Good news for college students and recent graduates, despite the tough job market of late. A new report was published this week by The Federal Reserve Bank of New York reveals those with bachelor’s or associate’s degrees earn more money over their lifetime than those who do not attend college, even after factoring in the cost of higher education. The study, by economists Jaison R. Abel and Richard Deitz, also found that a degree is still a good investment for college grads whose jobs don’t require college, such as retail workers or coffee baristas. The report would suggest that a college degree helps those workers earn more then those with high school diplomas.

According to the report, a person with a bachelor’s degree can expect to earn about $1.2 million more, from ages 22 to 64, than someone with just a high school diploma. Those who earn an associate’s degree will bring in $325,000 more than someone with a high school education.