[sschronk]

That seems like a lot of money. But if you will, please consider this simple scenario:

Even after you obtain your degree you will start out as an Adjunct Professor. These jobs pay about 2-4K per course.

After you have done that for about 10 years or so you might land a job as a professor at a community college.

Now you're making about $40-55K. Teach there for another 5-10 years until you finally get a job at a University to make that $80K.

Compare this (if you will) to the same person who leaves college with Ph.D and starts at $75K.

The difference in earnings over a lifetime is huge.