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Despite costs, college still worth it, Cleveland Fed researchers find

Despite the growing cost and the debt that many students take on, going to college still pays off, according to researchers at the Federal Reserve Bank of Cleveland.

The reseachers found that in 2010 the median wage income for a household headed by a college graduate between 22 and 29  was $42,693. That's 61 percent higher than the median wage income of a household headed by someone without a college degree.

But you need to get that degree. The report found that households with some college, but no degree don't really get any financial benefit.

The spread in wages between households headed by someone with a college degree and one that's not actually widens as people age. The premium for households headed by college graduates 30 to 65 was 88 percent.