Advanced Degree Student Loans: Debt for Wasted Education Due to Over-Qualification

Education tuition increases each year leaving thousands unable to achieve a college level education due to downward economic trends in the United States. For those who are able to achieve an education by racking up student loans and debt in the process may run into situations where they are over-qualified for the job or career they thought they were going pursue once their education was complete.

Achieving a college education is the dream of every parent for their children, but with education are a price tag and risk in today's economy and high unemployment rates. I began my college career path 10 years ago by utilizing student loans, scholarships, school grants, and tuition assistance from the company I work with. In the end my college ended up receiving well over $25,000 in tuition, not including the cost of books and lab fees, for my advanced degree. About $10,000 of that was in student loans that had to be paid out of pocket. This does not include the student loans that I paid off for my undergraduate degree while I was working on my advanced degree. However, the question remains at the end after having walked the stage and received that diploma that took hours upon hours of study time to achieve, where will I work? If you have ever been in this situation then you know the next question is how much will I make with this or these degrees in hand?

Research shows that those employed without a college education make on average $23,000 annually and those with at least a bachelor degree make around $60,000 annually, which is definitely worth the education to receive a starting salary much higher than without. Unfortunately, in today's economic environment and with record breaking highs in unemployment, let's not forget out-sourcing to foreign companies, there is an ever increasing slogan by human resource managers of companies that give you those infamous words, "you are over-qualified."

After having completed my advanced degree I inquired to my executives if I could receive a higher level of leadership within the company and receive a pay increase for the time spent and amount of education received, due in part to company tuition assistance. I received a call a few days later stating that the position that was available had lower qualifications and that I did not qualify for the position. Therefore, completing the advanced degree, that I continue to pay, has not helped me achieve any higher levels within the company I work for. I took this to the next level and inquired into other careers for a management position and was once again turned down due to over-qualification.

All in all I would consider achieving an advanced degree a waste of personal financial resources to attempted increased wealth, but an endeavor that I am personally proud. In the end, due to economic down turns and a low job market, I am still in debt with student loans and no outlet, as of yet, to increase my wealth with an advanced degree. More companies hire individuals today with undergraduate degrees than do graduate degrees. It is a proven, researched, fact.

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