000
$52,100
ƒ The amount of time students spend in school, the
$50,300
Average Earnings

degrees they earn, field of study, completion rates,

$44,700 and incoming student characteristics all vary across
$40,000 $35,700 institutional sectors, which influences the earnings
data reported here.
ƒ Researchers have found a positive causal relationship
$20,000 between college selectivity and earnings, especially
among certain subgroups of students. (Dale & Krueger,
2014; Hoekstra, 2009; Zimmerman, 2014)
$0
70% or Between Lower 70% or Between Lower
Higher 50% and 69% than 50% Higher 50% and 69% than 50%

Public 4-year Private Nonprofit 4-year

Sector and Graduation Rate

NOTES: Earnings are defined as mean earnings of dependent students working and not enrolled
10 years after college entry. Data for 2003-04 and 2004-05 pooled cohorts and earnings are
measured in 2014 and 2015 calendar years. College graduation rate categories are based on
six-year bachelor’s degree graduation rates for the 2011 entering cohort (150% of normal time).
SOURCES: U.S. Department of Education, College Scorecard Data; NCES, IPEDS fall 2017 data;
calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 27
Employment
In 2018, among adults between the ages of 25 and 64, 69% of high school graduates, 73% of those
with some college but no degree, 78% of those with associate degrees, and 83% of those with 4-year
college degree were employed.

FIGURE 2.11 Civilian Population Age 25 to 64: Percentage Employed, ƒ Between 2008 and 2013, the percentage of
Unemployed, and Not in Labor Force, 2008, 2013, and 2018 individuals who were either unemployed or not in the
labor force increased across all education levels.
Employed Unemployed Not in Labor Force
ƒ Between 2013 and 2018, the percentage of
1.8% individuals who were unemployed declined and the
Degree or Higher

2018 83.0% 15.3%

percentage not in the labor force remained stable.
Bachelor’s

2013 81.2% 3.1% 15.7%

ƒ The percentage of individuals who were not in the
2008 83.2% 14.6% labor force was higher in 2018 than in 2008. The
2.2% increase ranged from 0.7 percentage points for
2.2% those with a bachelor’s degree or higher to
2018 78.0% 19.8% 3.8 percentage points for those with a high
Associate
Degree

2013 76.3% 4.3% 19.4% school diploma.

2008 80.2% 16.7%

3.1% ALSO IMPORTANT:
2.8%
2018 72.7% 24.5%
ƒ The percentage of individuals who are unemployed
Some College,

(Figure 2.11) differs from the unemployment rate

No Degree

2013 69.9% 5.3% 24.8% (Figure 2.12A), which is the ratio of unemployed
2008 74.8% 21.2% individuals to the sum of employed and unemployed
4.0% individuals, excluding those who are not in the
2.9% labor force.
2018 68.8% 28.3%
ƒ The length of unemployment spells has also
High School
Diploma

2013 66.4% 5.5% 28.1% fluctuated over time. In 2018, 1.4% of the civilian
labor force was unemployed for 15 weeks or longer.
2008 71.1% 24.5%
This percentage reached a peak of 5.7% in 2010, at
4.3%
the height of the Great Recession. (Bureau of Labor
3.4%
Statistics, Table A-15, Alternative Measures of Labor
Less than a High

57.3% 39.3%
School Diploma

2018
Underutilization)
2013 53.0% 6.7% 40.3%

2008 56.9% 37.4%

5.7%

Civilian Population Age 25 to 64, Number in Millions, 2008, 2013, and 2018

Less than a Bachelor’s

High School High School Some College, Associate Degree or
Diploma Diploma No Degree Degree Higher
2008 18.4 48.4 28.4 15.7 50.9
2013 17.4 47.8 28.4 17.7 55.6
2018 15.9 47.3 27.3 18.5 63.3

NOTES: To be considered a member of the labor force, individuals must either be employed or
be actively seeking employment. Percentages may not sum to 100 because of rounding.
SOURCES: U.S. Census Bureau, Basic Monthly Current Population Survey, January through
December 2008, 2013, and 2018; calculations by the authors.

28 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

 Unemployment
The unemployment rate for individuals age 25 and older with at least a bachelor’s degree
has consistently been about half of the unemployment rate for high school graduates.

ƒ Unemployment rates for all education groups peaked in 2010 at

ALSO IMPORTANT:
4.7% for bachelor’s degree holders, 7.0% for associate degree
holders, and 10.3% for those with a high school diploma. ƒ Among individuals with the same level of educational attainment, the
unemployment rate differs by age and by race/ethnicity (Figure 2.12B
ƒ Since 2010, unemployment rates have been declining every year and Figure 2.12C).
across all education groups. In 2018, unemployment rates were
2.1% for bachelor’s degree holders, 2.8% for associate degree
holders, and 4.1% for those with a high school diploma.
ƒ Over the 20-year period from 1998 to 2018, the largest gaps
between the unemployment rates of bachelor’s degree
recipients and high school graduates occurred between 2009
and 2011 (about 5 to 6 percentage point gaps). The smallest gaps
occurred between 1999 and 2001, as well as in 2018 (about 2
percentage point gaps).

