The Benefits and Detriments to Earning a Doctorate Degree

There is no question that earning a doctorate degree creates more career opportunities both in terms of salary eligibility and type of employment. Unfortunately, these opportunities come at the price of many years of foregone labor market earnings. Many doctorate degree candidates are unable to find work in their field while they are actively pursuing their degree, which can lower earnings even further over the course of their academic career. In addition, doctorate degree programs are expensive, and often require candidates to borrow substantially in order to complete them. On the positive side, however, lost earnings, even if invested at the time they are earned, are more than likely to be compensated and eventually surpassed in the years immediately following graduation. As for the price of earning a doctorate degree, student loan providers generally offer very reasonable interest rates compared to other lenders and allow students to repay over the course of many years, usually without requiring any payment until graduation.

According to the U.S. Census Bureau, doctorate degree holders will earn, on average, just under one million dollars more than their masters...