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Grad school is debt machine

(CBS News) The rapidly swelling cost of student loan debt is not being inflated simply by unaffordable undergraduate and associate degrees as 40 percent of the $1 trillion in outstanding student loan debt paid for expensive post-graduate and professional degrees.

“Is College Worth It?” explores the answer to a critical question: Should we keep sending our kids to college?

A new report from the New America Foundation’s Education Policy Program finds that median debt loans for graduate school borrowers increased from $40,209 in 2004 to $57,000 by 2012. The median debt amassed for a masters of arts graduate increased to $58,539 from $37,965 over the same period. Borrowers at the 75th percentile of indebtedness saw jumps from $54,000 to $85,000 in inflation-adjusted data from 2004 to 2012.