That earnings gap grows significantly with every advanced degree, but that long-term financial gain comes with a price tag that could take close to a lifetime to pay off.Īmerica’s current student debt crisis is inextricably linked to legislation, social norms, and macroeconomic trends of the last half-century. Over the course of a lifetime in the same career, a worker with a bachelor’s degree can earn roughly $1 million more than a worker with a high school diploma as their highest educational attainment. He defined the American Dream as the hope for “a better, richer and happier life for all our citizens of every rank.” Collectively, though, people in the United States have racked up $1.7 trillion in debt on this step alone.ĭata tells us that, for some, a college degree is one means to this end. The pursuit of higher education has been an integral step in achieving the American Dream since James Truslow Adams coined the phrase in 1931.
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