PhD Degrees And Hard Study To Get Success Bright Future Guide In 2022

PhD Degrees And Hard Study To Get Success Bright Future Guide In 2022
PhD Degrees And Hard Study To Get Success Bright Future Guide In 2022

Introduction Of PhD Degrees And Hard Study To Get Success Bright Future Guide In 2022

PhD Degrees And Hard Study To Get Success Bright Future Guide In 2022. Is a Ph.D. worth it that’s the fact that student debt is absolutely out of control according to the national center of educational statistics the average debt for a Ph.D. graduate is around 108 000 now part of that debt is going to be from their undergraduate degree usually that’s going to be a bachelor’s and then part of it might be from them getting a master’s and then going on to get a Ph.D. there are many instances?

Where Ph.D. Programs Are Fully Funded

Where Ph.D. programs are fully funded so you actually don’t have to gather any student loan debt while you’re in the program itself but many of them, unfortunately, aren’t now I couldn’t find any exact figures but the ones that tend to be fully funded are usually in degrees that are already good in the first place majors like engineering math technology, etc those do tend to be fully funded whereas ironically a lot of the time the degree tracks where you might have to get a Ph.D. to work in that subject.

That fields are the ones that unfortunately aren’t fully funded so if you do decide to go this route make sure to get into a fully-funded program because a hundred and eight thousand dollars of student loan debt is a lot of the total federal student loan debt right now in the united states is about 1.7 trillion dollars now we’re not going to get into.

How this ridiculous catastrophe happened I’ve made other videos where I talk about that but basically, most people know it’s bad but it’s even worse than it looks the total credit card debt in the united states of America is over one trillion dollars which is a lot the total amount of auto debt aka car or vehicle debt is about 1.2 trillion still not as much as the total amount of student loan debt over half of the 1.7 trillion dollars of student loan debt is from graduate school alone in fact graduate school might be the biggest offender in the student loan debt crisis.

A Lot More Money And This Leads

The reason for this is there are a lot of arguments that the way the college system is set up is that it incentivizes people to go into particular degree paths that won’t end up getting them a job with just a bachelor’s level degree then a lot of them end up going to graduate school because they pretty much don’t have any other choice and of course, the school benefits from that by making.

A lot more money and this leads to my second point which is if you do end up having to pay for graduate school using loans the type of loans you take out are much worse now typically undergraduate loans are going to have an interest rate of somewhere around 3.5 to 5 percent on top of that when you take out these undergrad loans to get a bachelor’s degree they usually don’t start accruing interest until after you’ve graduated now three point five to five percent isn’t all that bad especially. You Can Also Read STATISTICS Degree Is A Right Study For Me | Pros And Cons Of Statistics Study 2022.

When you consider the fact that if you were to just put money into the stock market like an index fund for instance you’d get about seven percent return on average however when it comes to graduate schools you take out what is known as grad plus loans and the interest rates for these loans are over seven percent per year for instance last year the interest rate on these loans was 7.6 and the year before they were about seven on top of that there’s about a 4.2 servicing fee that they take outright at the beginning.

A Master’s Degree It’s Going To Be Around 66 000 And For A Ph.D

When you first get your loans and if all of that wasn’t enough the money that you take out starts gaining interest right away this is why if you’re becoming a doctor for instance that might take seven to ten years of schooling all of that interest is going to be accruing and compounding the entire time while you’re still in school and you’re not able to make any payments so by the time you start paying your loans the total amount might have almost doubled and you end up as.

A clickbait thumbnail on a Dave Ramsey video now the average student loan amount that you take out for a bachelor degree is around 40 000 a year for a master’s degree it’s going to be around 66 000 and for a Ph.D., it’s around a hundred and eight thousand and a lot of that hundred and eight thousand dollars on average again if you get it fully funded you don’t have to worry about this but on average a lot of that hundred and eight thousand is gonna have seven percent plus compounding interest so.

I guess the big point here is to make sure that if you do go for a Ph.D. it’s fully funded because the next point is that it’s going to take a long time now most people think that a bachelor’s degree takes around four years then you can tack on another two years for a master’s degree so that would be six years total for a master’s so a lot of people also think that getting a doctor would be another two years on top of getting a masters and that would be about eight years total but unfortunately nope that is completely false.

The Average Ph.D. Completion Time Is About 8.2 Years

The average Ph.D. completion time is about 8.2 years on its own so if you get a master’s before getting your Ph.D. it’s going to be the time it takes for you to get your masters plus another 8.2 years if you get a bachelor’s then you go directly into a Ph.D. program it’s going to be four-plus 8.2 which is around 12 years this is why the average Ph.D. graduate.

When they finally get that piece of paper that says that they’re a doctor is going to be around 33 years old and all that time while you’re getting your Ph.D. they are gonna be working you hard you’re probably gonna be working like 12 hours a day six to seven days a week now for me and I think a lot of people who watch this channel are the same way is yes I do like to work I want to have a good income and make a good living and all that sort of thing and I want to enjoy what I do but.

I also want to have a good work-life balance i think a lot of people are like this as well and working 12 hours a day seven days a week throughout all of your 20s and then into your 30s is probably not a great way to have a good work-life balance it’s nice to have the freedom and flexibility to start business travel the world enjoy time with your family and your friends i know i’m like this and i think a lot of other people out there like this as well and then even when you graduate.