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View Diary: Student loan debt will exceed $1 trillion this year (123 comments)

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  •  I notice you didn't comment on the link. (0+ / 0-)

    The thing is that the payment for a students service isn't necessarily possible.  I got my PhD at a tier one research facility, and I had two semesters where there was no funding available for me.  Maybe at your university it works that way, but to imply that it works that way "nationwide" is a little off the mark.  You need to back that up with info.

    Next, please tell me how to get out of economic squalor, when I have two masters, (MBA and MS in Physics) and I can't find a job?  I went back to school, b/c no one was hiring after the first Bush recession.  I don't really see how you can tell me that I won't get paid more for a PhD in Physics vs. just a Master's?  You state:

    ...in exchange you get access to some very specific careers with few available positions, e.g. professorships...

    That may be true for a liberal arts degree, but not so much in the Natural Sciences.  All statistics point to much better earning opportunities for someone in a PhD in any of the natural sciences vs. someone with just a bachelors (or a masters).  Sorry, but my wife works in Dean of Students with her PhD and its her job to know and provide information on this.  So your statement is patently false.

    The way I see it, I couldn't be awarded my PhD without making a contribution to the physics community.  Science benefits the nation and people as a whole, and each scientific discovery, regardless of its value, contributes to the community as a whole.  If you see it a different way, we'll just have to agree to disagree.

    Maybe this will put a frame on it for you:

    I also served 4 years as an Infantryman in the US Army.  Now I'd say that's some serious community service, but I can say without a doubt, that the time that I put in as a grad student for my PhD (6.5 years) is worth more to this country than the 4 years in the Army learning how to "kill people real good."

     

    •  Very well, I'll comment on your link. (0+ / 0-)

      I'm not sure what you claim this graph implies, but it certainly doesn't justify paying to get a PhD.  It only shows percentage changes in earnings caused by the economic downturn (coupled with a protracted war on wages.)  Basically this graph says that the economy is bad, not that a PhD is anyone's ticket to financial stability.

      The number that really matters is the absolute difference in expected earnings over an MS, minus the cost of financing the PhD on loan (on top of the cost you already pay by giving up 4+ years of MS-level salary.)

      Secondly, as you say, the extra money you get from a PhD depends a great deal on your field, and is complicated by other factors, like the difficulty of scoring a PhD-level job in this economy, whether the job pays a lot or a little.

      Next, please tell me how to get out of economic squalor, when I have two masters, (MBA and MS in Physics) and I can't find a job?

      Your employment problem is not caused by the lack of one more degree.  It's caused by a bad economy and lack of jobs.  Getting a PhD will not change the one thing that is keeping you from getting a job.  It will of course increase your opportunities, but you will then face the same contracted market for PhD jobs as you faced for MBA jobs and MS jobs.

      All statistics point to much better earning opportunities for someone in a PhD in any of the natural sciences vs. someone with just a bachelors (or a masters).  Sorry, but my wife works in Dean of Students with her PhD and its her job to know and provide information on this.  So your statement is patently false.

      I don't think you understand.  A PhD will always give you more and better earnings opportunities than an MS.  Of course all statistics will confirm this.  The issue is not whether you earn more, but how much your expected extra earnings make up for the cost you paid for the extra education.

      Note by the way that those same statistics also said you'd make a crap-ton of money with an MS and an MBA, and you know from direct experience that this wasn't really true, not right now.  So make sure you take those PhD earnings statistics with the same grain of salt.

      Linking to a news article is journalism in the same sense that putting a Big Mac on a paper plate is cooking.

      by Caj on Thu Oct 20, 2011 at 03:31:15 PM PDT

      [ Parent ]

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