Despite debt hurdles, study shows college grads are better off on average

Although thousands of graduates across the country are currently mired in debt from their college loans, a recent study by the Treasury Department has shown that, statistically, people with degrees fare much better in the workforce than non-graduates.

The study was conducted using 2011 Bureau of Labor Statistics information to prove that the higher your degree level, the more likely you are to find a job. As well, the kind of degree you have significantly dictates your average pay rate, with doctors making more than three times the weekly earnings of people without high school diplomas.

"Even low-skill jobs require a higher education. Today's economy just simply requires an educated work force at all levels. Because the marketplace is so competitive, you have to have people who have an education to compete in the economy," Marty Carpenter, spokesman for Prosperity 2020, a group that advocates for adult higher education in Utah, told Salt Lake City's Deseret News in response to the report.

Although the national unemployment rate stands at 7.7 percent, the rate among individuals without high school diplomas is almost double that at 14.1 percent, and average weekly earnings for this demographic sit at $451.

The standard bachelor's degree from a traditional four-year institution has an unemployment rate that is roughly one-third that of unemployed workers without a high school diploma, at 4.9 percent, with more than double the weekly earnings compared to those without degrees.

Doctors by far make the most, with weekly earnings of $1,551 on average, and have the lowest rate of unemployment at 2.5 percent of any demographic studied.

However, CNN reported that the average student has roughly $27,000 in debt, meaning that even if they do gain employment, juggling loan payments as well as living expenses may still be a struggle after graduation.

College Financing Group has financial aid consultants on hand to help students plan ahead to make student loan repayment more affordable once they enter life as a post-grad.