Baby Boomers Saddled in Graduate Degree Debt (degrees, state school, best)

[Miss Crabcakes]

Just read most of this article and it got me thinking, do you think its worth it to go back to school for a graduate degree while in your 50s? 60s? Older?

It jsut seems to me (and from reading these forums), its already very difficult for older generations to get jobs right now but I can't imagine not only trying to start over but with all that exrta debt. Seems like it just may not be worth it at all.

Not only that but after getting a new degree, you don't typically jump right into a median salary bracket and a host of new opportunities. Usually, you have to start at the bottom and work your way back up.

So is it even worth it that later in life?

'I Fully Expect to Die With This Debt' - Graduate Students - The Chronicle of Higher Education

Thoughts?

[dogbert_2001]

I think the best way to go is to gradually gift all your assets to your heirs while you're alive, then die with as much debt as possible.

[Charles]

Many employers will pay for graduate degrees. That's the route to go. (I earned two, MS and MBA, this way.)

[Miss Crabcakes]

Originally Posted by Charles

Many employers will pay for graduate degrees. That's the route to go. (I earned two, MS and MBA, this way.)

Yes, that is also how I got mine. I would have never gone back for it otherwise.

[tjay]

At the rate of inflation, I don't think anyone can afford college anymore. At what point will people say, "Ok, this is insane and I'm simply not going to participate!" I feel 'college' would be in that category (along with a million other things)...

[Charles]

Originally Posted by tjay

At the rate of inflation, I don't think anyone can afford college anymore. At what point will people say, "Ok, this is insane and I'm simply not going to participate!" I feel 'college' would be in that category (along with a million other things)...

Here's how you do it:

Graduate from high school.
Live at home and attend a community college for two years.
Transfer to a cheap state school and major in something practical. Live at home if you can.
Graduate with little to no student loans.

[Oldhag1]

Originally Posted by Charles

Here's how you do it:

Graduate from high school.
Live at home and attend a community college for two years.
Transfer to a cheap state school and major in something practical. Live at home if you can.
Graduate with little to no student loans.

This makes some assumptions that aren't always true:

1. Your parents are willing to allow their over 18 year old child to live at home, let along live there for free.
2. Your parent's home is near a community college.
3. There is a state school that is reasonably priced.
4. That your home is within driving distance of a college, let alone a state college.
5. You don't already have children.
6. You even have enough spare cash to pay for books.
7. You just graduated from high school.

[Miss Crabcakes]

Originally Posted by Charles

Here's how you do it:

Graduate from high school.
Live at home and attend a community college for two years.
Transfer to a cheap state school and major in something practical. Live at home if you can.

^^ This is exactly how I did it, though I did end up with loans. I only borrowed $25k for my 2 degrees.

Which I just paid off!!

[CaptainNJ]

Originally Posted by Miss Crabcakes

Just read most of this article and it got me thinking, do you think its worth it to go back to school for a graduate degree while in your 50s? 60s? Older?

It jsut seems to me (and from reading these forums), its already very difficult for older generations to get jobs right now but I can't imagine not only trying to start over but with all that exrta debt. Seems like it just may not be worth it at all.

Not only that but after getting a new degree, you don't typically jump right into a median salary bracket and a host of new opportunities. Usually, you have to start at the bottom and work your way back up.

So is it even worth it that later in life?

'I Fully Expect to Die With This Debt' - Graduate Students - The Chronicle of Higher Education

Thoughts?

its a math calculation but its probably harder to make it work if you dont already have something lined up. it would be bad to spend the money on the higher degree and not get an earnings increase from it. you also have to look at the return you get based on what each school charages. they can vary greatly and a fancier name may or may not yield you more salary.

[Coldjensens]

For boomers going back for an advanced degree, it makes sense to keep working and take classes part time. (My wife is doing that now - working on a Masters online through Kent State) That way you incur no debt, keep your jobs and seniority and depending on your degree you may be able to simply move up within the same company