<i>&gt; There&#x27;s a drastic difference between earnings for unfinished and finished college degree</i><p>Is that really signalling, or is it that the reasons for not finishing a degree (not willing to put in the hard work, for instance) bleed into the workplace? The degree may play no part at all.<p>Interestingly, a GED does not statistically elevate ones earning position like a traditionally acquired high school diploma. It has been suggested by researchers that the reasons for not completing high school the traditional way are what lead to lower earnings, and receiving certification does not remove those existing traits. Why would college be different?<p>Additionally, the biggest statistical gains come from post-graduate studies. 49% of the top 1% of Americans have a post-graduate degrees. Further, there are more people with high school or less  in the top 1% than there are with bachelor degree-only. This suggests to me that the gains from having a degree are skewed by supply managed professions (for example: doctors), where incomes are artificially high because the law prevents unconstrained competition. There, again, may be no advantage outside of those protected industries, and certainly not if you plan to stop at the bachelor level.