The Importance and Economics of Education

If you look in to our economy you see that education plays a major factor. Education is one the key factors of being successful. Not only does the individual gain an advantage from having an education, but its economy also benefits. For the individual, their benefits would lay in basically the quality of life having economy returns the favor of having an education with a sustained and satisfying job, hypothetically speaking. For the economy, the potential benefits lie in economic growth and the increase of shared values that support bringing the economy together socially. Depending on the individual and how far there willing to continue their education, depends where you will be financially wise, in the future.

Troubles of a High School dropout What is a High School dropout? A high school dropout could be a student who was enrolled in school during the previous school year and for whatever reason chose not to enroll at the beginning of the current school year. Another example of a drop out would be a student that has not graduated from high school or finished a state or district-approved education program.

Reasons why students become High School Dropouts Students who choose to drop out of school have many different reasons. Some that may seem ?good at the time? and then there are others that may not, depending on the student and their situation. Rationale reasons of why students may drop out of school may consist of having to deal with either school or personal based problems. These may include: Not feeling safe in or at the school. Making failing grades and, or not being able to keep up with the schoolwork. Not getting along with the students or teachers. Having disciplinary problems, either being suspended, counseled or expelled. Getting married, pregnant or having already become a parent. Or maybe just not liking the school they were attending overall.

A good example of a supposedly ?good reason at the time? to drop out of school would be the student having gotten a ?good? job, having a family to support, or having the dual responsibility of managing both school and work; choosing to put work over school. This example shows how some students are currently caring about what is going on presently and not about what is to be expected in the future. Unfortunately, people who may be closest to them may encourage these decisions believing that the student has no other choice, or may never receive another opportunity this good. But little do they know, in the end these decisions will affect the child greatly.

Making a living without a high school diploma Over numerous years it has been a known fact that young people who don't recive a high school diploma face setbacks and extreme difficulties later down the road. Even though national authorities have requested that the community, including schools, families, and employers retain unqualified students, the high school drop out rate still continues to soar.

According to http://nces.ed.gov, in of October 2003, approximately 3.6 million, 16- through 24-year-olds of the United States did not earn a high school diploma or finish a state or district-approved education program such as a GED. These status dropouts make up 9.9 percent of the 36 million, 16- through 24-year-olds in the United States in 2003. Amongst all people in this age group, status dropout rates have gone down since 1972. The rates have gone from 14.6 percent to 9.9 percent (as of October 2003). Not like occasional dropout rates, which have remained very constant since 1990, status rates have declined over the period between 1990 and 2003.

In accordance with US Today, in 2003, Duval County, the 19th largest city (by population), only graduated 53.8% of its seniors. This rate begins to affect me because this means by estimation only a little over half of the seniors will graduate this year.

As stated by http://www.focusas.com/Droputs.html, over the past 20 years the income level of dropouts has doubled, while it nearly tripled for college graduates. Compared to students with high school diplomas, high school dropouts will make $200,000 less then students with diplomas and more than $800,000 less than college graduates, in their life span. Dropouts make up nearly half the people of households on welfare and nearly half the prison population.

EXAMPLE Mary-Ellis, age 16 in 11th grade becomes pregnant and decides she wants to marry her boyfriend, John, 18 years old in the 12th grade. Both decide to drop out of school, move in together, and get married. John got a job a full-time job at McDonalds making $6.45, and hour, minimum wage while Mary-Ellis stayed at home. These become two people struggling to make it off $1238.40 (with out taxes taking out) a month. By ten months into their marriage John has currently lost his job because he decides to disrespect a customer. The baby is born and now neither Mary-Ellis nor John has a job. The family has to go on welfare in order to survive because they are no longer able to pay their $600 monthly rent. This can be a pull on the economy because this is another family taxpayer dollars have to support along with a 2-student increase on the dropout rate.

Making a living with a high school diploma Deciding to make a living with a high school diploma is much better than not having one. Receiving a high school diploma can open up many new doors when it comes to careers. Even for those students who decide not to go to a college or university. Employers prefer to hire a person who has at least high school education. Having a high school diploma insures the employer that the student is prepared to enter a workplace. This is one of the reasons why employers value a high school diploma.

Making Money The U.S. Bureau of Labor Statistics has proved that high school graduates produce an average of $7,000 or more per year, than individuals without a diploma. These statistics have estimated that if a 25-year-old with a high school diploma works full-time for 40 years they are expect to earn $994,080.

EXAMPLE Jamie decided to head out into the work field straight after high school. As a high school graduate she earned $20,000 a year working as a Government Clerk. At the time being this job may seem good paying but if Jamie decides to get married and have children, this may turn into a problem. If she marries a person who also went straight into the work field after high school and they decide to have three kids, the total house income will only be an estimate of $40,000 per year. I?m not saying this is bad but, this family will constantly struggle to make ends meet.

Choosing to Further Your Education means more money As it gets closer to graduation, the thought has crossed every senior?s mind of ?Should I further my education?? Personally, in my opinion furthering your education does help in the long run. Education is like an investment. The more time, input, and money you put into it, the more income you can expect to receive in your future. With more than 17,000 different types of higher education institutions in the world, higher education plays an important role when it comes to driving economic growth and socially bringing the economy together. The following types of schools are different types of higher education programs: Vocational School Vocational schools prepare its students for careers or professions that are usually non-academic and specifically related to the trade, occupation or ?vocation?, depending on what the students decides to participate in. This type of school can also be referred to as technical education. Here the student specializes in a particular narrow technique of using technology.

