Erin, I'm sorry about your FIL.
I financed grad school through loans and a tuition waiver scholarship I was awarded through my department. You are allowed to take out much more in federal loans for grad school than you can for undergrad, because it is much harder to work and do grad school at the same time. When I was in grad school I believe you could get up to 18K per year. Since I didn't go into debt for my bachelor's, it was worth it to me.
Originally Posted by Smplyme89
As for difference in salary, it's hard to compare my field directly because the Master's is an entry level degree. People in my field have a range of salaries from maybe 30K at the low end (I think a friend made in the 20's working for the VA Hospital) to 100K+ in certain areas. I believe the median salary in my field is around 50K. I work for the public schools so I'm not on the high end of the salary scale, but I make 12-15K more than a new teacher with a bachelor's degree in my district, which includes a $2K stipend for my master's. I make less than a school psychologist, but they are required to have education beyond the master's level (a Ph.D or an Ed.S. which is basically everything for needed for a Ph.D. except the thesis).
Is it worth it? I think it really depends on your field. In my case it wasn't an option and I love my job so I wouldn't trade my degree for the world. I'm not certain I would get an MBA, though. I think it does help you, but I have heard that in business it's often experience that makes the difference. I do believe education is worth the price you pay, even in loans. When I was applying to grad schools, one of my professors gave us some advice and I clearly remember her estimating 30K for a graduate degree, and comparing what else you would buy for $30K. The price of a new car with financing. How long would you drive/own that car, as compared to the value you would get out of that degree? To me, the investment in my education is more than worth the price of a car. I think it's a good analogy.
Last edited by Gwenn; 05-03-2012 at 06:22 PM.
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