FIGURE 2.12A Unemployment Rates of Individuals Age 25 and Older, by Education Level, 1998 to 2018

16%

Less than a High School

12% Diploma

High School Diploma

Unemployment Rate

8% Some College, No Degree

Associate Degree

4%
Bachelor’s Degree or Higher

0%
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Unemployment Rates of Individuals Age 25 and Older, by Education Level, 1998 to 2018, Selected Years

Unemployment Rate
BA/HS
Less than a HS Diploma High School Diploma Some College, No Degree Associate Degree Bachelor’s Degree or Higher Unemployment Rate Ratio
1998 7.1% 4.0% 3.2% 2.5% 1.8% 0.45
2003 8.8% 5.5% 5.2% 4.0% 3.1% 0.56
2008 9.0% 5.7% 5.1% 3.7% 2.6% 0.45
2013 11.0% 7.5% 7.0% 5.4% 3.7% 0.49
2018 5.6% 4.1% 3.7% 2.8% 2.1% 0.53

SOURCES: Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey; calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 29
 Unemployment
In 2018, the unemployment rate for 25- to 34-year-olds with at least a bachelor’s degree
was 2.2%, while the unemployment rate for high school graduates was 5.7%.

FIGURE 2.12B Unemployment Rates of Individuals Age 25 and Older, by Age and ƒ In 2018, unemployment rates of 25- to 34-year-
Education Level, 2018 olds were 4.7% for those with some college but no
degree and 3.1% for those with associate degrees.
Less than a High School Some College, Associate Bachelor’s
High School Diploma No Degree Degree Degree or ƒ Unemployment rates decline between the ages of
Diploma Higher 25 and 54 for those with an associate degree or
10% less. For those with at least a bachelor’s degree,
the unemployment rate is lowest for individuals
8.4%

between the ages of 35 to 44.

8%
ƒ The gaps in unemployment rates by education
level are larger for blacks than for other racial/
Unemployment Rate

ethnic groups. In 2018, the gap between the

5.7%

6%
5.2%

unemployment rates for blacks with at least a

4.9%
4.7%

4.6%
4.4%

bachelor’s degree and black high school graduates

4.2%

4.0% was 3.8 percentage points, compared with 1.5

3.4%

3.4%

3.4%
3.3%

4%
3.2%
3.1%

3.1%

percentage points for whites, 1 percentage point

3.0%
2.8%

2.8%
2.6%

2.5%

for Hispanics, and no gap for Asians.

2.3%
2.2%

2.2%
1.8%

2%

ALSO IMPORTANT:

0%
ƒ Research suggests that graduating from college
25 to 34 35 to 44 45 to 54 55 to 64 65 and Older during a recession can result in lower initial
earnings driven by adverse labor market conditions.
SOURCES: U.S. Census Bureau, Current Population Survey, January through December 2018;
(Oreopoulos, von Wachter, & Heisz, 2012)
calculations by the authors.
ƒ The gap in labor force participation rates between
those with at least a bachelor’s degree and those
FIGURE 2.12C Unemployment Rates of Individuals Age 25 and Older, by
with a high school diploma ranged from 9 percentage
Race/Ethnicity and Education Level, 2018
points for Hispanics to 16 percentage points for Asians
Less than a High School Some College, Associate Bachelor’s and whites, and 18 percentage points for blacks.
High School Diploma No Degree Degree Degree or
Diploma Higher
10.4%

10%

8%
6.7%
Unemployment Rate

5.8%

5.6%

Labor Force Participation Rates of Individuals Age 25 and

5.1%

6%
Older, by Race/Ethnicity and Education Level, 2018
4.6%
4.1%

4.1%
3.9%

Less
3.7%

3.7%
3.5%

3.5%

than a Some
3.2%
3.1%

4%
2.9%

2.9%

2.9%

High High College, Bachelor’s

2.8%
2.5%

2.5%
2.4%

2.4%

School School No Associate Degree or

2.1%
2.0%

Diploma Diploma Degree Degree Higher

2% Asian 41% 59% 66% 70% 75%
Black 36% 60% 67% 73% 78%
Hispanic 59% 70% 73% 76% 79%
0%
Asian Black Hispanic White All White 48% 57% 62% 69% 73%

SOURCE: Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey, SOURCE: Bureau of Labor Statistics, Labor Force Statistics
Table 7. from the Current Population Survey, Table 7.

30 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

 Retirement Plans
Individuals with higher education levels are more likely than others to be offered and to
participate in retirement plans provided by their employers.

FIGURE 2.13 Employer-Provided Retirement Plan Coverage Among Full-Time ƒ In 2018, 40% of high school graduates age 25 and
Year-Round Workers Age 25 and Older, by Sector and Education older working full time year-round in the private
Level, 2018 sector were offered a retirement plan, compared
with 49% of those whose highest degree was
Less than a High School Some College, Associate Bachelor’s Advanced a bachelor’s degree. In the public sector, these
High School Diploma No Degree Degree Degree Degree percentages were 71% and 77%, respectively.
Diploma
ƒ Among those to whom these plans were available,
100%
participation rates were higher for individuals
with higher education levels. In the private sector,
80% 77% 77% participation rates ranged from 72% among
71% 72% 70% full-time year-round workers with less than a
Percentage Covered

high school diploma to 89% among those with

60%
50%
53% advanced degrees. Participation rates ranged
47% 49% from 89% to 96% in the public sector.
44%
40%
40%
ƒ Within the private sector, larger employers were
25% more likely to offer retirement plans than smaller
20% employers.

