As we enter the month of August, there are so many unknowns. For recent high school graduates, one of those is the uncertainty of the on-campus experience at college campuses across the country. In fact many would-be freshman may be considering sitting out this year due to the COVID-19 pandemic. But they could lose $90,000 in lifetime earnings, according to Motlow State Community College.
That opinion’s based on a new analysis from the Federal Reserve Bank of New York that stated that taking a gap year reduces the return to college by a quarter and can cost tens of thousands of dollars in lost lifetime earnings.
CBS News, referencing the same report, says, “About half of the long-term earnings losses come from forgoing the $43,000 salary that new graduates typically earn in their first year of work after graduation.”
Wage increases are steeper at the beginning of young professionals’ careers — the graduate who earns their degree at age 22 can, by the time they are 25, expect to earn an average of $52,000, according to the analysis by economists Jaison R. Abel and Richard Deitz.
“Being a year behind, these differences add up each year, so that those graduating later never catch up to those who graduated earlier. Together, these costs add up to more than $90,000 over one’s working life, which erodes the value of a college degree,” Abel and Deitz write.
As such, Motlow State encourage the class of 2024 to enroll and reminds them that there is still time to do so. Classes begin Aug. 24, and there is still time for prospective students to apply. Returning students should register for fall 2020 classes as soon as possible. Motlow will hold an on-campus Enrollment Day on Monday, August 10 in Fayetteville. You can also enroll online at this link. •
{The Lynchburg Times is the only independently owned and operated newspaper in Lynchburg. We cover Metro Moore County government, Jack Daniel’s Distillery, Nearest Green Distillery, Tims Ford State Park, Motlow State Community College, Moore County High School, Moore County Middle School, Lynchburg Elementary, Raider Sports, plus regional and state news.}