How long does it take for a college degree to pay off? For many, it's 5 years or less.

One of the major questions facing families today is whether a college degree is worth the expense, given rising tuition and fees that can saddle graduates with tens of thousands in student loan debt. Today, a majority of Americans don't think the cost can be justified.

But a new analysis finds that most post-secondary degrees provide a payoff within less than five years after graduation for low- and moderate-income students, although that time frame can largely depend on the type of school and program that a student chooses. The analysis, from the HEA Group and the educational nonprofit College Futures Foundation, focuses on graduates in California, the state with the largest number of enrolled college students.

The study examined families earning $75,000 or less given that these students may be more likely to skip higher education due to fears that pursuing a post-secondary degree may not pay off, even though a college degree could help them get an economic foothold. For this group of students, almost 4 of 5 California colleges and other higher education institutions provide a return on investment within five years, the research found.