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Inequality and Opportunity in a Perfect Storm of Graduate Student Debt

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Title: Inequality and Opportunity in a Perfect Storm of Graduate Student Debt
Language: English
Authors: Pyne, Jaymes (ORCID 0000-0003-2570-5384), Grodsky, Eric
Source: Sociology of Education. Jan 2020 93(1):20-39.
Availability: SAGE Publications. 2455 Teller Road, Thousand Oaks, CA 91320. Tel: 800-818-7243; Tel: 805-499-9774; Fax: 800-583-2665; e-mail: journals@sagepub.com; Web site: http://sagepub.com
Peer Reviewed: Y
Page Count: 20
Publication Date: 2020
Sponsoring Agency: Institute of Education Sciences (ED)
Document Type: Journal Articles
Reports - Research
Education Level: Higher Education
Postsecondary Education
Descriptors: Educational Opportunities, Student Financial Aid, Debt (Financial), Graduate Students, Professional Education, Social Differences, Disadvantaged, Disproportionate Representation, Educational Attainment, Costs, Educational Finance, Career Choice, Higher Education, Enrollment Trends, Undergraduate Students, Advantaged, Minority Group Students, Gender Differences, Socioeconomic Status, Race
DOI: 10.1177/0038040719876245
ISSN: 0038-0407
Abstract: Recent efforts to understand aggregate student loan debt have shifted the focus away from undergraduate borrowing and toward dramatically rising debt among graduate and professional students. We suggest educational debt plays a key role in social stratification by either deterring bachelor's degree holders from disadvantaged and underrepresented backgrounds from pursuing lucrative careers through advanced degree programs or imposing a high cost for entry. We speculate that the ongoing personal financing of advanced degrees, changes to funding in higher education, and increasing returns to and demand for postbaccalaureate degrees have created a perfect storm for those seeking degrees beyond college. We find that aggregate increases in borrowing among advanced degree students between 1996 and 2016 can be explained in part by increasing enrollment rates, particularly among master's degree students, and large, secular increases in graduate and professional students' undergraduate and graduate borrowing. In contrast to undergraduate debt alone, the burden of educational debt among graduate borrowers appears to have fallen on students from lower socioeconomic backgrounds and historically underserved students of color more so than their more advantaged counterparts and on women more so than men. However, we also find that median advanced degree wage premia over those of bachelor's degree holders are substantial for many who graduate with advanced degrees but are particularly high for African American and low socioeconomic status graduates, complicating simple conclusions about the stratification of debt at the postgraduate level.
Abstractor: As Provided
IES Funded: Yes
Entry Date: 2019
Accession Number: EJ1237984
Database: ERIC
FullText Text:
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  Data: <searchLink fieldCode="AR" term="%22Pyne%2C+Jaymes%22">Pyne, Jaymes</searchLink> (ORCID <externalLink term="https://orcid.org/0000-0003-2570-5384">0000-0003-2570-5384</externalLink>)<br /><searchLink fieldCode="AR" term="%22Grodsky%2C+Eric%22">Grodsky, Eric</searchLink>
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  Data: SAGE Publications. 2455 Teller Road, Thousand Oaks, CA 91320. Tel: 800-818-7243; Tel: 805-499-9774; Fax: 800-583-2665; e-mail: journals@sagepub.com; Web site: http://sagepub.com
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  Data: Recent efforts to understand aggregate student loan debt have shifted the focus away from undergraduate borrowing and toward dramatically rising debt among graduate and professional students. We suggest educational debt plays a key role in social stratification by either deterring bachelor's degree holders from disadvantaged and underrepresented backgrounds from pursuing lucrative careers through advanced degree programs or imposing a high cost for entry. We speculate that the ongoing personal financing of advanced degrees, changes to funding in higher education, and increasing returns to and demand for postbaccalaureate degrees have created a perfect storm for those seeking degrees beyond college. We find that aggregate increases in borrowing among advanced degree students between 1996 and 2016 can be explained in part by increasing enrollment rates, particularly among master's degree students, and large, secular increases in graduate and professional students' undergraduate and graduate borrowing. In contrast to undergraduate debt alone, the burden of educational debt among graduate borrowers appears to have fallen on students from lower socioeconomic backgrounds and historically underserved students of color more so than their more advantaged counterparts and on women more so than men. However, we also find that median advanced degree wage premia over those of bachelor's degree holders are substantial for many who graduate with advanced degrees but are particularly high for African American and low socioeconomic status graduates, complicating simple conclusions about the stratification of debt at the postgraduate level.
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        Value: 10.1177/0038040719876245
    Languages:
      – Text: English
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        PageCount: 20
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    Subjects:
      – SubjectFull: Educational Opportunities
        Type: general
      – SubjectFull: Student Financial Aid
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      – SubjectFull: Debt (Financial)
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      – SubjectFull: Graduate Students
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      – SubjectFull: Higher Education
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      – SubjectFull: Undergraduate Students
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      – SubjectFull: Advantaged
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