Nearly 67% of graduate degree holders regret later on in life. You can make a better choice from the experience they have gained in their life.
Acquiring a higher degree is often assumed to bring in high-paying jobs. For some people, one of the reasons for getting a higher education is to satisfy the intellectual thirst they have, whereas others could just be looking for the transaction value that a new educational degree could bring in. But all of these thoughts are most associated with the “present approach.” Do you think you would be satisfied with the acquisition of your new degree in the future as well?
Do you know what actually made us ask this question? The report from PayScale. PayScale is one of the organizations highlighting the remuneration that people get in different industries based on different variables. In one of the recent reports from the organization revealed that approximately two-thirds of the graduate degree holders regret on their degrees later on in life. So, you can say that the “future perspective” of people changes.
In this article, we’ll be focusing on this report from PayScale to discuss what could actually lead to such regrets, and should you actually pursue your education after getting a job or in search of a better job or not.
Aren’t the statistics shocking?
Yes, they definitely are. Nearly 67% of the graduates had second thoughts about their degrees. With this statistic, you should actually analyze if you really need the degree for the future. And of course, for you, you have the time. It is not too late.
Student loans are the main reason:
The main reason for graduate degree regret that has been pointed out by the people in the student loan they took for the completion of the degree. So, considering the cost, it has, along with the benefit that your degree could bring you to a better decision.
“What we did find is that the cost of going to college and the cost of getting an advanced degree especially just really looms large,” Sudarshan Sampath, Payscale’s director of research.
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Why are student loan difficult to repay?
One important thing that we would like you to know is student loans might seem one of the easiest loans to repay, but actually, it isn’t. At the time of applying for this loan, you are pretty sure that you’ll work part-time while completing your degree, and just after the completion of your degree, you’ll get a nice job, and thus repaying it won’t be an issue.
1. Saving approach doesn’t work:
However, the reality is different. Your new degree demands effort. So, does your work. Creating a perfect balance between both these activities is difficult. It gets completely impossible when you add the other responsibilities, family, and friends in your routine. Thus, the first goal that you set for saving is ruined.
2. Degree takes more time:
With such a situation, the completion of your degree often takes more time. So, your expectations of earning a decent some get even more delayed. Even if you complete the degree on time, landing up to the right job hasn’t remained that easy. You might have to struggle for a few months when you’ll actually find something reasonable according to your abilities.
3. Entry level employee package:
But who pays a great package to an entry-level employee who is still on probation. No matter how high-level educational degree you have, you need to go through the same process, at least for your first job. This, all your expectations that you had for repaying the student loan aren’t fulfilled. Within this time, your regret meter starts rising as you probably start thinking that getting a degree isn’t going to reward you this much.
4. Skyrocketed expenditure:
The story has not ended yet. By the time you acquire your job, your expenses have already skyrocketed when it comes to the comparison of your student life and job life. So, your plans about saving and repaying also shatter along.
Now, in such a situation, you can’t go for luxurious spending or investing in your dreams. You already have your student loan to pay. So, when you’ll ask from such an individual if going for a college degree or graduation was actually a good idea, we don’t think that most people would agree with your thought.
Transactional expectations might not give the best results:
Apart from the student loan issues, if you think that a college degree would help you in earning more than what you are earning now, then we would recommend that you should conduct complete research first.
Not every field can generate higher income. A few years back, teaching was one such profession where an improvement in your educational degree meant higher results. But that has been a thing of the past too. Sara Sander, Ph.D., dean of the school of social and behavioral sciences at online college Purdue University Global has validated this point that over time, educational degree related increase in pays for the teaching profession has gone down.
So, if your purpose is solely to earn more money as a result of getting a higher educational degree, then you are at the mistake and would have higher chances of regretting at later stages. As the survey has been available to you now, so you can make your own decision now.
Do all graduate degree holders suffer the same level of regret?
No, the level of regret of different degree holders was different. According to this survey, the most satisfied one was holding Ph.D. degrees. One of the plausible explanations for this result from the survey is that people make the decision to do a Ph.D. after great consideration. So, regretting this decision is limited. Moreover, PhDs are limited, so they might get higher job offers or higher paying job offers comparatively easy. Thus, their stance, according to the survey, is the most optimistic one.
What are some of the other reasons for regret?
Student loans are the most prominent reasons for the high levels of regret, but they are not the only reason. The area of specialization or the selection of the right subjects was another graduate degree regret that individuals faced. Even poor networking and time for the completion of degree also proved to be some of the determinants of the regrets.
So should this mean a no to graduate degree?
No, not at all. You should not take all this into a demotivation post that is restricting you from acquiring higher education; rather, the purpose of this post is to inform you that this is the time when you should be thinking about your future ahead. You could definitely be in one-third of individuals who do not regret their decision.
However, if you are specifically acquiring a higher degree because you want to get paid higher or reach a specific position in your niche, then the best thing to do is conduct complete research that would help you find the alternative ways to reach a specific position. You don’t have to acquire anew degree for that only.
But if getting an education is your passion, then you must definitely dive into a new degree course and learn everything you can. With such an approach, your educational degree would be worth more as you’ll be more productive and more likely to use the lessons learned for the development of new concepts and techniques in your niche.
We know that two-third of the individuals regretting is too much. This is what we advise you to analyze all the pros and cons of acquiring a higher degree, along with the field of specialization and other such details. So, the end result of your graduate degree won’t be regret at any point in your life.
Have you already made a decision with respect to your graduate degree on which you are regretting? You can share your experience and the reasons so that others might get the benefit and don’t waste their valuable time and money over it.