Acquiring a master’s degree from an elite school such Columbia University does not guarantee result on returns when it comes earnings enough money to pay off student loans. Recent film graduates of Columbia University borrowed federal loans totally $181,000. After two years many graduates are realizing that it is a challenge to pay down student loan debt especially if making less than $30,000 a year. Colombia programs is an extreme example of how elite universities in recent years have awarded thousands of master’s degrees that don’t provide graduates early careers to pay off their student loan debt according to a Wall Street Journal analysis of Education Department data.
Data show recent Columbia film alumni had the highest debt compared with earnings among graduate of any major university master’s program in the U.S. The New York City university is among the world’s most prestigious schools, and it is $11.3 billion endowment ranks it the nation’s eight wealthiest private school. Faculty, staff, and student for years have appealed to administrators to tap the wealth to aid more graduate students leaving taxpayers to pay for unpaid degrees from top leading institutions as many master’s students took on debt beyond what their pay would support, according to reports from Wall Street Journal. At Columbia, each student graduated from master’s programs in history, social work, and architecture.
Columbia University President Lee Bolinger said the Education Department data in the Journal analysis can’t fully assess salary prospects because it covers only earnings and loan repayments two years after graduation.
At the New York university, graduates with a master’s degree in publishing borrowed a median of $116.00 and hd an annual median income of $42,000 two years after the program, the data on recent borrowers show.
At Northwestern University, half of those who earned degrees in speech-language pathology borrowed $148.000 or more, and graduate had a median income of $60.000 after two years. At the University of Southern California’s marriage and family counseling program borrowers had a median of $124.000 and half earned only $50.000 or less over the same period.