A new report shows that for many people, earning a master’s degree doesn’t pay off the way they had hoped. In Canada, almost 10% of people choose to pursue graduate degrees, hoping that a couple more years of school (and extra student debt) will lead to bigger paycheques in the future. But a Texas think tank found that, on average, master’s graduates in the U.S. only earn an extra US$50,000 over their lifetime. Even more concerning, 40% of Americans with master’s degrees either earn no extra money or actually lose money in the long run. So, if you’re thinking about going back to school, calculating your potential salary increase versus the cost of the program is a good start. But also consider factors like career advancement or whether a cheaper alternative, like a certificate, could offer you a better return on investment. If you do choose to go back to school, don’t forget you can use your RRSP to withdraw up to C$20,000 through the Lifelong Learning Plan — but you’ll need to pay it back within 10 years.