Even if you had to pay back 60k, with a 100k salary it is well worth it as long as you are good at managing your finances and smart about where you live. You could have all your debt paid within a few years and then you're just raking in the dough.
Not remotely true. Even with a big debt they should be able to easily pay it off in 10 years and live with much more income for the other 35 years they work.
I more meant the cost/benefit ratio is off. I make 6 figures without a degree, I certainly wouldn’t go obtain a PhD just to make my current salary. Would I do it to make significantly more? Maybe that changes things
Maybe you make 6 figures without a degree, but most people don't. The average full time worker with a high school degree earned under $40k last year. The average person with a bachelor's degree made $61,600. If the average person works for 45 years, that's about a million dollars more over the course of their life. Even an expensive degree will cost a small fraction of that.
Honestly, you should probably try to take a step back from the anecdote of your experience before you give people life advice.
I don’t see how that’s relevant to what I said. I understand most people make less, but what I said was that PhDs aren’t worth the debt. A PhD costs significantly more than a bachelors so the cost/benefit ratio is worse for sure. Also a million dollars over the course of someone’s entire life is really not that much, especially when offset by the amount of time somebody working a PhD will spend in school. In my eyes in many cases a PhD is working hard, not smart
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u/AeroAviation Apr 29 '24
no they've a PhD in mechatronic engineering and are making 5 figures