‘Financially Hobbled for Life’: The Elite Master’s Degrees that Don’t Pay Off

Wall Street Journal Deputy Bureau Chief Melissa Korn and Reporter Andrea Fuller analyze how master’s students at elite universities across the United States often accumulate debt far exceeding what their early-career earnings can support. Columbia University’s film program stands out as an extreme example, with graduates earning less than $30,000 annually two years after graduation while carrying a median federal loan debt of $181,000. Despite these institutions’ substantial endowments, they have faced criticism for failing to provide sufficient financial support to graduate students, ultimately leaving taxpayers to shoulder the burden of unpaid federal loans. Driven by the allure of prestige and legacy branding, students are often led to believe these degrees are worth any price tag.