Despite Naysayers and Rising Costs, Data Shows That College Still Pays Off for Students — and Society Overall

Earning a college degree has been a long-standing path to improved career prospects and higher lifetime earnings. Despite increased concerns about the cost of higher education and the emergence of alternative forms of learning, the data indicates that graduating from college remains a worthwhile investment. This is particularly evident in the growing gap between the number of workers expected to retire with college degrees and those entering the workforce.

Key Takeaways:

• The gap between workers with college degrees expected to retire and those entering the workforce is significant, with an estimated 18.4 million workers with college degrees retiring between 2023 and 2032, while only 13.8 million workers with college degrees will enter the workforce during this time frame.
• New jobs that require college degrees are being created, with an estimated 700,000 new positions emerging between 2023 and 2032.
• Foreign-born individuals, who made up 16% of registered nurses in the U.S. in 2023, face restrictions on immigration that could limit their ability to fill open positions in fields like nursing and teaching.
• The average annual salary for a college graduate from the class of 2023 was $64,291 in 2024, with overall average salaries increasing from $60,028 in 2023 to $63,850 in 2024.
• Lifetime earnings for those with college degrees are about $1.2 million more than for those with a high school diploma, with people who earn more contributing to their families and communities through higher taxes and charitable donations.
• College-educated individuals are more likely to vote, volunteer, and make charitable donations than those without a college degree.
• The State University of New York system returns $8.70 to the state for every $1 invested, as reported by the Rockefeller Institute, highlighting the economic benefits of higher education.
• To address the workforce shortage, universities and the government should prioritize changes to increase enrollment and completion rates, incorporating emerging trends like artificial intelligence and experiential education.
• Expanding microcredentials and experiential education, including paid internships and short, focused learning programs, can help students connect their education with clear career pathways.
• Collaboration between universities, high schools, and the government is essential to drive change and ensure that more students see the value in a college education.

Statistics:

• Estimated 18.4 million workers with college degrees will retire between 2023 and 2032.
• Estimated 13.8 million workers with college degrees will enter the workforce between 2023 and 2032.
• 700,000 new jobs that require college degrees will be created between 2023 and 2032.
• Average annual salary for a college graduate from the class of 2023 was $64,291 in 2024.
• Overall average salaries increased from $60,028 in 2023 to $63,850 in 2024.
• Lifetime earnings for those with college degrees are about $1.2 million more than for those with a high school diploma.
• College-educated individuals contribute $46,100 to their communities through higher taxes and charitable donations.
• For every $1 the state of New York invests in the State University of New York system, it returns $8.70 in economic growth.

Sources:

• Gallup poll (September 2025)
• Georgetown University's Center on Education and the Workforce
• National Association of Colleges and Employers
• The Conversation, USA (2) -- By Stanley S. Litow
• Rockefeller Institute