Regarding the difference between degrees in higher education, I think the greatest difference is between receiving a 4-year degree (bachelors) and a high school education. Receiving a master degree doesn't drastically improve your income in America (unless your working in a highly technical industry).

I think the status of life can improve by getting a good job with high salary. Continuing education to higher level is the way to achieve as you can gain more knowledge and qualifications for the ideal job.

The salary difference between those who have a 4 year degree and those who went to high school is drastically different. Those who have a masters degree or a professional degree like a JD or MBA earn even more money and their overall life status is improved. They have greater options for jobs.