Past two years, COVID-19 had been initiated the idea of pursuing a master’s degree. Instead of searching for a job, many were interested in a Master’s degree due to the Covid impact. But all the expenses like tuition Fee and travel expenses is making you think twice about pursuing the Master’s degree. A lot of questions arise in your head like Can I afford this? Do master’s worth it? Would it be better than doing the job? For these types of questions, you can able to get a clear idea by the following content.
Many students were thinking that Pursuing a Master’s degree would increase the chance to get a job. But, it is not the same in all cases. In America, nearly 9% of students were holding Master’s degree but it is the reason for the increase in Employability less than 3%. According to the salary- comparison site Payscale, there is only a 19% increase in salary by the Master’s degree. Many can’t afford their master’s degree and they would go for taking debt. Nearly 44% of students took loans according to one personal finance marketplace known as credible. According to research site educationadata.org., the average debt for a master’s degree holder is nearly $71,000.
Though students were taking more debts to pursue their master’s degree, they have to pay their loans anyway. Although they don’t have any job, they had to pay their loan after six months of graduating. Actually, at first, getting a loan seems to be the better option for your studies, but then you would realize how stressful the loan thing is. Paying the loan would be more stressful and hectic because of paying the interest too. The student borrower would nearly take about 20 years to complete paying the student loan debt and for professional graduates, it would take almost 45 years for completing their debts.
Financial aid is one of the ways to mitigate debt. The students who choose a field like public field can eligible for loan forgiveness. Mostly orthodontists, physician assistants, and physical therapists are interesting cases as masters in social work. If you hold only a bachelor’s degree, you have to pay $19,000 for entering the field.
The woman named Lynn Moss graduated with her third master’s degree at the age of 45. She said, “I just want to be happy and I like to go to work every day. I don’t regret one minute of it”. Many people were having their success stories by their Master’s degree and its benefits. Many were saying that there would be a lot of questions that arise in the mind like Is this the right time? Is this the right program? Is this the right time? Can I handle it? “If you are in the confused state of doing your masters, you should give some time and you would get the best idea that suits you,” said, experts.
At the end of the day, everybody needs to be happy and achieve the goal that makes them stress-free and happy. So that, pursuing your academic goal would be a major part of it.