Should Parents Pay For Grad School, Too?
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Posted By: Hija Chang on March 30, 2016 Robert Farrington , CONTRIBUTOR Even though the job market has been improving dramatically over the last few years, many college graduates are opting to go straight to graduate school before entering the job market. Right or wrong, many of these same students are depending on their parents to help them pay for their graduate degree. A recent study from the Graduate Management Admission Council has seen a 50% increase in applications to MBA programs in the United States, with over 30% of applicants having less than 3 years of work experience. This is also consistent with studies from the Institute of Education Sciences, which has seen graduate student enrollment increase 78% over the last 30 years. While graduate school can provide a lot of opportunities for graduates, it may not always be the best choice. And, for both parents and students, it could be a financial burden if not planned out correctly. Understand Why Your Student Is Going To Grad School First, it is essential to really understand why your student is wanting to go to grad school. Are they looking to specialize their career? Are they wanting to learn a skill that will help them earn more? Or are they simply going to grad school because they are not having luck finding a job and don’t know what else to do? Graduate school can be helpful for students – especially in certain areas like engineering or computer science. Mastering the skills taught in some graduate schools can boost salaries after graduation by $50,000 or more. However, that’s not always the case as well. Getting an MBA with no work experience can lead to no salary increase after graduation, and the cost of grad school may not be worth it. That’s why it’s key to identifying the motivating factor for continuing to further their education. Realize Now May Not Be The Best Time To Do It Next, you should help your student understand that right now may not be the best time to go back to school. Many grad schools are designed for people who’ve had some work experience. Most students won’t get the full value from going to graduate school unless they’ve already worked and have some experience. This is true, although to a lesser extent, with the technical fields, such as engineering and science. Take the case of Sam Macomb. He went to undergrad at MIT and graduated with a degree in engineering. He didn’t know what he wanted to do after graduating, but wanted to combine his engineering experience with business. So, he decided to get his MBA from Vanderbilt. In the end, he had over $100,000 in student loan debt and was still forced to take an entry level engineering position despite having the graduate degree. The lesson learned is that most businesses value experience more than education – and to make the most of it, you need to combine the two. Paying And Helping The Right Way As a parent, it is essential that you help your student the right way. This could involve money, but it also involves advice. You need to have a real and honest discussion with your student, and help them understand that it may not be worth going to graduate school right away. You should share with them the importance of working, and you could offer them other help while they try to find a job. If you do want to help them with school, make sure that you do it the right way. Make sure that your student isn’t getting private student loans, and you can help them with Parent PLUS Loans for graduate students. The amount of these may not be enough to cover the costs, and you should encourage your student to work or find other options. Remember, as a parent, you can’t get a loan for retirement. But your student does have options to pay for college and graduate school. Many graduate programs, especially science and technology programs, offer fellowships or scholarships that can help offset the costs of school. There Is No Right Answer At the end of the day, there is no right answer on how much parents should help. But too many parents think the best route is helping financially, when in truth, the best help a parent can provide is advice and guidance from their years of experience. Have the tough conversations about the value of graduate school before your student gets burdened with the costs of student loan debt. It’s a conversation that could save your student from a life of financial hardship. Robert Farrington is the founder of The College Investor, an online resource dedicated to helping millennials get out of student loan debt and start investing for their future. Follow @CollegeInvestin. Photo: www.eduinreview.com If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Hija Chang
Management, See Moss Interactive Bellarmine University class of 2021 Member Since January 2011 |
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