Article by Emma Johnson
More than 70% of those who pursue a graduate degree find themselves saddled with debt that they may not be able to afford, according to the U.S. Department of Education's 2004 National Postsecondary Student Aid Study. On average, a person with a master's degree graduates with a combined undergrad and graduate debt of $32,858. For an MBA that figure is $41,687; for a Ph.D., plan on $53,405; and for a law degree, expect to be paying off $80,754.
The good news is that, on average, people with graduate degrees make more money than those without. According to the most recent U.S. Census figures, a person with a professional degree (law, medicine, business) will make, on average, $4.4 million over their lifetime, in today's dollars. That's more than twice the $2.1 million a person with a bachelor's can expect to earn. Even a master's degree will bring, on average, $2.5 million over your working life; a Ph.D. will pull in $3.4 million over the average career span of 40 years.
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