Some 3 million Americans will enroll in graduate programs this year, just to work toward degrees that are often not worth the time or money, according to an education policy analyst.
Many undergraduate students get their baccalaureate degrees and go straight to graduate school in hopes of earning a new degree or skills that will make them more attractive to potential employers.
“That’s why people make sense. They’re going to get a good job and make more money,” said James Murphy, a senior policy analyst with advocacy group Education Reform Now.
But recent research shows that 40% of master’s programs in the US have no positive performance.
“If you take the cost of attending and the time you spend not working, what you get out of this master’s degree doesn’t even pay for itself,” Murphy told CBS News.
In some cases, they even have a negative return on investment, meaning graduates spend more on graduate school than they can reasonably expect to earn later.
“You end up making less money by getting that title. So it’s pretty bad,” Murphy added. This is in addition to the fact that 60% of undergraduate applicants take out loans to pay for graduate programs and end up burdened with student loan debt.
Murphy said the federal government recklessly grants loans to students who end up carrying more debt than they can afford. Meanwhile, universities are getting richer with tuition fees.
“It’s the universities that are seeing giant piles of money out there and grabbing them,” Murphy said.
In the last decade alone, approximately 9,000 new master’s programs have emerged. But the new different types of careers have not.
“Essentially, universities see the money there and get it,” Murphy said.
He urged students to consider whether or not a master’s degree makes sense before enrolling in a program. First, ask yourself why you want to get a master’s degree.
“If your answer is to make more money, get a better job, and that’s your only answer, it’s probably not a great idea,” he said.
On the other hand, if you can point out specific data about the program that interests you and the marketable skills or credentials that you develop that can lead to a well-paying job, it might be worth the investment. For example, in many public schools, teachers with master’s degrees in education earn more than those without.
“If you get that return, it makes sense,” Murphy said.
He also suggested that you visit places like the U.S. Department of Education’s College Scorecard, which compares the cost and value of U.S. higher education institutions.
Be wary of programs that only promise you a great network and better communication skills, Murphy said.
“Find out what you can do in a year or two that you can’t do now.”
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