Topics in Education Pays 2013

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2 Topics in Part 1: Individual and Societal Benefits of Higher Education Earnings Other Economic Benefits Health Benefits Other Individual and Societal Benefits Part 2: The Distribution of the Benefits: Who Participates and Succeeds in Higher Education? Enrollment Attainment

3 Topics in Part 1: Individual and Societal Benefits of Higher Education Earnings Other Economic Benefits Health Benefits Other Individual and Societal Benefits Part 2: The Distribution of the Benefits: Who Participates and Succeeds in Higher Education? Enrollment Attainment

4 Median Earnings and Tax Payments of Full-Time Year-Round Workers Ages 25 and Older, by Education Level, 2011

5 Estimated Cumulative Full-Time Earnings (in 2011 Dollars) Net of Loan Repayment for Tuition and Fees, by Education Level

6 Median, 25th Percentile, and 75th Percentile Earnings of Full-Time Year-Round Workers Ages 25 and Older, by Gender and Education Level, 2011 Sources: U.S. Census Bureau, 2012, Table PINC-03; U.S. Census Bureau, 2012a; calculations by the authors. For detailed data, see: trends.collegeboard.org.

7 Median Earnings (in 2011 Dollars) of Full-Time Year-Round Workers Ages 25 34, by Gender and Education Level, SOURCES: Data for 1993 and prior: National Center for Education Statistics (NCES), 2004a; Data for 1994 and after: U.S. Census Bureau, , PINC tables; CPI-U: Bureau of Labor Statistics, 2013a; calculations by the authors. For detailed data, see: trends.collegeboard.org.

8 Topics in Part 1: Individual and Societal Benefits of Higher Education Earnings Other Economic Benefits Health Benefits Other Individual and Societal Benefits Part 2: The Distribution of the Benefits: Who Participates and Succeeds in Higher Education? Enrollment Attainment

9 Unemployment Rates Among Individuals Ages 25 and Older, by Education Level,

10 Unemployment Rates of Individuals Ages 25 and Older, by Age and Education Level, 2012

11 Family Income Quintiles of Adult Children, by Education and Parents Family Income Quartile, 2000 to 2008 Adult Children's Income Quintile Parents' Income Adult Children s Quintile Education Attainment Lowest Second Third Fourth Highest Bottom Non-College Graduate 47% 26% 16% 8% 3% College Graduate 10% 37% 26% 17% 10% Second Non-College Graduate 28% 24% 20% 18% 9% College Graduate 12% 14% 10% 27% 37% Third Non-College Graduate 17% 22% 25% 23% 12% College Graduate 7% 15% 21% 26% 31% Fourth Non-College Graduate 12% 26% 22% 22% 18% College Graduate 5% 10% 23% 27% 35% Highest Non-College Graduate 13% 16% 22% 24% 25% College Graduate 4% 5% 16% 23% 51%

12 Employer-Provided Pension Plan Coverage Among Full-Time Year-Round Workers Ages 25 and Older, by Education Level, 1991, 2001, and 2011

13 Employer-Provided Health Insurance Coverage Among Full-Time Year-Round Workers Ages 25 and Older, by Education Level, 1991, 2001, and 2011

14 Percentage of Individuals Ages 25 and Older Living in Households Participating in Selected Public Assistance Programs, by Education Level, 2011

15 Topics in Part 1: Individual and Societal Benefits of Higher Education Earnings Other Economic Benefits Health Benefits Other Individual and Societal Benefits Part 2: The Distribution of the Benefits: Who Participates and Succeeds in Higher Education? Enrollment Attainment

16 Smoking Rates Among Individuals Ages 25 and Older, by Education Level,

17 Topics in Part 1: Individual and Societal Benefits of Higher Education Earnings Other Economic Benefits Health Benefits Other Individual and Societal Benefits Part 2: The Distribution of the Benefits: Who Participates and Succeeds in Higher Education? Enrollment Attainment

18 Percentage of Individuals Ages 25 and Older Who Volunteered and the Median Number of Hours Volunteered, by Education Level, 2012

19 <HS HS Some College or AA BA or Higher <HS HS Some College or AA BA or Higher <HS HS Some College or AA BA or Higher <HS HS Some College or AA BA or Higher <HS HS Some College or AA BA or Higher Voting Rates of U.S. Citizens in the 2012 Presidential Election, by Age and Education Level 90% 80% 70% 60% 50% 40% 30% 20% 29% 23% 50% 63% 73% 58% 42% 26% 80% 72% 59% 39% 53% 69% 78% 84% 54% 69% 78% 80% 10% 0% 18 to to to to and over

20 Recap of, Part 1 One of the primary and certainly the most talked about benefits of higher education is higher earnings. The extent of this benefit varies across subgroups, but the basic pattern holds. Higher earnings are NOT the only benefit of higher education. Other economic benefits related to employment and unemployment, fringe benefits, social mobility, and public budgets are associated with higher education. Many non-economic benefits also result from higher education, including health-related outcomes and behaviors as well as civic participation.

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22 How College Shapes Lives Amid the economic challenges imposed by the Great Recession, debates about the value of higher education have intensified and become polarized. Why are there so many unemployed college graduates? Are students borrowing too much to finance their educations? Is a college education really the best choice for everyone? How College Shapes Lives explains some of the ways the payoff of higher education can be measured and provides insights into why there is confusion about that payoff, despite strong evidence. How College Shapes Lives

23 How College Shapes Lives A primary theme in How College Shapes Lives is variation in the benefits of postsecondary education. How College Shapes Lives

24 Figure 5.1: Earnings Distribution of All Income-Earners Ages 35 to 44 by Education Level, 2011 How College Shapes Lives

25 How College Shapes Lives In How College Shapes Lives, a primary theme is variation in the benefits of postsecondary education. We discuss how the earnings and earnings premiums associated with different levels of educational attainment vary by: Gender Race/Ethnicity Age Occupation Geography The reality is that a high average payoff to higher education is not inconsistent with disappointing outcomes for some. How College Shapes Lives

26 How College Shapes Lives In addition to variation in earnings, we also discuss a number of other concepts and topics related to the benefits of higher education: Nonmonetary benefits to individuals and society What does a college education actually look like today? The demand for college-educated labor The rate of return to education Student debt How College Shapes Lives

27 Educational Attainment by 2009 of Students First Enrolling in , by Total Amount Borrowed (and Overall Percentage of Students in Debt Category) SOURCE: Baum & Payea, Trends in Student Aid 2012, Figure 11A. For detailed data, see: trends.collegeboard.org. How College Shapes Lives

28 For more information, visit: trends.collegeboard.org Sandy Baum, Charles Kurose, Jennifer Ma, Kathleen Payea, How College Shapes Lives