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    Joined: Aug 2010
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    Very relevant article which I haven't finished:

    http://www.aft.org/pdfs/americaneducator/fall2010/Rosenbaum.pdf

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    Val Offline
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    Originally Posted by Bostonian
    According to Figure 1.1, the median earnings of people by highest degree is

    $91,000 PhD
    $70,000 MA
    $56,500 BA
    $35,400 high school diploma .

    Reporting on earnings gaps that ignore differences in intelligence and other personal attributes is misleading.

    Added: the average salary for someone with a professional degree is $102,200.

    Great! That's solidly upper middle class! grin grin grin

    But...let's talk about the cost of paying off your student loans. confused

    Average debt among med school graduates is $167,000. Paying it off over 30 years means at 7.5% means you'll pay ~$420,000 total to go to med school. Then there are all those lost earnings. frown They sure do add up (not counting a BA, which you probably also owe money on, there are 4 years of med school, a year as a serf (internship) and then 3 to 5 years as an underpaid resident (starting salary in the 40s). Then you get to pay for your malpractice insurance! frown frown

    If you bring the debt up to $200,000 to include BA debt, you'll end up paying $500,000 for that education that was your ticket to the upper middle class. frown frown frown

    But at least doctors can get jobs. The same is not necessarily true for law school grads.

    It's nice to start life as a debt serf.

    Last edited by Val; 10/07/13 08:02 AM. Reason: Fix small error
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    Originally Posted by ultramarina
    Very relevant article...
    Thank you for sharing this.

    Quote
    ...higher studies can lead to a good life of the mind...
    This article provides a much needed counter-point in discussing alternative definitions of success and paths to those successes, exposing college myths and realities, and outlining the impacts of achievement/performance while in college and the chosen major upon future earnings. In a balanced presentation, this article places many issues on the table for further examination, including factors of job satisfaction which are not financial in nature.

    This article was on point in many respects, however some may find the parallel to condom usage to be a tangent, sufficiently off-topic that the overall article may have benefitted by its omission, focusing solely on post-secondary educational pursuits and omitting the other PSA.

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    Originally Posted by Val
    It's nice to start life as a debt serf.
    Unfortunately as these kids inherit the burgeoning national debt to be paid off with their income taxes, they and their children may remain debt serfs throughout the lifespan.

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