My Comments: The most compelling argument in favor of a college education is that it leads to economic advantages. In simple terms, more money. Yes, there are probably other reasons to be properly educated, among them those who are committed at an early age to follow a path of service to humanity.

But for most of us, its an effort to advance ourselves into a better life as a result of being able to earn a higher income. As a planner, I have a compelling argument to make about how you should pay for this education. Take a few minutes and click on the image and you’ll find yourself watching a short video I created to help you better understand how an education paid for with other peoples money is possible.

By Dan Berman, AdvisorOne

The skyrocketing price of going to college is enough to make one wonder if it’s worth the cost. The National Bureau of Economic Research has attempted to answer that question by looking at factors that affect the pay that graduates in different disciplines can expect to earn. They used information from the Census Bureau to illustrate average wages.

First to those rising costs. According to the College Board, the average in-state tuition at a public university was $8,244 (more than double that if you include room and board and other fees) for the 2011-’12 academic year. For those who come from out of state, the figure rises to $20,770 ($29,657 total). For private, not-for-profit colleges the average was $28,500 ($38,589 total).

With those costs in mind, the Economic Research Bureau’s study, authored by Joseph G. Altonji, Erica Blom and Costas Meghir, could be seen as a guide for college students when choosing a career. Of course, there are more prosaic reasons for choosing a line of work, such as finding something you love to do. With the report, at the least, students will know what to expect once they hit the job market.

One interesting highlight of the report is the monetary benefit gained by earning an advanced degree. In some fields the benefit of extra course week is huge. Biological science majors, for instance, earn 51% more than those with a four-year degree. On the other end of the spectrum, communications majors earn just a 4% premium for a higher degree. AdvisorOne also looked at the study for earnings of those in the top 10% in that degree’s field, which is not necessarily related to holding an advanced degree.