Last week, in response to a questionable comment about the PhD level. Blame it on a previous post, the Ph.D. Debt Survey, open source Googledoc spreadsheet. It has now surpassed 1700 entries. The original painting is here. I still collect new entries, but through a form. I appreciate your work. Please complete this form with information about your debt – whether your debt is $0 or $250,000 or something in between. The information is invaluable for reasons that I will discuss in today’s post below.
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Tell us about your balance sheet: assets and liabilities
06:43 Emily: Yes. I can’t really imagine someone with two more years of experience making a weaker candidate. Also, you know, I think we could hear the clarity of what you just said about your career plans at this point. Maybe you didn’t have that two years ago, or to a lesser extent, you know, but it’s great. Once again, congratulations. So let’s talk about your money. At this point in your life, you have money and you have no money. Your balance sheet is a bit more complicated than it was just after your studies.
Then yes. Tell us about them, give us a little overview of your balance sheet, your assets, your liabilities, and then we’ll talk a little bit more about each one.
07:20 Alexandra: Yes, my only major burden right now is my graduate credits from my master’s program. Yes. It’s kind of the one big thing hanging over my head. I currently have no other debts. And then on the wealth side, my wealth is divided primarily between my retirement savings, both from my 403(b) from my current position. And then I maxed out my Roth IRA every year as much as possible. So for the last three years. And then the other half is kind of a standard savings account, as well as a long-term investment account and a little bit of a short-term one, like a swing investment, which is just kind of fun money right now. But I live in Boston right now. I am moving to New Haven. So my only major new burden will be a car to buy.
Questions to ask before taking on graduate debt
Who should get graduate loans and who should avoid unfunded programs? The answer depends on your situation. Before you go into college debt, be sure to ask yourself the following questions.
Consider
debt for a doctorate by program
A doctorate is the most expensive type of university degree, but the debt incurred by students may vary by programs. Some degrees take longer than others, and some degrees allow students to cover their costs through teaching or research while still in school.
Here are the latest figures from the Ministry of Education regarding the higher education debt of young graduates who took out a loan to get a doctorate, by program: