New research has indicated that getting a college degree is still worth the money, despite rising tuition costs and a job market especially tough on recent graduates.

According to USA Today, college graduates tend to earn far more money later in life than high school diploma holders. Tuesday, the Federal Reserve Bank in New York released the new study, titled "Do the Benefits of College Still Outweigh the Costs?"

Authored by two economists, Jaison R. Abel and Richard Deitz, the report suggests the main reason why college degrees are important is a particular earnings gap. The average pay for a person without a college degree is sinking and the game between them and degree-holders is at an all-time high.

"Investing in a college degree may be more important than ever before because those who fail to do so are falling further and further behind," reads the report.

At the end of 2013, student loan debt in America totaled more than a $1 trillion, with 11 percent of all borrowers defaulting and turning in delinquent payments. Rising tuition and student loan debt has even gained the attention of the White House, as President Obama is polishing a proposal to help the federal government better dispense student aid money to hopefully curb post-graduation debt.

The Federal Reserve Bank's study spanned more than 40 years, from 1970 to 2013, the Associated Press reported. In that timespan, people with a four-year college degree earned an average of $64,500 a year while those with a two-year degree earned $50,000 and high school diploma-holders made a salary of $41,000.

The researchers determined a bachelor's degree costs about $122,000 on average and an associate's degree costs about $43,700. For their data, the study authors compiled figures from the U.S. Education Department, Bureau of Labor Statistics and the College Board.

Lindsey Piegza, chief economist at Sterne, Agee & Leach Inc. in Chicago, noted that the 11 percent delinquency rate for student loans far exceeds auto loans and mortgages, 3.3 percent and 3.7 percent respectively. She told U.S. News and World Report that a student's major also plays a role, as the study authors found that liberal arts graduates made less on average than those in technical fields.

"From a political standpoint you can't necessarily say, 'we have to more evenly divide among majors,'" Piegza said. "It's not politically viable to say every little girl can't be a ballerina. If we are going to be backing these students going to college, they have to be investments for broader economy. We do have to start looking into individual sectors these students are going into."

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