Why you SHOULDN’T go to graduate school!

The paragraph discusses the common misconception that obtaining a higher degree, such as a master's or doctorate, will guarantee better job prospects and financial stability. It highlights the issue of student debt, emphasizing that a significant portion of this debt comes from graduate programs. The speaker argues against the idea that one can simply pursue their passion at the undergraduate level and then easily transition to a higher degree for better job opportunities, as this often leads to increased debt and limited job prospects.

This paragraph delves into the financial implications of taking out loans for graduate studies. It contrasts the relatively lower interest rates of undergraduate loans with the much higher rates of graduate loans, including Grad PLUS and Parent PLUS loans. The speaker points out that the interest starts accruing immediately, even while students are still in school, leading to a potential doubling of the loan amount by the time they start earning a professional income. The paragraph also provides statistics on the average debt for various degrees, highlighting the significant financial burden that graduate students face.

The speaker addresses the misconception that doctoral degrees can be completed in a short period, often within two years. Instead, the average time to complete a PhD is 8.2 years, significantly longer than commonly believed. This extended timeline, combined with the age at which one enters graduate school, means that the average PhD graduate is 33 years old and carries a substantial amount of debt. The paragraph also touches on the additional time required for residencies and fellowships in professional fields, further delaying financial independence.

This paragraph highlights the challenges of completing a PhD program, with only 57% of students graduating within 10 years. It discusses the pressures and exploitation faced by graduate students, including long hours and the potential for advisors to misuse their power. The speaker shares a personal story of a friend whose work was claimed by an advisor, illustrating the power dynamics within academia. The paragraph also points out that even with a doctorate, securing a tenured professorship is not guaranteed, and many end up in the job market with limited opportunities and high levels of debt.

The speaker compares the structure of academia to a pyramid scheme, where only those at the top benefit. The paragraph discusses how the system encourages students to pursue higher degrees with the promise of better job prospects, which often does not materialize. It points out the irony of teachers teaching others to teach and the limited number of academic positions available. The speaker also mentions the subreddit r/gradschool as a resource for those who believe academia operates like a scam, and cautions viewers to be careful when considering graduate studies.

The paragraph challenges the notion that higher degrees lead to significantly higher earnings. It presents statistics showing that master's degree holders earn only about 23% more than bachelor's degree holders, despite the higher cost of education. For PhD holders, the increase is even smaller at around 26% more than bachelor's degree holders, and this comes after an additional eight years of study and a substantial increase in debt. The speaker argues that from a personal finance perspective, pursuing a higher degree is often not a good investment.