College costly, but so is dropping out of school, report says


What's the difference between a high school dropout and a college graduate? About $50,000 in income a year.

That's according to a new report, "Promoting Economic Mobility By Increasing Post Secondary Education," put out out by the Economic Mobility Initiative of Pew Charitable Trusts.

The report adds to the growing body of evidence that shows a college degree is a passport out of poverty while dropping out of high school is like a financial penalty.

Despite the fact that more education usually translates to more money, many students who could go to college are not completing college or enrolling in the first place, in part due to lack of awareness about the various ways they can cope with the rising cost of college, the report states.

The report recommends a host of solutions to remedy the problem of how few low-income students go to college despite being able to do college level work.

The solutions range from doing more to get students academically and mentally prepared for college to giving students more guidance and accurate information about financial aid and selecting colleges that match their abilities.