The average cost of student loan debt for a degree ranges from $60,000 to $100,000 for many students across the country who have embarked on a standard degree to further their career choices. However, for those seeking degrees in some of the highest paying professions in the country, the cost of education can end up running into the millions.
According to information published by the Brookings Institutionmore than 100 graduates who have gone on to higher education in fields such as law or specialized medicine have accumulated more than $1,000,000 in student loan debt, including interest.
North Carolina resident Kathleen LaRose has racked up about $900,000 in student debt after deferrals and accrued interest on her income-based repayment plan. Pursuing medical school originally cost $277,000 three decades ago, but that quickly skyrocketed over the years and at nearly 60, she finds herself in lifelong debt.
“I thought I was going to work with a PhD in this country. But I never ended up making a ton of money.” – Kathleen LaRose
Graduate loans, or which are provided to help cover the cost of post-secondary education. However, they come with increased borrowing potential, giving those pursuing a career path that requires a decade of schooling a unlimited stream student loan debt.
Many successful professionals have used Grad PLUS or Parent PLUS loans to secure an education that might otherwise be unobtainable. In the end, the cost for some is slowly getting much higher than expected.