0% ALSO IMPORTANT:
Private Federal, State, and Local
Governments
ƒ In 2018, the percentage of part-time workers (those
who worked at least 20 hours a week for at least
Participation Rates in Employer-Provided Retirement Plans Among Eligible Full-Time 26 weeks but less than full time year-round) who
Year-Round Workers Age 25 and Older, by Sector and Education Level, 2018 were offered retirement plans ranged from 15% for
those without a high school diploma and 30% for
Less than a High High School Some College, Associate Bachelor’s Advanced
Sector School Diploma Diploma No Degree Degree Degree Degree high school graduates to 41% for bachelor’s degree
recipients and 47% for those with an advanced
Private 72% 80% 83% 84% 88% 89%
degree. (U.S. Census Bureau, 2019 Annual Social and
Federal, State,
and Local 89% 91% 93% 94% 94% 96%
Economic Supplement; calculations by the authors)
Governments
ƒ The payout of defined contribution plans depends on
the amount accumulated in a personal account. Over
time, these plans have become more common than
Employer-Provided Retirement Plan Coverage Among Full-Time Year-Round Workers defined benefits plans, which provide a predetermined
Age 25 and Older in the Private Sector, by Employer Size and Education Level, 2018 income level each year after retirement.
Number of Less than a High High School Some College, Associate Bachelor’s Advanced ƒ Low earnings levels, which are more common
Employees School Diploma Diploma No Degree Degree Degree Degree among individuals with lower education levels, may
Less than 100 13% 24% 28% 30% 33% 37% explain some of the difference in participation rates
100 to 999 32% 45% 49% 50% 51% 52% in employer-provided retirement plans that require
1000 or More 44% 55% 55% 59% 57% 56% workers to contribute a portion of their wages.

SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic
Supplement, 2019; calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 31
 Health Insurance
Among both full-time and part-time workers, those with higher levels of educational attainment
are more likely than others to be covered by employer-provided health insurance.

FIGURE 2.14A Employer-Provided Health Insurance Coverage Among Full-Time ƒ In 2018, 52% of high school graduates age 25 and
Year-Round Workers Age 25 and Older, by Education Level, 1998, older working full time year-round were covered
2008, and 2018 by employer-provided health insurance, compared
with 64% of those with a bachelor’s degree and
1998 2008 2018 70% of those with advanced degrees.
100%
ƒ Employer-provided health insurance coverage
has declined over the past 20 years for both full-
80% 75%
77%75% time and part-time workers. Between 1998 and
70% 71% 70% 2018, health insurance coverage declined by 7 to
Percentage Covered

67% 67%
64%
63%
59%
63%
59% 59%
11 percentage points for individuals with at least
60%
52% some college education working full time year-
46% round. The decline was 11 to 13 percentage points
40% 38% for individuals with a high school diploma or less.
33%
ƒ In 1998, 57% of advanced degree holders, 47%
20%
of bachelor’s degree holders, and 33% of high
school graduates working part time were covered
by employer-provided health insurance. By 2018,
0%
Less than a High School Some College, Associate Bachelor’s Advanced
those percentages had declined to 43%, 37%, and
High School Diploma No Degree Degree Degree Degree 27%, respectively.
Diploma

ALSO IMPORTANT:

FIGURE 2.14B Employer-Provided Health Insurance Coverage Among Part-Time ƒ In 2017, when 10% of adults age 18 and older were
Workers Age 25 and Older, by Education Level, 1998, 2008, not covered by health insurance at any time during
and 2018 the year, only 5% of those with a bachelor’s degree
or higher were not covered. This was the case for 8%
1998 2008 2018 of those with associate degrees, 10% of those with
100% some college but no degree, and 12% of high school
graduates. (U.S. Census Bureau, Health Insurance
Coverage Status and Type of Coverage by Selected
80% Characteristics, 2017, Table HI01)
Percentage Covered

ƒ In 2017, when 36% of adults age 18 and older were

60% 57% covered by government health care plans, 26% of
47%
50% adults with a bachelor’s degree or higher, 33% of
43% those with an associate degree, 36% of those with
39% 38% 37% 40%
40% 37%
33% 31% 33% 31%
some college but no degree, and 43% of high school
30%
24%
27% graduates had government coverage. (U.S. Census
20%
19%
17% Bureau, Health Insurance Coverage Status and Type
of Coverage by Selected Characteristics, 2017,
Table HI01)
0%
Less than a High School Some College, Associate Bachelor’s Advanced
High School Diploma No Degree Degree Degree Degree
Diploma

NOTE: Part-time workers are those who worked at least 20 hours a week for at least 26 weeks
during the year, but did not work full time year-round.
SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic
Supplement, 1999, 2009, and 2019; calculations by the authors.

32 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

Social Mobility
The percentage of students who end up in the top two income quintiles as adults is strongly
correlated with the selectivity of the college they attend. However, within each college selectivity
level, this percentage is highest for those from more affluent backgrounds.

