| The cost of graduate education continues to escalate. Ultimately, the rising debt formation for graduate education may deter qualified students from the pursuit of a graduate education. The literature affirms that students have to borrow money to manage a college education. Government loans are not keeping pace with increasing tuition and fees. Students manage the higher cost with increased use of credit cards. The increased debt level discourages students from the pursuit of graduate education that may be debt averse. Data indicate that doctoral graduate students borrow {dollar}15,000 to complete their academic programs. For students from low-income and single-female heads of household, this human capital investment may exceed their debt-tolerance level and serve as an obstruction to graduate education. As legislatures withhold increased investment in education, colleges and universities raise tuition and fees for their operating budget that makes graduate education less affordable for many students. The continuation of less government involvement in graduate education will impact the quality of leadership, scientific research, and diversity necessary for growth in a market economy. Understanding debt management, policy makers may harness the cost of graduate education with strategies sensitive to the needs of students while in graduate school. This study provides insight that can assist students, families, and administrative officers in planning education to minimize debt creation. |
