Earning Potential
Earning potential isn’t actually a form of financial aid, but it is something you should consider when you’re weighing the full cost of a college degree. Many people get overwhelmed by the sticker price of a 2-year or a 4-year education. They forget that a degree can potentially double their lifetime earnings, which makes its cost a much more manageable investment.
Earning potential is the amount of money you can reasonably expect to earn after you complete your college degree, as a result of your new knowledge and skills. If your earning potential will be significantly higher than the amount of money you currently bring home, you might feel comfortable taking out a loan to pay for your education. If, on the other hand, your new degree will qualify you for a better job – but not necessarily a higher paycheck – you might want to rely on scholarships and cash savings.
So how can you determine what your earning potential will be? Several online sources offer helpful guidelines.
The U.S. Bureau of Labor Statistics publishes an online Occupational Outlook Handbook. In it, nearly every career imaginable is listed – including educational requirements and average salaries.