FIGURE 2.15A Percentage of Children in Top Two Income Quintiles as Adults, by Parents’ Income Quintile and Children’s College Tier: Children
Born in 1980 to 1982
Fourth Quintile Top Quintile

76%
74%

73%
72%
80%
71%

70%
68%

68%

66%
65%
63%

62%
57%
53%

52%
60%
49%

49%

49%
47%
46%

46%
43%

43%
42%
39%

38%
37%
35%

32%

32%

40%

20%
Most Selective 52%

Highly Selective 41%

Selective 24%

Nonselective 14%

2-Year 12%

For-Profit 12%

Most Selective 53%

Highly Selective 42%

Selective 26%

Nonselective 15%

2-Year 15%

For-Profit 15%

Most Selective 55%

Highly Selective 43%

Selective 29%

Nonselective 18%

2-Year 17%

For-Profit 19%

Most Selective 57%

Highly Selective 46%

Selective 33%

Nonselective 21%

2-Year 21%

For-Profit 23%

Most Selective 62%

Highly Selective 53%

Selective 41%

Nonselective 24%

2-Year 25%

For-Profit 28%
0%

Bottom Quintile Second Quintile Third Quintile Fourth Quintile Top Quintile
Parents’ Income Quintile and Children’s College Tier

NOTE: Incomes of adult children were as of 2014 and measured in 2015 dollars.

FIGURE 2.15B Distribution of College Enrollment by Parents’ Income Quintile, ƒ Among those who attended the most selective
Children Born in 1980 to 1982 colleges, 68% of children from the lowest parent
income quintile were in the top two income
100%
7% 4% quintiles as adults, compared with 72% from the
18% 7% middle and 76% from the highest income quintiles.
27% 11% Never Attended
9%
80%
36% ƒ Children from lower-income backgrounds were
46% Other Enrollment less likely to attend more selective institutions.
18%
19% Children whose parents were in the top 1% of the
For-Profit
22% income distribution were nearly 50 times more
60% 35%
2-Year likely to attend the most selective institutions as
25% 23% those whose parents were in the bottom 20%.
Nonselective
40% 25%
21% 39%
18% Selective ALSO IMPORTANT:
18%
Highly Selective ƒ Overall, the percentage of children who attend any
14% 29%
20% college that end up in the top two income quintiles
21% 12% 24% Most Selective as adults range from 36% and 43% in the bottom two
14%
9% parent income quintiles to 55% and 62% for the top
6% 7%
0% two income quintiles.
Bottom Second Third Fourth Top Top 1%
Parents’ Income Quintile
ƒ Within each college selectivity tier, rates of upward
mobility for students from the lowest income quintile
differ substantially across colleges with similar
NOTES: Other enrollment includes children who attended colleges with fewer than 100 students,
those who first enrolled between the ages of 23 and 28, and those who attended less-than-2-year earnings outcomes. This is driven by the fact that
institutions. College tiers are defined using Barron’s selectivity categories for 4-year institutions. access for low-income students varies significantly
The 2-year category includes both public and private non-profit schools and for-profit includes across colleges. (Chetty et al., 2017)
both 2-year and 4-year institutions.
SOURCES: Opportunity Insights, Mobility Report Cards: The Role of Colleges in Intergenerational
ƒ These data do not take into account whether or not a
Mobility, Tables 6 and 8; calculations by the authors. student earned a degree. Completion rates are higher
at more selective colleges.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 33
Poverty
For all household types, the poverty rate falls as the level of education increases. The 2018 poverty
rate for individuals with an associate degree was 7%, compared with 13% for high school
graduates with no college experience.

FIGURE 2.16A Percentage of Individuals Age 25 and Older Living in Households ƒ Within each education level, individuals living in
in Poverty, by Household Type and Education Level, 2018 households headed by unmarried females with
children under 18 have much higher poverty rates
Less than a High School Some College, Associate Bachelor’s than those living in other household types. For
High School Diploma No Degree Degree Degree or
Diploma Higher example, the 2018 poverty rate for individuals with
some college but no degree was 29% for those
60% living in households headed by unmarried females
with children, compared with 9% overall for this
47%
education group.
40% ƒ In 2018, 69% of all children under age 18 lived with
Poverty Rate

35%
both parents. Of children under 18, 39% of those
29%
26% below 100% poverty thresholds lived with both
20% 20% parents, compared with 76% of those above 100%
20%
13%
poverty thresholds.
11%
9% 9%
7% ƒ The percentage of children under age 18 who
4% 4% 4%
2% lived with both parents ranged from 55% for those
0% whose parents did not graduate from high school
Married Couples with Female Householders with All Households
Related Children Related Children and 58% of those whose parents had a high
Under 18 Under 18
school diploma to 91% of those whose parents
SOURCES: U.S. Census Bureau, Current Population Survey, Annual Social and Economic had an advanced degree.
Supplement, 2019; calculations by the authors.

