The average cost of student loan debt for a degree ranges from $60,000 to $100,000 for many students around the country who embarked on a standard degree to pursue their career choices. However, for those who seek to obtain credentials in some of the nation's highest-earning professions, the cost of earning an education can end up being millions.
According to information published by the Brookings Institution, more than 100 graduates who pursued high-end degrees in fields such as law or specialized medicine have accumulated more than $1,000,000 in student loan debt including interest.
One North Carolina resident, Kathleen LaRose has accumulated approximately $900,000 in student loan debt after deferments and interest accrual on her income-based repayment plan. Originally, pursuing her medical degree cost $277,000 three decades ago, however, it quickly spiraled over the years and at nearly 60 years old, she finds herself in a lifetime's worth of debt.
"I thought I'm going to be working with a doctorate in this country. But, I never ended up making a ton of money". -Kathleen LaRose
Graduate loans,or which are provided to help shore up the cost of post secondary education. However, they come with increased borrowing potential,which gives those pursuing a career path that requires a decade or so of schooling an unlimited stream of student loan debt.
Many successful professionals have used Grad PLUS or Parent PLUS loans to secure an education that may otherwise be unobtainable. In the end, the cost for some is slowly becoming alot more than they bargained for.