ABSTRACT
Higher education often has the profound ability to increase social and economic capital and serve as a tool of social mobility. Moreover, many studies find that Americans need an advanced degree to enter high-paying and/or prestigious occupations in the twenty-first century (Bowen and Bok 2002; Day and Newburger 2002; Swail 2000; Vernez et al. 1999). According to the U.S. Census Bureau, average earnings in 2000 ranged from $18,900 for high school dropouts to $25,900 for high school graduates. College graduates earned an average of $45,400, while those with professional degrees (M.D., J.D. , D.D.S., or D.V.M.) earned $99,300. Over a lifetime, the projected variation in earnings by educational attainment ranged from $1.2 million for high school graduates to $2.1 million for college graduates and $4.4 million for those with professional degrees (Day and Newburger 2002).