ALSO IMPORTANT:
FIGURE 2.16B Living Arrangements of Children Under 18 Years of Age, by Poverty
Status and Highest Education of Either Parent, 2018 ƒ In 2018, 5% of all adults and 15% of adults below the
poverty threshold lived in households headed by
Living with Both Living with Living with Fathers Only unmarried females with children. (U.S. Census Bureau,
Parents Mothers Only or Living with Neither Parent Current Population Survey, 2019 Annual Social and
3% 2% Economic Supplement; calculations by the authors)
100%
9% 7% 6% 7% 5%
14% 8% ƒ The official poverty threshold varies with family size,
13%
number of children under 18, and senior citizen status.
17%
In 2018, the poverty threshold was $13,064 for a single
Percentage of Children Under 18

80% 22% 30%

39% 35% person under age 65, $20,231 for a family of 3 with 2
children, and $25,465 for a family of 4 with 2 children.
46% (U.S. Census Bureau, Poverty Thresholds, 2018)
60%

ƒ The poverty threshold is the official measure of

91% poverty and is slightly different from the poverty
84%
40% 76%
69%
guidelines used to determine eligibility for public
65%
58% programs. In 2018, the poverty guideline for families
55%
of 4 issued by the Department of Health and Human
20% 39%
Services was $25,100. (U.S. Department of Health and
Human Services, 2018)
0%
All Below 100% of Less than High Some Bachelor’s Advanced
Children 100% Poverty a High School College or Degree Degree
Poverty and School Diploma Associate
Above Diploma Degree

Poverty Status Highest Education Level

of Either Parent

NOTES: In 2018, 4% of children under 18 did not live with either parent. Percentages may not sum to
100 because of rounding.
SOURCE: U.S. Census Bureau, America’s Families and Living Arrangements, 2018, Table C-3.

34 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

 Public Assistance Programs
Individuals with higher levels of education are less likely to live in households receiving
public assistance.

ƒ Medicaid provides health insurance to many low-income families

ALSO IMPORTANT:
and other eligible individuals. The National School Lunch Program
provides free and reduced-price lunches to eligible school ƒ The participation rates for Medicaid, SNAP, and the free and
children. The Supplemental Nutrition Assistance Program (SNAP) reduced-price lunch program were higher in 2018 than in 2008. For
subsidizes food purchases for eligible low-income households. example, SNAP participation rose from 8% in 2008 to 12% in 2018
Housing assistance includes public housing or rent subsidies for for high school graduates, from 4% to 7% for individuals with an
eligible low-income households. associate degree, and from 1% to 3% for those with a bachelor’s
degree or higher. (Baum, Ma, & Payea, 2010)
ƒ In 2018, 7% of individuals age 25 and older with associate
degrees lived in households that benefited from SNAP, compared ƒ In fiscal year 2018, 39.8 million individuals in 19.8 million households
with 12% of those with only a high school diploma. received an average of $126 ($254 per household) per month in
SNAP benefits. (U.S. Department of Agriculture Food and Nutrition
ƒ In 2018, 28% of adult high school graduates and 46% of those Service)
without a high school diploma lived in households that received
Medicaid coverage. Participation rates were 22% for those with ƒ In 2016-17, 26.1 million children—52% of all those enrolled in U.S.
public schools—were eligible for free and reduced-price lunches.
some college but no degree, 19% for those with an associate
(NCES, Digest of Education Statistics 2018, Table 204.10)
degree, and 10% for those with at least a bachelor’s degree.
ƒ Research suggests that access to safety net programs as children
ƒ In 2018, 4% of adult high school graduates and 9% of those improved individuals’ health and economic outcomes as adults
without a high school diploma lived in households that received
(Hoynes, Schanzenbach, & Almond, 2016).
housing assistance. Participation rates were 3% for those with
some college but no degree, 3% for those with an associate
degree, and 1% for those with at least a bachelor’s degree.

FIGURE 2.17 Percentage of Individuals Age 25 and Older Living in Households That Participated in Various Public Assistance Programs,
by Education Level, 2018

Less than a High School Diploma High School Diploma Some College, No Degree Associate Degree Bachelor’s Degree or Higher

50%
46%

40%
Participation Rate

30% 28%

24%
23%
22%
20% 19%

13%
12%
11%
10% 10%
10% 9% 9%
7%
4% 4%
3% 3% 3%
1%
0%
Medicaid School Lunch SNAP Housing Assistance

SOURCES: U.S. Census Bureau, Current Population Survey, 2019 Annual Social and Economic Supplement; calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 35
 Smoking
Smoking rates among college graduates have been significantly lower than smoking rates
among other adults since information about the risks of smoking became public.

FIGURE 2.18A Smoking Rates Among Individuals Age 25 and Older, by ƒ Across all education levels, smoking rates in the
Education Level, 1940 to 2017 United States increased in the 1940s, peaked in
the late 1950s, and began a steady decline in the
Less than a High School Some College Bachelor’s 1960s after the U.S. Surgeon General released
High School Diploma or Associate Degree or
Diploma Degree Higher the first report on smoking and health in 1964.
Smoking rates among college-educated adults
50%
declined much more rapidly than smoking rates
among other adults.

40% ƒ College graduates were as likely as other adults

to smoke before the medical consensus on the
dangers of smoking became clear. By 1970, when
30%
information was widespread and clear public
Smoking Rate

warnings were mandatory, the smoking rate

among college graduates had declined to 37%,
while 44% of high school graduates smoked.
20%
In 2017, smoking rates were 6% for college
graduates and 23% for high school graduates.

