Getting Education Later in Life

 It is generally agreed upon that most individuals who acquire a college degree do so in their early 20s. Despite this consensus, this study shows that in the US from the 1930 birth cohort onwards a large fraction – around 20% – of college graduates obtained their degree after age 30. 

• These so-called late bloomers have significantly contributed to the narrowing of gender and racial gaps in the college share, despite the general widening of the racial gap. 
• Late bloomers are responsible for more than half of the increase in the aggregate college share from 1960 onwards. 
• The returns to having a college degree vary depending on the age at graduation.

 Ignoring the existence of late bloomers therefore leads to a significant underestimation of the returns to college education for those finishing college in their early 20s.