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Having a college degree has generally meant higher wages and better jobs, and the pay-off continues to be significant for white Americans. But there's a penalty for African-American women: they earn less than white women having the same credentials, economic data shows.

As they keep raising tuition, colleges risk tipping the cost-value balance and losing minority groups. "Eventually college wouldn’t be worth it,” Lisa Barrow, a senior economist at the Federal Reserve in Chicago, tells Axios.

Note: Underlying data is inflation-adjusted to 2017 dollars. Data includes hourly wages for all wage and salary workers. Salaries were calculated out to hourly amounts by EPI. Data:

: The blue and orange lines show the change in inflation-adjusted hourly salary and wages since 1977. For instance, in the last chart of the second row, Hispanic men with a college degree make 13% more than they did in 1977, while those with only a high school diploma make 5% less.

Many minorities already face extreme disadvantages in getting accepted and affording a college education. Even if an African-American or Hispanic adult

a degree, the financial reward still doesn't match those of whites, according to data from the Economic Policy Institute.

Icon Price Chart,Axios
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going to college is likely to lead to 12% lower pay than high school-educated African-American men earned 40 years ago.

a degree are worse off, making 10% less than male high school grads did in 1977 — regardless of race.

have made overall gains on the gender pay gap. Without a college degree, their wages are 9% higher than 40 years ago.

Icon Price Chart,Axios
more likely than to men have a college degree — over 2 million more women enrolled in college last year than men Icon Price Chart , according to the

But there are benefits to college beyond higher pay:

a college degree are less likely to be living with their parents,Pew Research's Richard Fry tells Axios.

Icon Price Chart,Axios
to get married, and to marry someone else with a college degree, giving them a significant advantage in terms of overall household earnings.

tend to lead to more consistent, full-time work, says Barrow, which is often more important than a high hourly wage.

Bill Emmons, assistant vice president at the Federal Reserve in St. Louis, tells Axios that economists generally say the pay-off disparity is natural and can be explained by differing skills, fit and job choice.

tend to attribute the trends to racial discrimination by employers and universities.

is the structure of American society. Barriers in the U.S. political, economic and social systems often disadvantage minorities,

There’s this history of discrimination — going all the way back to slavery and colonialism — and exclusions that have persisted. And it stands to reason that these have left enormous imprints not only in institutions but also in individuals' expectations.

The economic impact of racial inequality has declined, according to

and whites is converging, but "there’s still a gap that doesn’t look like it’s going away any time soon," Emmons said.

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improving the quality of and access to education — from pre-K to post-grad — still seems the best way to combat these issues Icon Price Chart , he said, but "education is not the silver bullet."

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