Alyssa Lukpat
speaker
35 appearances
1 recordings
1 series
first heard May 2024
last heard May 2024
Alyssa Lukpat’s voice in public audio — every appearance, attributed to the second.
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Appearances
They need to make that number in order for their degree to pay off, for them to be able to pay off any loans they have, and for them to get a good return on their investment that they paid for their education.
We're talking about state schools that offer four-year accredited bachelor's degrees.
So, for example, the University of Michigan, the University of Utah, the University of Houston.
According to research from the Strada Education Foundation, new graduates need to make at least $50,000 a year on average in their first decade after college.
So that equates to $500,000 before taxes over 10 years.
They need to make that number in order for their degree to pay off, for them to be able to pay off any loans they have, and for them to get a good return on their investment that they paid for their education.
Strata found that the median in-state public college tuition and fees in the U.S.
is $8,000 a year, and then room and board is $11,000, whereas at private nonprofit universities, the median tuition and fees is more than $30,000, and that doesn't include room and board.
Yeah.
And the private nonprofits, the data isn't all centralized for room and board, so we don't have a number for that.
But even just the tuition and fees is significantly higher.
They need to do that in the 10 years after school.
So if they don't make $50,000 in their first year, but within the 10 years after graduating, if they make $500,000 in total before taxes, then they'll meet that benchmark we're talking about.
Correct.
So even in states or cities that have a really high cost of living, that's the number you need to meet.
Strata said that public university alumni are more likely to get jobs that pay well if they've had access to college internships, career coaching, and strong job markets.
It does.
So if they're in a place where they had access to good jobs, they're much more likely to meet that $50,000 number and then be able to get a good deal on their education.
According to Strada, states like Arizona, California, New York, Illinois, North Carolina, Washington, Maryland, around 80% of young professionals get a positive return on their investment, even if they're in places with higher costs of living.
Strata's data didn't look at majors specifically, but they did say that certain fields, for example, technical fields, are more likely to lead to high-paying jobs.
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