Categories: Mind & Soul

50 Weird Ways People Go Broke

48. Going to Graduate School — Twice

People typically go to graduate school to further their careers, with the hopes of increasing their income. But graduate school can also come with a hefty price tag, one the grad is often left paying off for many years.

Forbes reported the story of one woman who got a master’s degree in fine arts at the University of Southern California film school but discovered that she couldn’t command the kind of salary in film that she would need to pay her student loan debt. She then decided to enroll at Pepperdine University School of Law to become a lawyer, in hopes of earning more money. However, in the years following graduation, she had more than $300,000 in student loan debt and was struggling to get by on her new-lawyer salary of $20,000 per year.

When it comes to choosing a graduate school, experts recommend keeping your total student loan debt at or below your anticipated first-year salary. Otherwise, you risk going broke.

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