The average annual cost of college is $20,000, according to the Federal Reserve.

For most students, that means graduating deep in debt.

With that kind of price tag, is a degree even worth it?

According to a new report from the Federal Reserve, the answer is yes.

The average college grad paying an annual tuition of $20,000 can recoup the costs of college by age 40.

After that, the difference between earnings continues such that the average college graduate earns over $800,000 more than the average high school graduate by retirement age.

The report went on to say that there is no definite evidence that high-cost colleges produce far superior results for all students.