[geebee]

I'm prepared to believe that going deeply into student debt can have this effect. It is a very insidious form of debt that can't be discharged through standard bankruptcy.

My understanding is that it's possible to avoid this through TA or RA positions with tuition waivers, at least at reputable programs. So I think the question of debt should be considered somewhat separately (though not entirely separately, as this insidious form of debt doesn't existing the world of stupid mortgages or credit card irresponsibility, where at least you have the topic to collapse in bankruptcy and, 7+ years later, start anew. Forever debt lives in the hellacious realm of student loans, divorces, and Dickens novels).

I mastered out of my PhD program, largely partly because I got a good job outside with money and fun projects, and partly because I was struggling academically. I do occasionally "wish" (eh, not really) that I had a PhD, but that's because I work in a university (although in a technical track). I accept that research positions aren't open to MS holders in Universities (or in some industry positions), but the degree ceiling definitely extends into non-research positions that would be available to MS (or BS or no degree) holders in non-university tracks. This, however, is my own deal. If I don't like it, I need to leave, so I wouldn't expect anyone to give this complaint much force.