Monday, February 01, 1999

The smart people are somewhere else.

If you think that going to graduate school will allow you to spend your days in a community of the enlightened, consider the axiom that it is unwise to borrow money that is difficult to repay. To go into debt for a graduate degree in the humanities is to go into debt for a credential that, at best, will qualify you for a job with a relatively low starting salary in an extremely competitive job market. Meanwhile, you will have removed yourself from the job market to pursue this degree, so don’t forget to add up the years that you will have incurred debt when you could have been earning money. But surely people in graduate school would be too smart to finance their educations with debt…

According to “The median additional debt [the debt that graduate students pile onto the debt that they acquired as undergraduates] is $25,000 for a Master's degree, $52,000 for a doctoral degree and $79,836 for a professional degree. A quarter of graduate and professional students borrow more than $42,898 for a Master's degree, more than $75,712 for a doctoral degree and more than $118,500 for a professional degree.” This is not intelligent behavior. The smart people are somewhere else.

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