In the short run, investment in college degree programs often seems costly and many job seekers have trouble determining the long-term advantages of continuing education. Fortunately, many families and aspiring scholars find that various student aids, such as loans, scholarships and grants are crucial elements in paying for higher education. A recent study from the University of Maryland demonstrates that the rewards of education are worth the costs.

According to the study, which appears in the October issue of Contemporary Economic Policy, women who graduate from a community college with a 2-year degree earn 45.8% more per year than woman with a high school diploma. Men who earn the same type of degree bring in 12.2% more than their peers with a high school education.

"There is consistent evidence that average wages and salaries for young men and women who earn associate degrees from community colleges are substantially higher than for those without postsecondary education," said Dr Dave Marcotte, the study's lead author.

The study further determined that increases in salary appear in professionals who have taken credits toward an associate's degree, but have not graduated.

According to the American Association of Community Colleges, over the course of a lifetime, a person with an associate's degree will make about $1.6 million - approximately $400,000 more than the average lifetime income of a high school graduate.