“ Therefore, if a person really wants a degree in a field which offers lesser job prospects (e.g., English, sociology) should carefully consider whether it’s better to attend a less expensive school.”
True, though more expensive colleges sometimes offer higher job placement rates.
“ I’ve read a few Billfold posts where people have trouble getting a job, so they’re going to enroll in MFA school, which will add additional load repayment costs. This approach appears to be counter-productive.”
Not as much as you might think. You’re right for people who are paying for an MFA out-of-pocket, but most of the MFA students at my old school had TAships that payed their tuition in full. A lot of these students would take on summer jobs that would let them pay for their room and board and spend the next two years pursuing their hobby, getting educated, and adding teaching to their resumes. These students weren’t adding anything to their net worth or filling their retirement accounts, but by and large, they weren’t going (deeper?) into debt to spend a little while chasing their dreams.