Education pays. That’s the lesson of study after study on the income effects of going to college and graduate school. In general, you make more money if you get a higher degree. Harvard economists Claudia Goldin and Lawrence F. Katz have written that since 1980, “[t]he increase in the relative earnings of college graduates and those with advanced degrees has been particularly large.”
The studies that show this finding typically crunch broad swaths of data. They look at the census, or other large population samples, and show a positive correlation between income and years of education. This means that college and graduate school are generally a good bet. But it doesn’t tell you that every single degree pays off financially at every single point in time.