Problems with Vocational School When it comes to participating in vocational training it still is considered to be a higher learning education program. But with vocational training you might to run into a problem with not being able to widely versible. For example: If Thomas attends a vocational school to specialize putting parts on an automobile, that means he won?t know how to rotate tires, change the oil, etc. (The only thing he will basically know how to do is that one task, which is putting in automobile parts.) The difference between Junior/ Community College, College and a University No matter if you choose to attend a junior/community college or a university you will still receive the same exact degree (up to bachelors). The following types of degrees are what you can receive either at a university and/or a(community) college: Associate Degree An associate?s degree takes approximately two years. This degree can be received at either a college or university. This degree is commonly offered at the junior/community college. There are 3 types of Associate degrees are: A.A.A.A./O.T.A.A.S. Associate of ArtsAssociate of Arts: Oregon TransferAssociate of Applied Science Income Based on the data reported by the United States Bureau of Census, personal income increases by more than 30 percent with an Associate's degree above someone with a high school diploma. A student with an Associate?s degree is estimated to make $38,200+. In a lifetime (earning an income for 40 years) a person with a Associate?s degree can expect to make $1,269,850.

How to get an associates Degree For instance, to receive an Associate's degree, students must complete 60 hours of college-level courses. If a student takes 15 hours each semester, it will only take two years to get the degree. If only nine hours are taken per semester, it will take three and a half years to get earn the degree. Students who choose that route waste year and a half in school when they could be out beginning their career.

Bachelor?s Degree A Bachelor?s Degree takes approximately four years. This degree is offered by both colleges and universities. This degree can also be called a bachelor's or an undergraduate degree. The following listed degrees are different types of bachelor degrees: B.A.B.S. Bachelor of ArtsBachelor of Science Income A Bachelor's degree earns a person a 62 percent increase in income over someone with a high school diploma. A person with a Bachelor?s degree is estimated to make $52,000+. In a lifetime (earning an income for 40 years) a person with a Bachelor?s degree can expect to make $1,667,700.

How to get an Bachelor?s Degree For example, to receive a Bachelors degree, students must earn a minimum of 120 degree credits. Earn at least a 2.0 grade point average for the total number of calculable credits for which they have been registered. In addition to, meet all requirements of the University or College they plan to graduate from.

Master?s Degree A Master?s Degree takes at least two years after your undergraduate degree. This degree is offered by universities and some 4-year colleges. The following degrees are different types of Master degrees: Ed.M.M.A.M.A.T.M.B.A.M.Ed.M.EngrM.L.S.M.M. M.P.A.M.P.H.M.S.M.S.E.M.S.W.M.T.E. Master of Education (same as M.Ed.)Master of ArtsMaster of Arts in TeachingMaster of Business AdministrationMaster of Education (same as Ed.M.)Master of EngineeringMaster of Library ScienceMaster in ManagementMaster of Public AdministrationMaster of Public HealthMaster of ScienceMaster of Software EngineeringMaster of Social WorkMaster of Teaching and Education Income A Master's degree earns a 100 percent increase over someone with a high school diploma. A person with a Master?s degree is estimated to make $62,300+. In a lifetime (earning an income for 40 years) a person with a Bachelor?s degree can expect to make $2,4920,000.

How to get an associates Degree In order to receive an Master?s degree, students must complete at least 36 credit hours. Depending on the university, a minimum cumulative GPA (grade point average may be required. If a student takes 15 hours each semester, it will only take two years to get the degree. In addition to, this degree must be completed within six years.

Doctoral Degree To earn a Doctoral degree it takes approximately six to eight years after you?re under graduate degree. This degree can also be known as a Graduate degree. A Graduate degree is offered by universities and some 4-year colleges. The following degrees are different type of Doctoral degrees: Ed.D.Ph.D.Pharm.D. Doctor of EducationDoctor of PhilosophyDoctor of Pharmacy Income Based on the data reported by the United States Bureau of Census, like a Master?s degree, personal income increases by more than 100 percent with a Doctoral degree over someone with a high school diploma. A student with a Doctoral degree is estimated to make $89,400. In a lifetime (earning an income for 40 years) a person with a Doctoral degree can expect to make $3,576,000.

How to get an Doctoral Degree For example, n order to receive a Doctoral degree at Mane, students must complete 90 credit hours past the B.S. degree or complete 60 credit hours past the M.S. degree, (if M.S. degree has already been earned) and complete 45 credit hours of thesis and/or course work at Rensselaer.

EXAMPLE: Bobby decided to invest greatly in his education. He got a doctorial degree in Pharmacy. He married a woman named Susie. Susie received a Master degree in Management. Together the have an estimated total household income of $151,700 per year. Having an income this large would mean they are basically well set off. Because this couple felt the need to invest greatly in the education, financial problems and raising children would not be a problem from them.

Conclusion In conclusion, education places a big influence on the economy. Based on what kind of education you have, depends how it will affect you. The more effort you put into furthering your education the larger you can expect your income to be. Earning different types of degrees or training has a big impact on your life. If you decide to go straight into the work field you should take in consideration of furthering your education because that type of income will not support a family, (if planning to have one). People who decide not to graduate high school will have many obsolete problems down the road. Hypothetically speaking, majority of the people who do not graduate from high school become a drain on the economy.