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Report: Average college degree pays off by age 34

Students receiving their college degrees face many challenges as they enter the workforce, but one of the biggest hurdles is financial. If you take out a loan, it has to be paid back. For those wondering if the cost was worth it, rest assured that it was. It might just take a few years to realize that value, CNN reported.

It takes an average of 12 years to recoup the cost of getting your bachelor's degree, according to a new report from The College Board. In other words, you will have earned enough money to repay the cost of your degree and make up for your time out of the workforce by the age of 34.

College graduates with full-time jobs earned a median of 67 percent more than high school grads in 2016, CNN reported. And the unemployment rate for 25- to 34-year-olds who hold a bachelor's degree was 2.6 percent in 2016. That’s more than 5 percent below the rate for workers who only had a high school education.

College grads are also more likely to exercise, vote, and less likely to smoke, according to the College Board report.

The report assumes that students graduated in four years, paid an interest rate of 4.3 percent on the student loan and paid off the debt in 10 years, CNN reported. That’s not always the case.

The median income for 30- to 34-year-olds is $40,944 for those with a bachelor's degree and $31,807 for those with no higher than a high school diploma, according to the report.

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