Melissa Korn

speaker

822 appearances 14 recordings 1 series first heard Sep 2017 last heard Sep 2024

Melissa Korn’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Many Master's Programs Leave Grads Short on Earnings to Pay Off Loans · 9 Jul 2021 podcast

The most egregious example we came across is Columbia's film program. voice-verified

So they have a Master of Fine Arts and also a Master of Arts in Film and Media Studies. voice-verified

And the numbers for both of those are combined in the education department data. voice-verified

And their recent graduates who borrowed federal loans borrowed median $181,000. voice-verified

And two years after graduation, they were earning voice-verified

The median earnings figure was under $30,000. voice-verified

So they took out roughly six times as much as they were earning early on. voice-verified

Debt counselors recommend that you not borrow more than you'll make at the beginning of your career period. voice-verified

So they very much failed that test. voice-verified

It's definitely worse for some degrees, right? voice-verified

So master's programs in the arts, in social work, journalism, counseling, those sorts of fields, the payoff, the earnings potential just isn't very high, especially at the beginning of your career. voice-verified

Now, some fields, you take on a lot of debt, but you're going to make a lot of money or you'll eventually make a lot of money. voice-verified

you know, the ideal path. voice-verified

But some of these, you're just really never going to be earning six figures, but these students are taking on well into the six figures in loans. voice-verified

There were some surprises too, like some health fields, occupational therapy. voice-verified

At Columbia, the students take on quite a bit more debt than they earn at the beginning of their careers, and their salaries rarely go up significantly after that. voice-verified

It's a really good question because there are loan limits for undergraduates. voice-verified

You can only borrow a certain amount when you're pursuing an associate's or bachelor's degree. voice-verified

But when it comes to master's degrees, those limits don't exist and you can borrow up to what's called the cost of attendance. voice-verified

And that number is set by the school and it includes tuition, fees, and estimated living expenses. voice-verified

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