When Generations X and Y look at the resumes for us Baby Boomers they get bug-eyed when they get to the "Academic Education section." Yes, we were the overeducated generation. No surprise, we were the first generation in America to go to college as a mass movement. So, it was expected that we would overdo a good thing. I pursued intellectual excellence at Seton Hill University, the University of Michigan, and even Harvard Law School.
But, I left that maze of testing and research papers only $2500 in debt. Today's graduate student, reports THE WALL STREET JOURNAL, leaves with an average nut to pay back of $43,524 (Source: FinAid.org). That's a lot of money, considering, unlike the time we came of age, this is not an era of affluence, at least not for the 99%.
All generations have to ask ourselves if advanced studies - that is, after the entry level BA or BS - were "worth it." Of course, that depends, especially on the work we get access to do. When I do complex ghostwriting assignments, say on alternatives to bankruptcy or what's needed for ethnic groups to succeed as entrepreneurs, the training in research and connecting the dots at a high level kick in. However, when the marketplace forces me to do routine assignments like making web content keyword-dense, I default to despair that I allowed myself to become conditioned for making sense of complexity.
But, how would I assess my educational investment if I owed $43,524? Likely, with regret. Debt, at any level and at any interest rate, limits career risk.