An average U.S. high school graduate earns close to $35,000 a year, while an average U.S. worker with a bachelor's degree earns more than $57,000.
Those figures, provided by the U.S. Bureau of Labor Statistics, show a stark contrast. They're also one good argument for going to college.
However, at what cost? A child born now can expect to pay $54,232 for a single year at a four-year public college. Prefer a private four-year school? That one-year cost jumps to $121,138, according to The College Board's "Trends in College Pricing 2014."
Americans owe a staggering $1.3 trillion in outstanding student loans.
There's no easy way to fund a college education. One tool that can help, however, is Missouri's 529 college savings plan, known as Missouri MOST.
Like several of his predecessors, State Treasurer Eric Schmitt recently launched a campaign to raise awareness of Missouri MOST.
That reminds us that it's a good opportunity to give our own plug to the state program.
A 529 college savings account is an investment account you can use for higher-education savings. The "529" in the name is from Section 529 of the Internal Revenue Code, which offers the tax advantages. Earnings grow federally tax-deferred, and qualified withdrawals are tax-free. Some states, including Missouri, have other tax benefits as well.
Of the 529 college savings plans rated by Morningstar - there are 63 in all - Missouri MOST came in at No. 6.
Approximately 150,000 Missourians already take advantage of the savings plan. Among those, we suspect, are quite a few Cole County residents. We already know Cole County residents make saving for college a priority. Cole County ranks No. 5 among the counties for college savings, Schmitt told Missourinet.
Statistics show a typical salary rises with education. What it doesn't show is something that, while harder to measure, we still believe to be true - career happiness also rises with education.
The more education you have, the more likely you will be doing something you enjoy. As the famous quote goes: "If you love what you do, you'll never work a day in your life."
Missouri MOST can help make it happen.
News Tribune