From 1999 to 2016, the average debt assumed for master’s study, among the nearly half of students who borrowed, increased by 57 percent, to $66,000. Is it worth it? WDeresiewicz writes on the desperate economics behind the pursuit of another degree
Photo-Illustration: New York Magazine. Photos: Mopic/Shutterstock, IStock/Getty Images An investigation by The Wall Street Journal in July sent a shiver through the millennial and zoomer class. The story, “‘Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off,” dug through Department of Education data to highlight master’s programs at prestigious private universities whose alumni were struggling under mountains of debt.
That is all the more true given the half-assed things people major in these days. I don’t mean the liberal arts; I mean the opposite. Humanities majors, whose numbers have been falling for decades, account for less than 6 percent of new graduates; social-science majors a little more than 14 percent. Meanwhile, vocational fields account for fully half: things like communications, law enforcement, leisure and fitness, and, above all, business, which alone accounts for nearly 20 percent.
And because of financialization, not to mention the ever-climbing cost of higher ed, that investment is increasingly literal. Thanks to the Grad PLUS loan program, which Congress created in 2005 and which has no fixed borrowing limits, graduate debt has exploded. From 1999 to 2016, the average debt assumed for master’s study, among the nearly half of students who borrowed, increased by 57 percent, to $66,000.
But it depends on the field. Of the ten job categories that show the biggest wage advantages for master’s holders, six are in management and two are in finance. Of the three with the smallest, two are in the arts. Which brings us to the master in fine arts, or M.F.A., the degree under scrutiny in the Journal story.
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