Interesting data. It helps inform us that when we are talking about the student debt “crisis,” we’re mostly talking about people who took on a lot of debt to go into lucrative professions. To have taxpayers pay that debt is really to have the working class pay off the debt of the professional class.
Overall, graduates with associate’s degrees borrowed an average of $14,000, as compared to bachelor’s degree grads who borrowed $23,000.
Then there are master’s degrees, of which the costs have been a large focus of the conversation around the price of higher education in recent months. Master’s degree holders borrowed a median of $40,000, according to the data, while professional degree recipients took out a median of $144,000 while doctoral degree graduates borrowed a median of $73,000, according to the data.
“The one pattern that really did jump out at me … is that the student debt for a master’s degree and for professional degrees is just off the charts,” Gillen said. “There’s really, really high debt for graduate programs. That doesn’t always hold for doctoral programs, which I felt was kind of interesting.”
The numbers sound huge. If you are cost efficient, the numbers will go down, especially if you use state universities and colleges, along with some private colleges.
It would be interesting to see if the debt for the advanced degrees pay for themselves over a few years.
Good old Democrat know how. They really know how to sell another boring ‘use the Government to pay the rich scheme’ under the guise of help the struggling and the poor, don’t they? All the kids who received a worthless degree will urge their Congressmen to vote for this thinking they will get some relief from their minimum wage job problems. The they will get a 2 cent on the dollar credit while those poor doctors and lawyers with tens or hundreds of thousand in the bank will get 50-75 cent on the dollar relief for their loans which they have been paying back at the minimum waiting for this bill to pass.