Enrolling in Grad School

July 5, 2022

Thinking about Grad school? There’s a lot of things to think about - how much will it be? how much can I make? how long can I stay in my current career before losing my mind? We’ve talked with people at every stage of this journey, and have a great article here. 

Those that make the switch for financial reasons (to get a higher paying job) tend to improve their financial plan. We’ve talked to people that go from making, say, 50k/year to 150k/y and have to take out 200k in student loans - this tends to make financial sense over the long run. The danger comes when you are not able to make as much as you thought. One way to mitigate this is to read through your prospective program’s annual employment report to find out exactly what the most recent graduating class is making, what percent had jobs at graduation, and who the top employers were. 

Those that make the switch for personal reasons have, broadly speaking, tended to be in a worse position financially than when they started. We’ve talked to people that go from making 125k/y to 40k/y and took out 200k in student loans. This is a crushing amount of debt that may never be paid off at that income level (see our three articles on the subject, Federal vs Private student loans, Federal loan forgiveness, and Reworking Federal student loans). If you are in a financially secure position it could start to make sense to go back to school for a lower-paying job. Work with your Origin Planner to see how going to grad school will affect your financial future. 

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