Playing to win

Entrepreneur, Sept, 1997 by Lorayne Fiorillo

Even after scholarships, savings and financial aid have been factored in, debt can mount quickly, and paying it off can take years, depending on the career at the end of the runnel. Is the education worth the cost? If these numbers from the College Board in Washington, DC, are any indication, it doesn't take a college degree to figure it out: The lifetime earnings of a high school graduate are approximately $1.47 million, or $36,751 per year. A bachelor's degree can translate into approximately $2.2 million, or $61,700 annually. A doctorate could mean lifetime earnings of $2.99 million, or $96,935 annually. Professional degrees, such as medical or law, translate to approximately $106,000 annually. That makes your sheepskin worth its weight in gold.

Lorayne Fiorillo is first vice president of investments at Prudential Securities. She presents retirement planning and personal finance workshops worldwide. For more information, write to her in care of Entrepreneur, 2392 Morse Ave., Irvine, CA 92614.