Orsdxy

I haven't seen a lot of posts related to graduate school in this SX, but I apologize if there are. I bolded the crux of my question.

I'll apply my situation to this question as an example:

1. I got a Bachelor's in Arts in something that's not particularly employable. I did take a handful of courses that make me slightly more employable.


2. I worked all throughout school. I came out graduating having paid >$20k (between my mother and me) in tuition thanks to Financial Aid and with a remaining >$5k loan to pay off (which I am confident I can pay off within the grace period).


3. I'm interested in some version of a Post-Bacc -> Master's Degree in something that's very easily employable (Applied Math, Computer Science, Business, or anything else that's employable).

I currently work a comfortable job with good benefits. The only reason I put this question out there is I'm interested in pursuing employment that's higher paying. I worry that without a graduate degree I won't be able to continually go for higher and higher paying jobs.

People always say it's worth it to spend $/take out a loan for an education because it's invaluable or will pay off in the end. But isn't this kind of thinking what's causing people to go into upwards of 140k in student loan debt? Aren't there always risks with debt/spending money? Shouldn't it be the same with education? I'm sure people with a Master's Degree in A, B, or C that are easily employed today won't be in 10+ years. Is it worth it to take that risk? Or is there a way I can pursue jobs salaried at 100k without going to graduate school?

What I learned from going to college for an undergraduate degree was that it was really miserable feeling like: I had a price tag over my head that was something in the negatives because of the debt I was taking on, every day of my life was worth some -$ amount. It really ruined the whole learning part of it all? I'm interested in graduate school, but I am afraid I'll feel like this all over again.

This is primarily opinion based but will answer some factual parts of your question.

Aren't there always risks with debt/spending money?

Of course. People plan all types of contingencies but there is always the "black swan" that they did not see coming. It is/was foolish for home buyers to fall for the mantra of "buy as much house as you can based on what the bank will lend you". The same thing for borrowing for education without regards to other factors.

that it was really miserable feeling like: I had a price tag over my head

That is kind of really good sense to have. Consumer spending is killing the average US household. Things like massive student loan debt, and car payments preclude one from being able to have an emergency fund (so they can cover emergencies with cash), and save for retirement. Keeping debt to a minimum will greatly increase your chances of financial success.

The list interests you state is quite diverse. I fear if you undertook a degree in one of those fields you might think that one of the others would have been better. Applied mathematics is very different then computer science, and both are very different then business. This is both in skills, temperament and the kind of work one will be doing.

In your case I would add the risk of not choosing a field, again, that you enjoy by taking out a loan to advance your education.

Alternatives to your plan:

You have a degree, you are employable in the fields you state. Get a job in one of those fields; or, do some of that work for your current company. If you try it out, and do not like it, try a different one. No real harm there. No looming debt over your head.

Once you settle on a field, and seem to enjoy, then consider advancing your education. Many employers will pay a healthy portion of your education that is job related. If you are making a good salary you can save up cash and pay the remainder without a loan.

In my opinion it would be unwise for you to pursue a master's given the situation you state. Pay off your existing loan, and seek ways to explore your areas of interest. You can even take some coursework for free from many online universities.

People always say it's worth it to spend $/take out a loan for an education because it's invaluable or will pay off in the end.

You are right to be skeptical of this advice.

But isn't this kind of thinking what's causing people to go into upwards of 140k in student loan debt?

Yes. 100% yes.

No matter the degree, it is generally the folks who overprioritize their career and work a lot that populate the upper end of the stated average income for people who have attained that particular degree. You need to be really honest with yourself about what sort of work you'll be actually willing to do once you graduate for the second time. Even at Yale law school (far and away recognized as the number one and most competitive law school), there will be an average income of graduates, and half of graduates will earn below the median, all of them will have spent an exorbitant amount of money for that piece of paper. The flip side of the coin is there will be graduates of University of Minnesota (#20 law school) who will out earn graduates of Yale.

I feel like its a horrible platitude, but, find something you actually like doing, and get better at it. Identify where you already spend your time, and just start digging a well there. There are absolutely situations where the degree is the minimum to even touch a doorknob. Generally, that world is really competitive. What degree you have, where it came from, matters. Is that the world you want to be in? Do you want to be in a persistently highly competitive situation where everyone around you went to overachiever universities to compete with other overachievers. Do you want to be in a state of permanent competition in applying theoretical math? Or did you see these subjects in some set of data that pairs annual income to education.

There was a book a couple of years ago called 'The Outliers' in which the author theorizes that it takes 10,000 hours to become an expert in a field. It's not likely you will come out of a masters program in anything as an expert in the field, and unless you are already tilted toward the field of education you are looking to pursue it's not likely you will ever be an expert in that field. I had a finance professor recommend that we at least read Barron's every week. A number of the students groaned at the suggestion. If you're not willing to immerse yourself in the field, you will likely never be successful in that field.

Warren Buffett reads financial statements for fun. A LOT of students went to finance class with Benjamin Graham, there's one Warren Buffett. A lot of students are going to high powered schools to learn math to program algorithms, some of them are already doing that for fun.

You are already ahead of the pack in terms of your allergy to debt and skepticism of the value of further education. Just makes sure that where you spend your time, is where you want to spend your time. A lot of people have degrees, in every degree, in every job, in every state 50% of people are below the median. The people above the median are paired to a degree in a field they likely would have spent their time on anyway. If you already like this field, you already pursue it in other ways, you want to dig deeper, then sure, take the loan and go do it. If you're looking for a field to juice your income, a technical school in something you like will likely grossly outperform a masters degree from a top university in a field you chose for money.