 Therefore, hard work and increasing education from those who are born into the lower quintiles can boost economic status and help them move ahead, but children born into wealthier families do seem to have the advantage.Even when the likelihood of attending college is ignored, studies have shown that out of all the students that enroll in college, socioeconomic status or family background still has an effect on graduation rates with 53% of those from the top quintile receiving bachelor's degrees along with 39% from the middle and 22% from the bottom quintile.According to the 2002 US Census, students can expect to earn on average about $2.1 million with a bachelor's degree over the course of their working career.