What on earth could possess a person to borrow $43,000 for a Master of Arts degree? There is no possible way that could be a good idea. Financially speaking, an MA is worth little, if anything, more than a bachelor's degree. Borrowing $43,000 for a Master of Arts degree is insane.
This $43,000 figure comes from a piece by Jordan Weissmann over at Slate
in which he breaks down recent findings from the New America Foundation on the student loan borrowing habits of graduate students. Weissmann's piece is accompanied by some nifty graphics that illustrate graduate student borrowing trends and percentages of federal student loan disbursements.
My favorite graphic from the piece, entitled "How Much Do Students Borrow During Grad School?," compares average grad student loan borrowing rates in 2004 to average grad student loan borrowing rates in 2012.
Not surprisingly, those borrowing rates have increased across the board for all graduate … Continue Reading ››
Over the past few years, a slew of articles have warned would-be academics away from graduate school, arguing that graduate students are overworked, underpaid, and underemployed once they complete their studies. Other commentators have passionately defended graduate education, dismissing such concerns as overblown. This debate highlights the dearth of information about graduate student well-being.
Altogether, the typical graduate student is paid less than half of the average starting salary of a college graduate.
Certainly, some graduate students struggle to make ends meet, and others live relatively comfortable lives. But, at the moment, it’s hard to know how much money a typical graduate student is paid, or how much work she does. There’s also little information about differences in working conditions across departments: my limited personal experience suggests that students in the natural sciences earn more than students in the humanities, but there is little hard evidence to back up intuitions … Continue Reading ››