How to take advantage of postgraduate employment in Boston
By Brian Condon, Boston.
Posted October 21, 2019 12:33:10One thing that will be familiar to many students and recent grads is the amount of student debt that they have to pay.
Postgraduate student debt, or PFD, is another major expense for students and is estimated to be at least $13,000 per student.
According to the Federal Reserve Bank of Atlanta, that’s more than a third of the cost of living for college students.
With that amount of debt, it’s not surprising that a college graduate is more likely to find that there is little or no job available.
That’s the reality that student loans are becoming an increasingly important issue for some students.
For those looking to start a career, the typical PFD of a recent graduate student is $11,000.
For those who graduate with student loans, it ranges from $15,000 to $23,000, according to a report from the National Student Loan Data System.
The number of people graduating with student debt is projected to grow by almost 30 percent in 2021, according the Federal Trade Commission.
“We’ve got to make sure that those people who are graduating with a large number of loans are being able to access jobs and be able to make ends meet,” said Elizabeth Brown, a partner at New York-based consulting firm Brownstein Hyatt Farber Schreck.
“This is a good thing to do for the student, and we are not doing it in a way that’s making sure the student is getting a good job.”
There are a variety of ways to reduce the amount that a postgraduate student has to pay to attend a post-secondary school, such as getting an income and paying for tuition, according David R. Smith, an associate professor of accounting at New Mexico State University.
If students don’t qualify for federal student aid, Smith said, they can still work.
He said that while most students can earn income after they graduate from college, the federal government does not provide student loan assistance to those who are unable to pay their loans off on their own.
“The student who’s in a bad place and is unable to meet their obligations and has the ability to pay, the student has the option to either take out a federal student loan, which is what most students will do, or if they can, they may choose to pay off the loan through a private lender,” Smith said.
While many students say that they would like to work but aren’t sure how, there are also many postgraduates who are able to find employment without the need for financial aid.
For instance, many post-graduates can find work as bartenders, waitresses, dishwashers and other service-related positions that require specialized skills.
In the future, there will be more jobs available to students who want to work, and those who can pay.
But, Smith cautions that a good deal of the jobs will be in low-wage industries, including retail and hospitality.
“I think there’s going to be a lot of people who don’t have the skills and the experience to be able find jobs that are going to pay fairly,” Smith added.
“It’s really important that we not forget that we’re not making a mistake by being stuck in this situation,” said R.T. Saller, a senior economist with the Federal Deposit Insurance Corporation.
“There are millions of students who have degrees who can be doing these jobs, and they don’t need federal assistance.”
As with any job, there is a time and a place for a postgraduation loan.
But many postdocs are also interested in getting more education beyond a high school diploma.
And some are just ready to move on.
“As a postdoc, you don’t necessarily want to be living on $10,000 a month and $15 a week,” Smith told FoxNews.com.
“You want to have some degree of stability in your life.”