10% ƒ Within each education level, males are more likely

to smoke than females. For example, 24% of
males with a high school diploma smoked in 2017,
0% compared with 19% of females. Among those with
1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2017 at least a bachelor’s degree, 7% of males and 5%
of females smoked.
NOTE: Data for 1999 through 2017 are three-year moving averages.
SOURCES: de Walque, 2004; National Center for Health Statistics (NCHS), Health, United States,
2018, Table 18; calculations by the authors. ALSO IMPORTANT:
ƒ Statistical analysis suggests that higher levels of
FIGURE 2.18B Smoking Rates Among Individuals Age 25 and Older, by Gender education are not just correlated with lower smoking
and Education Level, 2017 rates but also cause declines in smoking. (de Walque,
2004; Grimard & Parent, 2007; Rosenbaum, 2012)
Male Female
30% ƒ In their analysis of the positive relationship between
30% education and health outcomes, Cutler and Lleras-
Muney (2010) find that income, health insurance, and
family background account for about 30% of the
25% 24%
differences. Knowledge and measures of cognitive
ability explain an additional 30% of the differences in
20%
20% 19% behaviors, with social networks explaining another
18%
17% 17% 10%. The authors find that much of the difference
Smoking Rate

seems to be driven by the fact that education raises

15%
13%
cognition, which in turn improves behavior.

10%
7%
5%
5%

0%
Less than a High School Some College Bachelor’s Total
High School Diploma or Associate Degree
Diploma Degree

SOURCE: NCHS, Health, United States, 2018, Table 18.

36 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

 Exercise
Among adults age 25 to 34, 69% of individuals with at least a bachelor’s degree and 47%
of high school graduates reported exercising vigorously at least once a week in 2018.

FIGURE 2.19A Exercise Rates Among Individuals Age 25 and Older, by Age and ƒ Among 45- to 54-year-olds, 61% of individuals
Education Level, 2018 with at least a bachelor’s degree and 39% of high
school graduates reported exercising vigorously
Vigorous Light/Moderate at least once a week in 2018.
Less than a High School Diploma 37% 19% ƒ Within each education level, older individuals are
High School Diploma 47% 22% less likely to exercise than younger individuals.
25 to 34

Some College, No Degree 55% 22%

However, individuals age 65 and older with at
Associate Degree 57% 21%
least a bachelor’s degree report similar rates of
Bachelor’s Degree or Higher 69% 17%
vigorous exercise as 25- to 34-year-olds without
Less than a High School Diploma 35% 16% a high school diploma.
High School Diploma 42% 20%
35 to 44

Some College, No Degree 49% 24% ƒ In 2018, 65% of individuals with at least a bachelor’s
Associate Degree 53% 18% degree and 43% of high school graduates reported
Bachelor’s Degree or Higher 66% 18% meeting the federal guidelines for physical activity
of at least 2½ hours a week of moderate or 1¼ hours
Less than a High School Diploma 30% 21%
of intensive aerobic activity.
High School Diploma 39% 24%
45 to 54

Some College, No Degree 44% 27%

Associate Degree 42% 26% ALSO IMPORTANT:
Bachelor’s Degree or Higher 61% 22%
ƒ Numerous studies investigating the relationship
Less than a High School Diploma 24% 25% between education and health support the idea that
High School Diploma 33% 29% the skills, attitudes, and thought patterns fostered by
55 to 64

Some College, No Degree 34% 31%

education lead to more responsible health-related
Associate Degree 42% 28%
behaviors. (Mirowsky & Ross, 2003)
Bachelor’s Degree or Higher 56% 27%
ƒ Improvements in health are associated with each
Less than a High School Diploma 14% 26%
additional year of schooling, but in contrast to the
65 and Older

High School Diploma 20% 32%

relationship between education and wages, there
Some College, No Degree 27% 34%
does not appear to be a “sheepskin” effect with the
Associate Degree 29% 33%
completion of a degree having a bigger impact than
Bachelor’s Degree or Higher 41% 35%
just the completion of an additional year of education.
0% 20% 40% 60% 80% 100% (Cutler & Lleras-Muney, 2006)
SOURCES: NCHS, National Health Interview Survey, 2018; calculations by the authors.

FIGURE 2.19B Percentage Distribution of Leisure-Time Aerobic Activity Levels

Among Individuals Age 25 and Older, by Education Level, 2018

100%
15%
NOTES: “Inactive” is participating in no leisure-time aerobic
27%
35% activity that lasted at least 10 minutes. “Insufficiently Active”
80%
48% is participating in aerobic activities for at least 10 minutes but
Percentage of Individuals

20%
Inactive less than 150 minutes per week. “Sufficiently Active,” which
60%
22% meets 2008 federal physical activity guidelines, is participating
21% Insufficiently in moderate-intensity leisure-time physical activity at least
Active 150 minutes per week, or in vigorous-intensity leisure-time
17% physical activity at least 75 minutes per week, or an equivalent
40%
Sufficiently combination. Percentages shown were age-adjusted using the
65%
Active projected 2000 U.S. population provided by the U.S. Census
52%
20% 43% Bureau as the standard population. Age adjustment was used to
35% allow comparisons among various population subgroups that
have different age distributions. Percentages may not sum to
0% 100 because of rounding.
Less than a High High School Some College Bachelor’s Degree
School Diploma Diploma or Associate or Higher SOURCE: NCHS, Tables of Summary Health Statistics for U.S.
Degree Adults: 2018, National Health Interview Survey, Table A-14a.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 37
 Parents and Children: Preschool-Age Children
Children of parents with higher levels of educational attainment are more likely than other
children to be enrolled in preschool programs.

