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Does your career plan require a PhD? Like do you want to be a college prof or work in a lab if you do STEM work? If not, I don’t recommend it. Even being a college prof is hard to get into with an abundance of PhDs and fewer tenure track roles. And with the admin cutting funds for grants and research, the next 4 years at least are going to be ROUGH in academia.
As someone who went this path, I cannot express how correct this other SM. PhD and still in retail.
I wouldn’t take on a bunch of student loans at 30 with no tangible ROI.
For reference, I tripled my student loans at 31 but only bc I was accepted into a top 10 MBA program. I almost tripled my salary immediately out of school and knew that was a distinct possibility bc of the employment report I reviewed. I would never have done that if I hadn’t gotten into a top program with that kind of known output.
Agreed with D1. I wouldn't take up a loan without knowing for sure that I have an ROI.
I think generals have really gotten in the way .. it's repeating high school and it eats a good portion of money from you. Grants help but not as much as you'd need them
I hate to sound cliche; but you know the old saying about PhDs, right? If someone isn’t paying you to finish your PhD then it really isn’t worth doing; you’d be better off applying for research grants; or being with an employer who will reimburse you for the tuition…but it’s really all up to you…it will be approx. another $100k to $150k on top of what you may have already borrowed.
Do you know the saying among Doctorates (PhDs) and professors etc.? Answer: Only go back for your PhD if someone is paying for it for you (i.e.,don't run up loans for a PhD). I don't know whether I agree, absolutely, with that but that's what I heard (often) when I was finishing my M.S. You should really ask yourself, if you have a REAL reason to complete your PhD. If you're considering a PhD for the title or because you think it will get you ahead by any measure; secure your career/job future; provide a most noble cocktail talking point w/ Ivy League Alumni or Washington Elitecrats; or will demonstrate how large your brain is some way; then, I would advise against it--you'd be wasting your time (to take federal loans). It's a real commitment-on the order of a lifetime (similar to Biblical marriage) & labor (research) intensive when you begin trying to publish your work--on the order of 60 to 80 hrs a week, non-stop intensive. It's romantic to believe that companies hire PhDs just for their brains & that's adorable; If a company will even consider hiring you based on your PhD, then your work hours are about the same at 80+ hrs/wk; Research PhDs, DO make big salaries when they find the right company, though; but, many become jaded when they learn none of the work they produce while employed is their own--it's forfeited & thus belongs to the company (even if you surmise, you can produce work in your off hours at home--that work will still be questionable as to whether it's company property). Most serious mentor professors don't take your situation lightly, either.They have to devote a certain number of hours of their work day exclusively, to you & your work; not all of them are cooperative & pleasant. You'll have to demonstrate to any serious professor that you're dedicating your ENTIRE LIFE to academic research, teaching & community service; that your contributions to your field will continue long after you've demonstrated your "revolutionary" thesis, graduated & moved on to your new life in PhD wonderland. A PhD can easily breach the $200,000 mark at state schools & a cool $500,000 at Ivy Leagues (minimum). That's not to mention the quagmire of passive aggressive politics you'll have to muddle through to get the finish line; I honestly hate to discourage you or darken your spirits in any way; but real honesty is required on your behalf, here. I finished my first graduate degree with an M.S.; I served as a graduate teaching asst & was very serious about continuing on to my PhD. I did most of my preliminary research for funding (federal and corporate grants) & interviewed potential professors, in the last year of my masters & I know what's required. Hiring (money flow) doesn't take a miraculous light bolt effect after your done. Many businesses (with exceptions) will see your quals as potentially cost prohibitive rather than a reason for immediate promotions over your coworkers. So, I'd suggest your utmost maturity when making this decision.