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Upon graduation from high school or
college, many individuals face the difficult decision of whether to
continue their education or gain work experience by Study International Staff.
Some insist that
considering the rising cost of degree fees, an undergraduate degree will
create debt and a postgraduate degree will just add to it. However,
many fail to consider the reality of stagnant real wages and distorted
unemployment rates.
Financially planning your academic career can be overwhelming, but staying up to date on fees will make the process much easier.
Source: Spencer Platt/Getty Images/AFP
As of September 2020, the US unemployment rate stood at about 7.9%, according to the Bureau of Labor Statistics. The current high rate is partially due to the economic impact of the global coronavirus pandemic; before the crisis hit in March, it was 3.5%.
In 2019, the unemployment rate for graduates with a bachelor’s degree was 2.2% compared to 2.0% for master’s degree holders. The median weekly earnings for those with a bachelor’s degree were US$1,248 versus US$1,497 for those with a master’s degree, which shows the value of a postgraduate degree. Some fields, such as education and psychology, require master’s degrees and beyond just for entry-level positions...
With all this in mind, many wonder what exactly the differences are in terms of cost when weighing out their options and planning their academic careers. To make the planning process easier, here’s a quick breakdown of undergraduate, postgraduate, and doctorate degree fees:
Source: Study International News
