FIRST MARBLEHEAD CORP. Boston, Massachusetts; Loan Processor Gets High Marks From Street.(THE NEW AMERICA)

Byline: PETER BENESH

So how much is that college degree worth, anyway?

Try $1 million over the course of a career.

That's the average lifetime earnings gap between a high school grad and college grad, according to the College Board, a not-for-profit organization that administers programs for college-bound students.

No surprise, then, that so many students -- or their parents -- are willing to fork over big bucks to finance a college education.

The College Board says tuition, fees, books, room and board at a public university carry a combined cost of around $50,000 for four years. It's $110,000 at a private institution.

Worse news: College costs are outpacing inflation. For the 2003-04 academic year, the average cost increase for a four-year degree rose 8.7% from 2003 in inflation-adjusted dollars. At that rate, an undergraduate degree will cost twice as much in less than nine years.