Education, Unemployment, & Income

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By Joseph Real

 

Co-Author: Faisal Ilyas

Education has a direct correlation to the amount of income a person will receive. Education has also been directly linked to better health outcomes1 when facing chronic conditions and improving healthier behaviors. The following table is from the results of the Seventh District Health & Wellness Survey.

Distribution of Educational Attainment N of 1030 Percent
No school completed 31 3
Grade 1-8 31 3
Grade 9-12 but did not graduate from high school 301 29.2
Regular high school diploma 201 19.5
GED or high school alternative 105 10.2
Business/trade/vocational school after high school 49 4.8
Some college credit, but no degree 134 13
Associates degree 54 5.2
Bachelor’s degree 66 6.4
Master’s degree or higher 58 5.6
Total 1030 100

An education is the single best way to improve health outcomes and increase your wealth.  Unfortunately, there are some barriers that make attaining your degree difficult.  This post serves to provide resources that can help you get a degree. The following chart is taken from results of the Seventh District Health & Wellness Survey.

Individuals with any kind of college degree are almost 3x less likely to be unemployed.

 

GED

The GEDs is a test that serves as an alternative high school diploma if you didn’t complete high school.   The subjects areas tested include: (1) reasoning through Language Arts, (2) mathematical reasoning, (3) sciences, and (4) social studies.   You can borrow a GED preparation book from your local library for free and use it as a study guide.  You can learn more by going to the GED Testing Service website: http://www.gedtestingservice.com/testers/policy_va.

 

Vocational School

Vocational schools, also known as trade schools, are institutions that teach students specific skills needed for a trade.  Vocational schools prepare students for jobs in the automotive industry, business, collision repair, electrical, food services, home improvement, cosmetology, information technology, and welding.  The training commonly involves a period of paid apprenticeship where the students receive hands on training for the job under supervision. According to trade-schools.net, salary.com, and insidermonkey.com, the following are the highest paid vocational careers:

Occupation Salary
Electrical and Electronics Repairman $57,400
Dental Hygienist $62,800
Registered Nurse (RN) $67,490
Licensed Practical Nurse (LPN) $43,170
Certified Nursing Assistant (CNA) $30,376
Plumber $50,620
HVAC Technician $45,330

A few vocational schools in Virginia include:

 

Two-Year Community College

Two-year community colleges offer associates degrees in the field of nursing, business, humanities and social sciences, and engineering.  They provide information for jobs that require both technical skills and experience.  Two-year community colleges also provide a cheap alternative to a four-year university.  In Virginia, some community colleges qualify for a Guaranteed Transfer program where you complete an associate’s degree at the community college and then transfer to a four-year university to complete the final two years to receive a bachelor’s degree.  More and more students are taking this option because of the rising costs of four-year universities.  A few of the two-year community colleges in the Richmond area are:

 

Four-Year Universities

Four-year universities typically have a massive amount of programs that range from biological sciences to fine arts.  After completing education at a four-year institution, you receive a bachelors of arts or a bachelors of science depending on the major you select.  While four-year universities are more expensive than the other options in this list, the bachelor’s degree received can open up many job opportunities.  According to Time and the National Association of Colleges and Employers (NACE), average first-year income with a bachelor’s degree is $50,556.  The chart below shows the pay differences by major for 45,000 different graduates according to NACE.  More than half of the employers surveyed by NACE indicate they plan to hire Science, Technology, Engineering, and Mathematics (STEM) grads, making them the most in demand graduates.

Bachelor’s Degree Major 2016 Average Salary
Engineering $64,891
Computer Science $61,321
Math and Sciences $55,087
Business $52,236
Agriculture/Natural Resources $48,729
Healthcare $48,712
Communications $47,047
Social Sciences $46,585
Humanities $46,065
Education $34,891

In order to get into a four year university, applicants typically have to have a high school diploma or GED and complete either the SAT or ACT.  Some four-year universities in Virginia include:

 

How to Pay?

College is an investment into your future wealth and health.  There are federal, state, and institutional funding that make college more attainable.  You should complete the Free Application for Federal Student Aid (FAFSA) if you plan to attend a vocational, two-year community college, or four-year university. The FAFSA uses a formula that helps schools determine approximately how much you can afford to pay for your higher education.  Depending on your current income level and assets, you may qualify for federal grants (grants are free money that do NOT need to be paid back) or federal loans (which will have to be paid back).  The Commonwealth of Virginia may also provide some grant funding for you to attend school.  Finally, some colleges offer private scholarships or grants for certain students.  You should contact the Office of Financial Aid at the institution you’re interested in attending to learn more about their policies and funding. Local scholarships can be found at The Community Foundation.

 

 

 

1 Zimmerman, E. B., Woolf, S. H., & Haley, A. (n.d.). Understanding the Relationship Between Education and Health: A Review of the Evidence and an Examination of Community Perspectives. Agency for Healthcare Research and Quality. Retrieved from http://www.ahrq.gov/professionals/education/curriculum-tools/population-health/zimmerman.html

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