Article by Hugin Cote Smith
What happens after college? Some of us are eager to jump into the work force. Some of us look for extended education opportunities, hoping to acquire skills that will make us more desirable in a competitive job market. Is graduate school worth the money? Are you going to grad school for the right reasons? Applications to graduate school always rise in a poor economy, but tuition is still a concern. According to the Department of Education, the average yearly cost for postgraduate study towards a master’s degree is 900 for a public school and 100 for a private one. These numbers are 60% higher than they were ten years ago. And, as of July 1, 2012, graduate students will no longer be able to get federally subsidized loans and the interest clock starts ticking right away. According to the Congressional Budget Office, this change will increase costs for grad students by about .1 billion over the next decade. So, when considering the cost-benefit analysis for graduate school, we need to take into account whether the pay increases we expect to earn with an advanced degree balance out the additional debt we’ll incur from even more student loans. *Data from the Pew Research Center Social & Demographic Trends Report, ‘Is College Worth It?’
