GREENSBORO, NC -- How about adding $17,000 to your pay check each year?
According to a study by Georgetown University that's how much more you make every year with a Master's degree over a bachelor's degree. Of course you also have more student debt coming along with that.
Earnest, a financial services company, looked at how much average debt students have versus the average income someone with the Masters Degree earns. The worst debt to starting pay ratio, you can probably guess it, Medical School with almost $200,000 in debt compared to $130,000 average starting salary.
But doctors salaries grow really fast, so it doesn't take them as long to pay off the bills.
The hardest to pay off, people who get a Masters of Arts degree.
On the flip side, engineers and the MBAs are the easiest degrees to pay off.
And School reputation matters. People who went to more prestigious schools – have more debt, but often start out with higher salaries. And it remains that way through out the first decade of their career.