As the price of a college degree continues to rise, there's growing evidence that the monetary payoff isn't quite as big as often advertised. The best estimate now is that a college degree is worth about 300,000 in today's dollars--nowhere near the million figure that is often quoted.

"That million number has driven me crazy!" says Sandy Baum, a Skidmore economist who studied the value of a college degree for the College Board last year.

Baum's research showed that college graduates earn, on average, about 20,000 a year more than those who finished their educations at high school. Add that up over a 40-year working life and the total differential is about 800,000, she figures. But since much of that bonus is earned many years from now, subtracting out the impact of inflation means that 800,000 in future dollars is worth only about 450,000 in today's dollars.

Then, if you subtract out the cost of a college degree--about ,000 in tuition and books for students who get no aid and attend public in-state universities--and the money a student could have earned at a job instead of attending school, the real net value in today's dollars is somewhere in the 300,000 range, a number confirmed by other studies.

But, especially these days, that still makes a college degree one of the most lucrative investments a person can make, Baum notes.

Better yet, college graduates can go on to earn advanced degrees, which return even bigger payoffs. The average holder of a bachelor's degree earns about 51,000 a year, Baum calculates. But those who've gone on to earn MBAs, law degrees, or other professional degrees earn about 100,000 a year.

In addition, Baum found that there are plenty of other rewards for a degree. The quality of the jobs college graduates get is far better, for example. College graduates are more likely to get jobs with health insurance. And it is easier for them to find and hold jobs. The unemployment rate for college graduates was just 2.2 percent last year, half the unemployment level of those with only high school diplomas.

There are lots of other nonmonetary benefits as well. College graduates are healthier, contribute more to their communities, and raise kids who are better prepared academically, studies show.

Other researchers have found that the payoff of a degree is especially lucrative for students from low-income families, since the education and credential give them a chance to break out of low-paying careers.

大學(xué)文憑價(jià)格持續(xù)攀升，而其貨幣回報(bào)卻未如廣告所宣傳的那樣美好。以現(xiàn)如今的美元估計(jì)，大學(xué)文憑最準(zhǔn)確的價(jià)值大約是30萬(wàn)美元，遠(yuǎn)達(dá)不到人們常說(shuō)的百萬(wàn)美元。

“百萬(wàn)美元這個(gè)說(shuō)法快讓我發(fā)瘋了！”Sandy Baum 說(shuō)。她是一位Skidmore 經(jīng)濟(jì)學(xué)家，去年，她研究了大學(xué)理事會(huì)成員心中的大學(xué)文憑的價(jià)值。

Baum的研究顯示大學(xué)畢業(yè)生平均年薪大約比剛畢業(yè)的高中生高2萬(wàn)美元。她指出，如果是加上40年的工齡，總的工資級(jí)差大約是80萬(wàn)美元。但是因?yàn)榇蠖鄶?shù)的紅利都是很多年之后的事，再除去通貨膨脹的影 響，也就是說(shuō)將來(lái)的80萬(wàn)美元在現(xiàn)在大約只值45萬(wàn)美元。

然后，如果減掉大學(xué)文憑的費(fèi)用－－如果是在州立大學(xué)讀書(shū)，并且沒(méi)拿獎(jiǎng)學(xué)金，學(xué)費(fèi)和書(shū)本費(fèi)支出大概是，000美元，并且還要除去一個(gè)學(xué)生不上大學(xué)這段時(shí)間所能掙的錢(qián)，以現(xiàn)在的美元看，大學(xué)文憑凈值約30萬(wàn)美元。這個(gè)數(shù)字也為其它的研究所證實(shí)。

Baum提到，大學(xué)教育，尤其是在現(xiàn)在，仍然是一個(gè)人所能做的最有利的投資。

更好的是，大學(xué)畢業(yè)后還能再讀個(gè)高級(jí)學(xué)位，得到的薪水回報(bào)將更大。據(jù)Baum的計(jì)算，一個(gè)學(xué)士平均年薪大約5萬(wàn)1千美元，而一個(gè)MBA，法律碩士或是其它職業(yè)學(xué)位的畢業(yè)生可以拿到將近10萬(wàn)美元的年薪。

 另外，Baum發(fā)現(xiàn)文憑還能帶來(lái)很多其他回報(bào)。大學(xué)畢業(yè)生所獲得的工作要好很多。舉個(gè)例子，大學(xué)畢業(yè)生更容易取得有社會(huì)保險(xiǎn)的職位，更容易找到工作并保住工作。去年大學(xué)畢業(yè)失的失業(yè)率大約是2.2％， 而這個(gè)數(shù)字只是那些高中文憑畢業(yè)生的失業(yè)率的一半。

此外，文憑還有很多非金錢(qián)的回報(bào)。眾多研究表明，大學(xué)畢業(yè)生更健康，更加關(guān)注自己所在的社區(qū)，他們的子女也有更好的受教育的機(jī)會(huì)。

其它研究人員也發(fā)現(xiàn)學(xué)歷所帶來(lái)的回報(bào)對(duì)那些來(lái)自低收入家庭的學(xué)生尤其具有誘惑力，因?yàn)榻逃�和文憑給了他們擺脫低收入職位的機(jī)會(huì)。