Is it worth it to pursue a graduate degree?
November 28, 2011
Being able to financially provide for their families is a motivating factor for many mothers who are pursuing a college degree.
Data proves that an education is a worthwhile investment. According to the U.S. Bureau of Labor Statistics (BLS), in 2010 individuals with a bachelor's degree made an average of $1,038 per week, compared to $767 per week for those with an associate's degree, $712 per week for those with some college (but no degree) and $626 per week for those with a high school diploma.
Those who pursue degrees above and beyond a bachelor's degree can increase their earning potential even more, according to BLS. The government agency reports that individuals with a master's degree made an average of $1,272 per week and those with a professional degree made $1,610 per week in 2010.
Still, whether or not the time, money and effort necessary to pursue a graduate degree is really worth it is something that is widely debated.
Those who finance a graduate degree through loans typically have more debt upon completion of their program. According to Finaid.org, the average debt for those who pursue a master's degree is $25,000, while those who pursue a professional degree owe an average of $79,836 after graduation. Of course, the amount of money that must be paid back upon completion of a degree can be minimized by receiving grants for parents and various college scholarships.
It's important for those considering pursuing a graduate degree to evaluate their decision carefully. One thing that they should think about is whether having the degree is necessary to help them achieve their career goals. In many professions it is, while it may not be in others.
According to Bundle.com, those who want to get a graduate degree may want to choose a less expensive college or university to save money.
"When comparing different schools, decide if you are willing to take on more debt for better job prospects, or if you are more comfortable taking on less debt and possibly sacrificing some employment opportunities," the website advises.
Attending a part-time program allows students to continue working while pursuing their degree. And, some employers may even offer to help pay for tuition.
In the end, the decision to get a graduate degree is one that involves a lot of planning and strategizing. However, those who feel it is necessary for their professional, intellectual and overall happiness should not hesitate to find a way to make it a reality for them.