FIGURE 2.20A Percentage of 3- to 5-Year-Olds Enrolled in Preschool Programs, by ƒ In 2017, 46% of children age 3 to 5 whose parents
Parents’ Education Level, 2017 had an advanced degree enrolled in preschool
programs, compared with 33% of children whose
50%
47% parents had a high school diploma and 26% of
46%
children whose parents did not obtain a high
school diploma.
40%
36% ƒ In 2016, children age 3 to 5 whose parents had an
33% 34% advanced degree were 12 percentage points more
Percentage of Children

likely to have been read to 3 or more times in the

30%
26% last week than children whose parents had only a
high school diploma (91% versus 79%).
20% ƒ In 2016, children age 3 to 5 whose parents had
a bachelor’s degree were 12 percentage points
more likely to have visited a library at least once in
10% the past month than children whose parents had
only a high school diploma (47% versus 35%).

0%
Less than a High High School Some College, Associate Bachelor’s Advanced ALSO IMPORTANT:
School Diploma Diploma No Degree Degree Degree Degree
ƒ Children attending pre-kindergarten programs
SOURCE: NCES, Digest of Education Statistics, 2018, Table 202.20. are more ready for school at the end of their pre-
kindergarten year than children who do not attend
these programs. (Brookings, 2017)

FIGURE 2.20B Percentage of 3- to 5-Year-Olds Participating in Activities with a

Family Member, by Parents’ Education Level, 2016

Less than a High School Some College Associate Bachelor’s Advanced

High School Diploma Degree Degree Degree
Diploma
91%

91%
90%

100%
89%
89%

89%
89%
88%
87%

86%
85%

83%
80%
79%

78%
77%

77%

80%
61%

56%

60%
47%
42%
38%
35%

40%
27%

20%

0%
Read to by Family Told a Story by Family Did Arts and Crafts Visited a Library
Member Three or More Member at Least Once at Least Once in the at Least Once in
Times in Past Week in the Past Week Past Week Past Month

SOURCE: NCES, Digest of Education Statistics, 2018, Table 207.10.

38 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

Parents and Children: School-Age Children
Children of parents with higher levels of educational attainment are more likely than other
children to engage in a wide variety of educational activities with their family members.

FIGURE 2.21A Percentage of Kindergartners Through Fifth Graders Participating ƒ Among kindergartners to fifth graders whose
in Activities with a Family Member in the Past Month, by Parents’ parents’ highest education was a bachelor’s degree,
Education Level, 2016 45% had visited a library in the past month. This
compares with 37% of children whose parents had
Less than a High School Some College Associate Bachelor’s Advanced only a high school diploma and 56% of those whose
High School Diploma Degree Degree Degree
parents held an advanced degree.
Diploma

100%
ƒ About one-quarter of children in kindergarten to fifth
grade whose parents’ highest education was a high
school diploma had visited an art gallery, museum,
80% or historical site in the past month; half of children

66%
in this group had attended an event sponsored

61%
56%

56%
55%
by a community, religious, or ethnic group. This
60% 50%
47%

compares with 37% and 61%, respectively, of

45%

39%

39%

39%
38%
37%
37%

37%

children whose parents’ highest level of education

30%

30%

40%
29%

was a bachelor’s degree.

28%
27%

24%
23%

22%
17%

20%
ƒ Among parents of elementary and secondary school
children, just over a quarter of those whose highest
education was a high school diploma volunteered
0% at school; more than half of those with at least a
Visited a Library Went to a Play, Visited an Art Attended an Event
Concert, or Other Gallery, Museum, or Sponsored by a bachelor’s degree volunteered.
Live Show Historical Site Community, Religious,
or Ethnic Group

SOURCE: NCES, Digest of Education Statistics, 2018, Table 207.20. ALSO IMPORTANT:
ƒ Kalil, Ryan, & Corey (2012) find that “highly
educated mothers not only spend more time in
FIGURE 2.21B Percentage of Elementary and Secondary School Children Whose active child care than less educated mothers, but
that they alter the composition of that time to suit
Parents Were Involved in School Activities, by Parents’ Education
children’s developmental needs more than less
Level, 2016
educated mothers.”
Less than a High School Some College Associate Bachelor’s Advanced
High School Diploma Degree Degree Degree
Diploma
95%

93%
93%
90%

100%
89%

87%
84%

83%
82%

81%
78%

78%
76%

76%
73%
70%

70%

80%
65%
54%

54%

60%
45%
35%

40%
27%
25%

20%

0%
Attended a Attended a Attended a Volunteered at
General School Parent-Teacher Class Event School
or PTO/PTA Meeting Conference

SOURCE: NCES, Digest of Education Statistics, 2018, Table 207.40.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 39
 Civic Involvement
The share of adults who perform unpaid volunteer activities increases with education. Among those
age 25 and older, the volunteering rate in 2017 ranged from 10% for those without a high school
diploma to 52% for those with advanced degrees.

