Mortarboards matter more than ever, but your chances of wearing one still differ substantially by race, ethnicity, and family income. That message from a new study by the College Board carries urgency for equity advocates: Despite the mounting price tag of a college education recently detailed by the Delta Cost Project, college degrees offer a host of benefits for individuals. And when more people have degrees, the nation gains.
How exactly does college pay off? The College Board study finds that the median earnings for a person with a bachelor’s degree are $55,700, $21,900 more than the median earnings of a high school graduate. Not to mention that college grads are more likely to volunteer in their communities and prepare their children for school.
Yet major gaps in college-enrollment—and completion—linger between demographic groups in America. The black-white gap in enrollment, which hovered between 8 and 10 percentage points between 1998 and 2004, had climbed to 14 percentage points by 2008, reports the College Board.