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AlexKonikSecondPaper 9 - 11 Jul 2012 - Main.AlexKonik
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Defaulting Into Education | | | The Creed Does Not Apply To All | |
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< | Graduate education can quickly become a default choice in a slumping economy, rationalized as a sound investment when for many it actually serves as a credible excuse for delaying entry into the workforce. These “default students” may benefit by foregoing additional schooling. There are at least two groups for whom a graduate school investment is unsound: one fails to realize any financial benefit from her degree and the other sacrifices life goals in response to financial pressure accompanying the degree. First, assuming financial motives only, some degrees just don’t pay off. Doing the same work without the degree is possible, and the augmented salary does not make up for the opportunity cost of formal education. Second, some students enter graduate school with the intention of pursuing a low-paying field to satisfy non-pecuniary desires (here, think about general practitioners or human rights activists). After feeling pressure from the magnitude of loans, they abandon their goals and pursue an unwanted career that can fund their degrees (here, think orthopedic surgeons and Wall Street lawyers). Although these degrees have great fiscal returns, it can come at a great personal cost. These default students fall victim to the education creed. | >
> | Graduate education can quickly become a default choice in a slumping economy, rationalized as a sound investment when for many it actually serves as a credible excuse for delaying entry into the workforce (For an honest introspective see Joshua Divine's essay here). These “default students” may benefit by foregoing additional schooling. There are at least two groups for whom a graduate school investment is unsound: one fails to realize any financial benefit from her degree and the other sacrifices life goals in response to financial pressure accompanying the degree. First, assuming financial motives only, some degrees just don’t pay off. Doing the same work without the degree is possible, and the augmented salary does not make up for the opportunity cost of formal education. Second, some students enter graduate school with the intention of pursuing a low-paying field to satisfy non-pecuniary desires (here, think about general practitioners or human rights activists). After feeling pressure from the magnitude of loans, they abandon their goals and pursue an unwanted career that can fund their degrees (here, think orthopedic surgeons and Wall Street lawyers or read Nithin Kumar's piece on burdensome law school debt). Although these degrees have great fiscal returns, it can come at a great personal cost. These default students fall victim to the education creed. | | | Student Loan Debt Matters |
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