DID YOU KNOW?......

 

Most families need financial assistance to pay college expenses. For example, it costs more than $56,625 to attend George Washington University in Washington DC.  Private scholarship awards are a great resource to help families afford the cost of a good college education.

 

Prominent Americans like Michael Jackson, Oprah Winfrey, Bill Gates, Ray Charles, Will Smith, George Foreman, Bob Johnson and Bill Cosby have donated more than $1 Billion to provide scholarships to good students.  Radio personality Tom Joyner has awarded more than $55 million in scholarships to 14,000 students.  The Gates Millennium Scholars initiative is funded by a $1 Billion grant from the Bill & Melinda Gates Foundation and administered by the United Negro College Fund. Bill and Melinda Gates established this initiative to encourage students to complete college and continue on to earn the master’s and doctorate degrees in fields where minority students are underrepresented. Scholarships are awarded to students in math, science, engineering, and education. Gates Scholarships cover all educational expenses. Gates Scholars are free to attend the college of their choice. Last year, Howard and Harvard University were the top choices for National Merit and Gates Scholars.

THE VALUE OF A COLLEGE DEGREE

The value of a college degree has been contested, analyzed and studied with a cynical viewpoint as the cost of a college education has continued to rise.  College tuition and fees rose more than 400 percent in the last 25 years.  In fact, it cost more than $56,000 to attend George Washington University in Washington DC in 2011.

Despite the rising cost, investing in a college education pays major dividends.  High school graduates can expect to earn about $1.5 million over the course of their work life. College graduates with a bachelor's degree will earn around $2.7 million. 

Students who earned a master's degree made an average of $71,236 in 2008.  Master’s degree holders earn about $3.2 million over the course of their life. College graduates with doctoral degrees (PhD) earned an average of $99,995 in 2008.  Doctoral degree (PhD) holders earn nearly $4.5 million over the course of their work life.

Students who go on to earn a professional degree, like a Law (JD) or Medical degree (MD) will see their earnings rise as well.  The U.S Census bureau reported that the average earnings of graduates with professional degrees were $125,622.  Professional degrees holders earn about $5.6 million over the course of their work life.

FIRST YEAR SALARIES FOR NEW COLLEGE GRADUATES

Today, in many instances, starting salary offers for new college graduates exceed the median earnings of $49,777 for most American workers.  There are a number of industries where the demand for knowledgeable candidates is growing at rapid pace. 

ACCOUNTING

The demand for accountants and auditors is expected to grow by 22 percent.  More than 279,400 new accounting positions are projected by 2018.  Business expansion, greater government regulation will drive job growth. First year salary offers to new accounting graduates were $47,982 in 2010.

FINANCE

The complexity and global diversification of investments, hedge fund growth and the rapid expansion of new markets, will spur the need for more financial analysts to research and recommend profitable strategies.  The demand for financial analysts is expected to grow 20 percent.  First year salary offers to finance grads were $49,607 in 2010.

ENGINEERING

Overall employment for engineers is expected to grow by 178,300 new jobs over the decade.  The employment of engineers in engineering, research and development, and consulting should account for most of the demand.  First year salary offers to new engineering graduates were $55,067 in 2010.

COMPUTER SCIENCE, VIDEO GAME DEVELOPMENT

The University of California San Diego estimates that 200 million people play video games online monthly.  The demand for computer software engineers is expected to increase 32 percent by 2018.  More than 295,000 new positions are expected to be created over the next decade.  New internet technologies help to increase demand for computer software engineers who can develop Internet applications and software.  The demand for knowledgeable computer software engineers is further enhanced as electronic data-processing systems in business, telecommunications, healthcare, government become more complex.  Computer multi-media artists and animators averaged $56,330 in salary in 2010.  First year salary offers to computer science degree graduates were $61,205 in 2010.

HEALTH CARE

Employment in the healthcare industry is projected to increase 22 percent.  The rapid growth of the elderly population accounts for most of the new demand. The healthcare industry will generate 3.2 million jobs by 2018.  Medical and Health Services Managers averaged $80,240 in salary in 2010.  First year salary offers to Registered Nurses averaged $62,450.

DATABASE MINING & DATABASE ENGINEERING

The employment of computer network, systems, and database administrators is projected to grow by 286,600 new jobs, or 30 percent over the next decade.   Database Administrators averaged $69,740 in salary in 2010.  Network Systems and Data Communication Analysts averaged $71,100 last year.

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