| Over the years, college costs have continued to increase. Whether public or private, college today means a considerable investment on the part of a family. But the importance of a college education has never been more clear. When you and your parents look at the expense of college, make sure you consider more than just the cost during your undergraduate years. Think about the return on your investment that a degree will give you over the course of your lifetime. There is a definite link between education and income. The longer you stay in school, the higher your income is likely to be once you begin working. It has been documented that the college graduate will earn far more money throughout a working career than an employee with no degree. According to data released by the U.S. Census Bureau in August 2007, the average income of college graduates with a bachelor's degree is $55,446 while those with a high school diploma earn on average $31,715 a year. Those attaining a graduate or professional degree had the highest median earnings at $73,991. The money invested in a college education results in a 10% annual return because of better paying jobs to college graduates, according to estimates. In this sense, the money spent on tuition and related costs is similar to the money you spend on a house. Not only do you get shelter (or, in the case of tuition, an education), but your investment appreciates so that eventually you get all of your money back with interest. Everyone can agree that a degree is more than just potential earning power and return on investment. Understanding history, art, science, philosophy and all the liberal arts disciplines that help explain the tapestry of the world and our place in it requires the systematic learning offered by higher education. A broadened, more tolerant mind and a sharpened intellect are benefits that cannot be displayed on statistical charts and graphs. These intangible results, however, may be the most important returns of your college investment. As daunting as it is to write those tuition checks, you'll probably find few things during the rest of your life on which money can be better spent.
We realize Loyola's private, Jesuit education represents a considerable investment for families. Loyola is committed to helping families with their college finances, whether it be through need-based assistance as determined by filing the appropriate forms, or through payment plans and parent loans to help defray costs over time. Call the Office of Financial Aid at 410-617-2576 or click here to learn more about tuition and your financial aid options. back to top | |
