Should You Go to Grad School? Pros and Cons
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What Is Graduate School?
Pros and Cons of Going to Grad School
4 Benefits of Graduate School
1. Higher Pay
2. Love of Learning
3. Your Employer Wants to Pay You to Go
4. You Want to Make a Career Switch
4 Common Reasons to Skip Grad School
2. Little-to-No Impact on Salary
3. Get Work Experience First
4. You’re Uncertain About Your Field of Study
Lucrative Graduate School Degrees and Careers
Doctors. Physicians and surgeons earn an annual starting salary of $208,000, according to the Bureau of Labor Statistics (BLS). Anesthesiologists. These specialized doctors earn a median annual salary of $331,190, according to the BLS.
Marketing Manager. The mean annual wage for marketing managers is $153,440, according to the BLS. CFO. Chief financial officers and other other chief executives earn a mean annual salary of $213,020, based on BLS data.
Petroleum Engineer. Petroleum engineers earn a median annual wage of $130,850, the BLS reports. Engineering Manager. Architectural and engineering managers earn a median salary of $152,350 per year, according to the BLS.
Ways to Reduce the Cost of Grad School
Scholarships and Grants
Working While in School
Undergrad Student Loan Refinancing
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. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) Depending on their income, qualified borrowers can deduct the interest they pay for student loans, both federal or private, up to $2,500 per year. The deduction phases out for modified adjusted gross incomes of $70,000 to $85,000 for single individuals and $140,000 to $170,000 for people married and filing jointly.
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