How much money can you expect to earn after you complete the coursework for your major and graduate college? Do you really know what your earning potential will be?
According to “Labor Market Expectations and Major Choice for Low-Income, First-Generation College Students: Evidence from an Information Experiment,” a study conducted in 2017 by Alexander I. Ruder (University of South Carolina and Rutgers) and Michelle Van Noy (Rutgers), many students, especially those who come from lower income backgrounds, are overly optimistic about how much they will earn. Ruder and Van Noy polled 2,965 students and determined that students who grew up in financially disadvantaged circumstances were especially prone to overestimate the potential earnings that their major and college degree would enable them to earn. Read more