Is grad school actually worth it?
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Economic downturns or uncertainty have historically pushed adults back to school to wait out the rocky hiring market and come out the other side with new, irresistible skills. But do you get a return on your investment? A study released last month by the Postsecondary Education & Economics Research Center at American University found that while some classic postsecondary degrees, like pharmacy, law, and medicine, offer high returns on investment, fields like psychology and social work often yield negative returns. Ballooning tuition costs and skyrocketing interest rates on loans—up to 9.08% for the 2024–2025 school year—have made grad school even more of a gamble. There are other reasons to go to grad school besides the potential for a higher salary, like networking, earning certifications, and getting another diploma to hang next to a Pulp Fiction poster. Plus, some MBA programs are offering steep discounts for prospective students. One career path that pays: Registered nurses are locking in an average salary of $93,600 a year, according to the Labor Department. The healthcare sector created the most jobs in the US last year, and employment of advanced-degree nurses is expected to jump 35% from 2024 to 2034. |