For decades, obtaining a master’s degree from a university meant doors fully opening to the possibilities of living the American dream, but are they worth it today?
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In a post-pandemic world, university costs remain concerningly high yet students feel compelled to go back and earn their master’s degree, covering the costs with bank loans.
Millennials “were raised in a world where you use loans to pay for college,” said Bradley Custer, senior policy analyst for Higher Education and the Center for American Progress. “So, it’s natural to think, ‘I’m going to use loans to pay for graduate school.’ The price tag feels intangible.”
Enrollment in graduate programs rose 3.6 percent in fall 2020, according to the National Student Clearinghouse Research Center. That number rose to 4.4 percent during the spring of 2021.
However, while many students assume that obtaining a master’s degree will help increase their chances of getting a job, nine percent of Americans with a master’s degree have only increased its employability by less than three percent.
“You have received these messages that the master’s degree is going to lead to higher income … I think that’s the reality we live in that in some fields it’s harder to predict,” Custer said. “People have high debt levels, they’re not making very much, and those loan amounts start to grow because that interest is capitalizing.”
EducationData.org estimates the cost of a master’s degree typically ranges between $30,000 and $120,000 depending on the school, major and length of the program.
Depending on the career path each student chooses, they may be seeing monthly student loan payments for years to come — long after they graduate. So, to answer the question as to whether it’s worth heading back to school for that extra degree, the answer is ‘MAYBE.’
Experience goes a long way for many companies, and highlighting specialized skills is something to consider, as well as what kind of career path they are looking into. The ends must justify the means.
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