No Jobs Lead More Young People To Grad School
With the job market so dismal for young people, many are deciding to go back to grad school. But is it worth it?
Grad school enrollment is expected to increase 30% in the next four years, according to estimates from a private equity firm.
Carl Van Horn, director of the the John J. Heldrich Center for Workforce Development at Rutgers University, says recent graduates need to be very careful when making that choice.
“Not every profession has a strong employment demand, for example, there has been a decline in the demand for lawyers over the last several years so its not always a wise decision.”
He also cautions that students could wind up with more student debt than they already accrued.
“You may run up another twenty or thirty thousand dollars in student loan debt and its been very difficult for a lot of students to pay that back nowadays.”
Research from the Center shows that those who attended grad school since 2006 owe an average of $30,000 more than those with just an undergraduate degree.
Just 13% of graduate students have been able to pay off their debt in full.
“A lot of these private institutions won’t give you state funding or give you a grant to come back so most likely you are paying for this on your own, putting off a full time job and a chance at setting aside some money right away” said Van Horn.