"My daughter works for a nonprofit organization. The pay?s not great but she loves what she does. So much so that she?s now ready to take the next step in her personal career development plan ? graduate school. As it turns out, though, there?s only one university nearby that offers the curriculum she needs, and there are two big problems with its program.
To start, it requires a full-time commitment, which means she?d have to give up the job she?s held for three years, along with the benefits package that comes with it. The program also costs more than $90,000 to complete ? $90,000! ? on top of her $200,000 undergrad degree, and for a position that?ll likely pay less than $50,000 per year."
Would anyone here allow their son or daughter to make such a poor financial decision? Surely, the author of this story had to either supply this money or cosign the loans to allow this to happen. Even in today's tuition bubble, I can't see a high school graduate amassing this much tuition debt or investment without the help of their parents.
I wouldn't even have believed this story if it wasn't for the many acquaintances that share similar stories. I have asked them why and how they are getting into this financial mess (being upside down on tuition versus future pay) but they seem confused.