While it is difficult to tell from the outset, having a degree or qualification from a college, whether it is an undergraduate degree, masters or even a PHD significantly impacts your future earning potential. This impact pans out with those having attained a post graduate qualification of some form earning $20,000 more in terms of average yearly income than those with a high school qualification. With this in mind, it is also important to note that your earning potential is predicated on which stream of studies you wish to follow. For example, the earning potential of an engineer may surpass the earning potential of a teacher upon graduation.