FIGURE 2.22A Percentage of Individuals Age 25 and Older Who Volunteered, by ƒ At each education level, higher percentages of
Gender and Education Level, 2017 women than of men volunteered. In 2017, among
adults whose highest education was a bachelor’s
Less than a High School Some College, Associate Bachelor’s Advanced degree, 47% of women volunteered while 37% of
High School Diploma No Degree Degree Degree Degree
Diploma
men did. The gender gap is 5 percentage points
among individuals with a high school diploma

56%
60% (21% for women versus 16% for men).
52%

ƒ At each education level, individuals between the

47%

47%
50% ages of 35 and 54 were more likely to volunteer
42%

than others.
37%

37%
40%
35%
34%
Volunteering Rate

31%

ALSO IMPORTANT:
29%
27%
30%
ƒ Volunteers were more likely to donate to charity and
21%

to invest in community-building than nonvolunteers.

19%

(National & Community Service, 2018)

16%

20%
12%

ƒ As is the case with most of the indicators included

10%

in this report, the correlation seen here should not

8%

10%
necessarily be interpreted as causation. Personal
characteristics may make people more likely
0% both to pursue higher education and to volunteer.
All Female Male
However, statistical analysis suggests that the actual
increments in volunteer activity attributable to
increased education are similar to those described
FIGURE 2.22B Percentage of Individuals Age 25 and Older Who Volunteered, by
here. Enrolling in college significantly increases
Age and Education Level, 2017
the likelihood of volunteering, controlling for
Less than a High School Some College, Associate Bachelor’s Advanced other demographic characteristics. (Dee, 2004;
High School Diploma No Degree Degree Degree Degree Oreopoulos & Salvanes, 2011)
Diploma
57%

60%
52%

50%
47%

50%
44%

43%
37%

37%
37%

40%
34%

34%
Volunteering Rate

33%
32%

31%
28%
26%

30%
21%

19%
18%
16%

20%
11%
10%

9%

9%

10%

0%
25 to 34 35 to 54 55 to 64 65 and Older

NOTE: Volunteers are defined as individuals who performed unpaid volunteer activities for
organizations at any point from September 2016 through September 2017.
SOURCES: U.S. Census Bureau, September 2017 Supplement to the Current Population Survey;
calculations by the authors.

40 EDUCATION PAYS 2019 Part 2: Individual and Societal Benefits

 Voting
Voting rates are higher among individuals with higher levels of education. In the 2016 presidential
election, 73% of 25- to 44-year-old U.S. citizens with at least a bachelor’s degree voted,
compared with 41% of high school graduates in the same age group.

FIGURE 2.23A Voting Rates Among U.S. Citizens, by Age and Education Level, ƒ Within each age group and education level, voting
2016 and 2018 rates were higher in the 2016 presidential election
than in the 2018 midterm election.
2018 2016
ƒ At all levels of education, voting rates increase
Less than a High School Diploma 15% 20% with age.
High School Diploma 24% 36%
18 to 24

ƒ Between 1964 and 2016, voting rates during

Some College or Associate Degree 39% 50%
presidential elections declined across all education
Bachelor’s Degree or Higher 50% 60% groups. Declines in voting rates were largest for
those without a high school diploma (from 65% in
Less than a High School Diploma 16% 24% 1964 to 35% in 2016) and smallest for those with at
High School Diploma 30% 41% least a bachelor’s degree (from 88% in 1964 to 76%
25 to 44

Some College or Associate Degree 44% 56% in 2016).

Bachelor’s Degree or Higher 62% 73%

ALSO IMPORTANT:
Less than a High School Diploma 29% 37%
High School Diploma 48% 57% ƒ Voting rates across all age and education groups
45 to 64

were higher during the 2018 midterm election than

Some College or Associate Degree 62% 70%
during the 2014 midterm election. The increase
Bachelor’s Degree or Higher 73% 79%
in voting rates during the 2018 midterm election
was particularly large among younger age groups.
Less than a High School Diploma 38% 47%
(U.S. Census Bureau, Voting and Registration in
59% 66%
65 to 74

High School Diploma the Election of November 2014 and 2018, Table 5;
Some College or Associate Degree 74% 77% calculations by the authors).
Bachelor’s Degree or Higher 79% 83% ƒ Only U.S. citizens are eligible to vote in elections.
Voting rates in Figures 2.23A and 2.23B represent
Less than a High School Diploma 43% 48%
percentages of U.S. citizens who voted. In 2016,
75 and Older

High School Diploma 58% 66% 8.7% of the U.S. population ages 18 and older
Some College or Associate Degree 72% 75% were noncitizens. (U.S. Census Bureau, Voting and
Bachelor’s Degree or Higher 75% 80% Registration in the Election of November 2016,
Table 5; calculations by the authors).
0% 20% 40% 60% 80%

SOURCES: U.S. Census Bureau, Voting and Registration in the Election of November 2016 and
2018, Table 5; calculations by the authors.

FIGURE 2.23B Voting Rates Among U.S. Citizens During Presidential Elections,
by Education Level, 1964 to 2016
100%
88%
82% 76%
80% Bachelor’s Degree
76%
or Higher
65% 63%
Some College or
Voting Rate

60%
52%
Associate Degree

40% 35% High School

Diploma

20% Grades 9 to 11 NOTE: Because citizenship status for 1976 and earlier is not
available, voting rates in these years represent percentages of
all U.S. age-eligible population who voted.
0% SOURCES: U.S. Census Bureau, Voting and Registration Tables,
1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 1964 to 2016; calculations by the authors.

For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 41
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42
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