Deciding if a Master's Degree Is Worth It for You
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Cost of Graduate School
Earnings Potential From Graduate School
Choosing Based on Your Program Earnings vs Cost
Pros and Cons of Getting a Master's Degree
Pros of Getting a Master's Degree
Advancement and new job opportunities: Depending on the program you pursue, a master’s degree could offer you a chance to move up the ladder in your career or enable you to get a better job in a different field. Deepen your expertise and knowledge in your field of study. These skills could be very valuable in the workforce. Higher earning potential: As noted above, a master’s degree could lead to a higher salary.
Cons of Getting a Master's Degree
Cost: The price tag of a master's program may be the largest stumbling block to pursuing a master’s degree. The average student loan debt of people who earned a master’s degree is $62,499, according to Educationdata.org. Additional years in school: It takes time and sacrifice to successfully complete a master's degree program. You may spend up to three years in a graduate program. May have to fulfill prerequisites: If your undergraduate program didn't align with your chosen master's program, you may need to backtrack and complete certain class requirements. For example, you might need to take a few business courses if you plan to get your master's in business administration if you didn't take business classes as an undergrad. May not make financial sense: You might not make that much more with a master's degree. In fact, 25% of people with a bachelor's degree earn more money than half of those who have a master's degree, according to a report from Georgetown University Center on Education and the Workforce (CEW).
5 Lucrative Graduate School Degrees
2. Engineering Management
Strategies for Repaying Student Loans
Student Loan Forgiveness
Student Loan Refinancing
Student Loan Forbearance
3 Student Loan Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinancing rates to find a loan that works for you. One pain-free way to pay down your student loan sooner: send in your tax refund to put against the principal balance. Since it’s money that has already been taken out of your pay, you won’t miss it. If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
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