Many Americans believe one of the greatest equalizers is education. While this may be true in certain aspects, much should be considered when evaluating the necessity for graduate school and/or other advanced degrees. I have received so many calls from dentists who actively practice dentistry. While the name of the dentists varies, the story remains true and constant. How can I eliminate $700,000 in student loans when my annual income is less than $200,000 per year. While cosmetic dentistry may be very lucrative for some, this is the exception, not the norm.
My thought has and continues to be very simple: do not consume student loan debt that will exceed and surpass your earnings potential. In the early 21st century, I received multiple invitations to pursue an MBA from top tier graduate schools. At the time, I was earning just under $80,000 per year. The tuition tag for these stellar MBA programs ranged from $90,000 - $110,000. I was never able to justify the investment with the anticipate return.
The scenario for attending graduate school becomes different if another entity is investing in my graduate education. With minimum employment commitments of two (2) to five (5) years after graduating, an individual can have their graduate education at no cost to them. This trade off of time for an advanced education and financial resources may be very enticing and rewarding. However, landing job opportunities with organizations that provide tuition assistance may not be as simple as one might think.
The notion of buying into an American dream that has a hefty price tag may not be as appealing as it once was. It is strongly recommended that the cost benefit of undergraduate, graduate, and doctoral degrees be weighed in the balance and strongly considered. From my vantage point, experience is still the best teacher. Also, who you know and your proximity to them can get still get you further than the alphabets behind your name.
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Nicole Michelle
Finance and Money Wiz
June 1, 2021
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