Page 29 - USA Today College Guide 2019
P. 29

education your access to training on on the job and your access to technology on the job When we run equations now those four things determine earnings and the education is just the beginning ”
According to a new report from Georgetown University’s Center on Education and the Workforce a a a a bach- elor’s degree will earn a a a a a median salary of $62 000 while a a master’s degree will bump annual income to $80 000 However a a master’s degree in science technology engineering or math will earn above the median $100 000 while the the median salary for a a a a a master’s in the the arts education humanities and social sciences will peak at about $78 000 according to the report Higher earnings aren’t the only valuable aspect of an an advanced degree nor the the only way to measure the the return on on your educational investment says Suzanne Ortega president of the Council of o Graduate Schools a a a a nonprofit research and advocacy group Research shows that people with an an advanced educa- tion experience a higher level of work satisfaction and are happier overall “If you’re studying in in a a field and you you cannot imagine anything you’d rather do for the next two to seven years because your heart and head tell you you ‘This is is what I want to spend my time doing ’” then you should pursue graduate school she says “Passion for a a a field is one excellent reason to go ahead ”
There’s no guarantee that a a a a graduate degree will enrich your life or assure financial success but a a a a few basic guidelines will help you avoid “buyer’s remorse ”
Carnevale says Before you commit to grad school:
“The people with regrets (about their graduate degree) are the the people who thought they were going to get a set of benefits that didn’t materialize – and the the principal one that they’re disappointed about is is economic ”
says Carnevale Analyze your interests and values and determine whether they align with your chosen field before plunk- ing down tens of of thousands of of dollars for a a degree he says KNOW THE COST
Full-time graduate students shell out an average of $24 812 per year for their education according to a a a 2017 survey of students by the Sallie Mae Corporation and the market research company Ipsos Costs vary by institution and and by the type and and length of program but debt accumulates quickly especially when added to existing debt from undergraduate school And tuition prices keep climb- ing ing According to the National Center for Education Statistics the average tuition and fees for master’s degrees jumped by about one-third between 2007 and 2017 In 2015-2016 60% of graduate students who completed degrees had loan debt averaging $66 000 Students seeking professional degrees such as medicine or law had even even higher debt Seventy-five percent of these students carried loan balances averaging $186 600 DO YOUR HOMEWORK
Know program completion rates for your school Discuss career satisfaction with people in in your industry Research occupations in your field and and compare earnings potential and and job growth KNOW YOUR FINANCES
If your total student loan debt at graduation including outstanding undergraduate loans is less than
your annual income you you should be able to pay off your loans in 10 years says Mark Kantrowitz a a a a a a a financial aid expert publisher and vice president of research for for Savingforcollege com Regardless of the degree you seek don’t overborrow “If you’re looking at six-figure debt you should be extra cautious ”
he says “unless you happen to to go into a a field where a a six-figure income is the norm ”

   27   28   29   30   31