I give as a follow-up to my first question, a more reality-driven premise and question. I ask: Is a Masters degree in a high-paying employable field worth it?
Say you need 4 pre-Masters (aka post-bacc) courses to be accepted into a Master's program. Each course costs $3,992. Tuition for a Master's is $51,288. Total graduate school costs: $67,256.
The average salary, as of 2019, for someone with a Master's in this field is $100,000.
As of Jan. 1, 2019, private loans with Variable Interest Rates: 4.49% - 13.49 % APR and with Fixed Interest Rates: 5.99% - 13.99% APR.
Say you take a Fixed Interest Rate private loan, and you manage to find one at 5.99%.
Say, in my state, my take home pay with my new cushy post-Masters job would be: $5,997.
What if you wanted to pay off that loan more aggressively budgeting your monthly salary something like this:
I know this hypothesized future is oversimplified/has to assume many things/doesn't account for many things. But it seems that this is the best-case scenario for taking out a loan on a graduate program. And even in this best-case, it would take 6.9 perfect, no unexpected hardship years to pay off that loan?? It does not seem worth it to me. There are too many risks, uncertainties. Are graduate schools only made for the children of well-off families? And yet, after receiving my undergraduate degree, I see students who went to my school left and right determined to get a graduate degree... any graduate degree. It touches on what @Steve said in my last post:
Think of it this way, a Masters is the new Bachelors. A lot of my educated friends hold the opinion that people without at least a Master's degree aren't educated.