Newsletter: December, 2009

Hey there loyal Vault readers! It’s been a great year–thanks for sharing it with us! And thanks to all of you who took our survey. We are already using the results to make The Vault better for you!

School makes a difference
Whether you love school or not so much, it’s a long road. You start when you’re a little kid and by the time you graduate from high school you’re practically an adult! Lots of people choose to quit right there. But people with education beyond high school tend to make more money and avoid unemployment. On the other hand, higher education can be expensive. The important thing is to balance the cost with the rewards.

Fast fact
Some grads tend to end up with fatter paychecks than the rest–and their majors all have one word in common. Can you guess what it is?

Make more money
If you could give yourself a 30 percent raise, would you do it? How about 60 percent? The latest report from The College Board (an association of educational organizations that also runs the SATs) shows that, on average and among full-time, year-round workers, those with an associate’s degree earn 30% more and 4-year college graduates earn on average 62% more than those with only a high school diploma.Free to be you
Of course, money isn’t the only reason to stay in school. A degree gives you more freedom to choose your career. Many jobs such as architecture, accounting, or engineering require a 4-year degree and beyond. Many others require on-the-job training or specialized skills.

Many paths
There are many educational opportunities to choose from. Public, in-state institutions tend to be the less expensive choice for four-year degrees and are often just as good as “big-name” schools. And, a four-year degree is not the only way to fulfill your potential. Community colleges and trade schools can give you a head start down your career path for a lot less money. Demand for workers with associate’s degrees has never been greater.

Pay your way
Higher education is rarely free, although there are many ways to pay for it. Think about whether taking on the debt to go to a more expensive school is worth it to you personally and professionally

– 529 college savings plans let you sock away tax-deferred savings for college tuition. Some even let you pre-pay.

– Scholarships give you money you don’t have to pay back. There are thousands–start your research early!

– You can take out loans from state and federal governments. Make sure to fill out your Free Application for Federal Student Aid (FAFSA) before the deadlines for your chosen schools. Check out more information here.

– Apprenticeships are offered by many trade unions such as those of electricians and ironworkers, offering a combination of paying work and classroom training at little or no cost to the student.

Fast fact answer
The answer is “engineering.” In a technology-oriented world, workers with math skills and the ability to apply them are in high demand. The top-grossing degree? Petroleum engineering, with a starting salary averaging more than $83,000!Info to go

• A great intro to 529 plans and lots more on saving for college
• High-paying careers that don’t require a 4-year degree (most of them require other kinds of education)