My student loans from my master’s degree are completely paid off as of today, 9 years after they began. Even with relatively low interest rates, I ended up, in sum, paying about 12.5% more than the actual loan amount, due to 9 years of interest, and a minor payoff fee.
So was it worth it? That’s like asking someone if it’s worth paying to work. It depends how you set the equation. Nobody would pay to work at something that gave them nothing. But people pay to work all the time in internships and other poorly- or negatively-paid jobs that they hope will get them to somewhere else or away from where they are.
Financially, I probably have about broken even, although there’s no clear way to judge that. What was the opportunity cost? Of course, I intentionally chose this degree because of its anti-vocational nature – there are trade schools for getting jobs. There are some jobs I have and have had which I wouldn’t have or have had without the degree. But I’m sure I would simply have worked elsewhere, and perhaps developed my career further in the time spent at “school”. The degree doesn’t really have any long-term financial value.
Those family members invested in my financial well-being have difficulty understanding the value of something that pays nothing back. Perhaps this is a Jewish thing. What kind of investment takes your money and pays nothing back? I’ve come to agree with this point of view, even though I have no regrets about my past decisions, since they were intentional and not rash.
As for less quantitative valuations, I made good friendships with interesting people and generally had a great time in school. It was refreshing, sort of like going to the spa. Now it and I are done, finished.
As far as I know, I am not in debt to anyone. I suppose this means I am worth nothing and can’t be traded. Please let me know if I owe you anything. If you owe me something, I have not forgotten, and it is logged in a spreadsheet I review daily.