Financially hobbled for life- elite masters degree that don’t pay off

[Anonymous]

I think they should forgive some of it because at some point all of this student debt is a drag on the general economy. but they need to make the schools eat a percentage of the debt so that they will stop allowing these programs to churn out graduates every year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Become a plumber instead. My friend owns a plumbing company, 50+ plumbers working for him and he's rich.

in your example, one of 51 is rich. Not great odds

Yes that’s “become a businessperson running a plumbing business” not “become a plumber.”

Become a programmer! My cousin started a company and now she has 50+ people working for her!
(That’s not a programmer, that’s a tech entrepreneur.)

[Anonymous]

I went to one of these programs at a different Ivy and have several family members who did the same. None of us are trust fund wealthy but our parents were well off enough to just pay our tuition without us taking out loans. Most of my peers were the same.

I agree that the people who took out loans for these programs only have themselves to blame. Perhaps there should be more scholarships or need based aid but not loan forgiveness!

[Anonymous]

I listened to a woman on NPR talk about how she ended up with so much school debt (somehow not realizing that her parents were not assisting and she had no merit aid for grad). She was really arguing that her debt should be forgiven and there was no way she cold manage it. She HAD to do it to pursue her chosen career (teaching on the college level). I did not have sympathy.

[Anonymous]

FYI: Columbia has a 10 BILLION dollar endowment.

10B

[Anonymous]

In my twenties, colleagues and supervisors suggested to me I should get a MFA—in the field I was already working in? I couldn’t see the point of going into debt for an expensive degree when I was already earning money and building my portfolio. I think there is a mentality in UMC east coasters that advanced degrees are always desirable even when not necessary.

I unfortunately know several people with high debt from expensive masters degrees in the arts that have done little for them.

I grew up poor. I have a bigger fear of big debt than many of my colleagues.

[Anonymous]

Anonymous wrote:I went to one of these programs at a different Ivy and have several family members who did the same. None of us are trust fund wealthy but our parents were well off enough to just pay our tuition without us taking out loans. Most of my peers were the same.

I agree that the people who took out loans for these programs only have themselves to blame. Perhaps there should be more scholarships or need based aid but not loan forgiveness!

Your parents paid your loan. I am paying my DCs university bills and will steer her away from programs such as these however I believe this MFA etc loans should be forgiven to some extent (and schools penalized)

[Anonymous]

The worst are program like the “Masters in liberal studies” that have no purpose and are basically markers of people not knowing what to do so doing more school. They are huge moneymakers for the universities, unethically IMO. They are fake degrees that don’t mean anything—not hard to get into and no career path, they are just more genera education classes like an expensive hobby.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Become a plumber instead. My friend owns a plumbing company, 50+ plumbers working for him and he's rich.

in your example, one of 51 is rich. Not great odds

Yes that’s “become a businessperson running a plumbing business” not “become a plumber.”

Become a programmer! My cousin started a company and now she has 50+ people working for her!
(That’s not a programmer, that’s a tech entrepreneur.)

If you don't know how to do the job itself, your business will fail. Any plumber that has his own company, started as a plumber and worked for it

[Anonymous]

Anonymous wrote:I went to one of these programs at a different Ivy and have several family members who did the same. None of us are trust fund wealthy but our parents were well off enough to just pay our tuition without us taking out loans. Most of my peers were the same.

I agree that the people who took out loans for these programs only have themselves to blame.[b] Perhaps there should be more scholarships or need based aid but not loan forgiveness!

Of course you do. Degrees are for the idle rich; not for thee!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Situation is just sad all around.

I would have anxiety knowing I owed $300,000, can never file for bankruptcy and make under 40k a year.

My god.

There's lawyers who advertise bankruptcy including the student loans.

Student loans are not discharged in bankruptcy

[Anonymous]

I know some one who went to Columbia masters and still has 80k debt. When I asked the person they claimed they “didn’t think they would have to pay it back”. And they don’t plan on paying it ever. Or the other student loans they have 🤔

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Become a plumber instead. My friend owns a plumbing company, 50+ plumbers working for him and he's rich.

in your example, one of 51 is rich. Not great odds

Yes that’s “become a businessperson running a plumbing business” not “become a plumber.”

Become a programmer! My cousin started a company and now she has 50+ people working for her!
(That’s not a programmer, that’s a tech entrepreneur.)

If you don't know how to do the job itself, your business will fail. Any plumber that has his own company, started as a plumber and worked for it

Right but the key step to wealth was being a business owner not being a plumber. You can do same thing for many jobs that are not nearly as difficult as plumbing. Become a teacher then start an SAT tutoring school, become an accountant and become a shingle hang CPA, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I went to one of these programs at a different Ivy and have several family members who did the same. None of us are trust fund wealthy but our parents were well off enough to just pay our tuition without us taking out loans. Most of my peers were the same.

I agree that the people who took out loans for these programs only have themselves to blame.[b] Perhaps there should be more scholarships or need based aid but not loan forgiveness!

Of course you do. Degrees are for the idle rich; not for thee!

If it's a useless vanity degree, then yes, that's accurate. Part of the problem is that people who are perpetual students are asking for advice from professors who have never worked outside higher ed. That is how someone I know ended up with a PHD in Organizational Leadership. Her actual work experience in leading organizations is zero.

[Anonymous]

Anonymous wrote:In my twenties, colleagues and supervisors suggested to me I should get a MFA—in the field I was already working in? I couldn’t see the point of going into debt for an expensive degree when I was already earning money and building my portfolio. I think there is a mentality in UMC east coasters that advanced degrees are always desirable even when not necessary.

I unfortunately know several people with high debt from expensive masters degrees in the arts that have done little for them.

I grew up poor. I have a bigger fear of big debt than many of my colleagues.

I grew up poor, and focused on a career ready bachelors, but I would have blindly gone into student debt for advanced degree because student debt was “good debt” for a LONG time, and the cost of living in a place with decent jobs was COMPLETELY unknown to me. $40k/year? My parents house sold for $60k in 2015, so hearing that I would make $40k and have some flexible but large debt (deferment, income based payments etc) would not have registered in my mind as a problem, if I was doing what I love (“follow your passion and money will follow”) and going to reputable academic institution.

It was only my personal aversion to debt that really saved me, but I did buy a house way late because mortgages freak me out.