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(West Virginia News Service) The cost of a graduate degree tripled between 2000 and 2020, according to a new report from the Georgetown University Center on Education and the Workforce.

Yet people with Master's degrees, law or medical degrees, or Ph.Ds still earn higher incomes than those with other education credentials.

Catherine Morris, senior writer and editor with the center, explained that decreasing state investment in public higher education has led many universities to pass increased costs onto students.

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In some cases, because of increased federal financial aid, institutions have raised tuition to get more of the available money.

She added that graduate enrollments, particularly for Master's degrees, are growing.

"Meanwhile," said Morris, "the median debt held by graduate students has increased from $34,000 to $50,000 over the same time period."

The report calls for better regulation of graduate student loans.

It also outlines an in-field earnings premium test and a debt-to-earnings test students can use to help inform them of the risks, pros, and cons of taking on graduate degree debt.

West Virginia has among the highest rates of student loan default in the nation.

For some groups, the data show graduate education worsens existing earnings disparities.

Morris said earnings among Black and Hispanic workers with graduate degrees are $16,000 less than those of all graduate degree workers. And, graduate degrees don't buffer women from the wage gap.

"Medium earnings among women with graduate degrees is $85,000," said Morris, "For men, it's $119,000 - and this is particularly significant because women currently make up the majority of graduate degree holders."

Morris added that she doesn't believe debt - even high levels of it - are concerning.

"The bigger question is whether graduates can pay off that debt on their expected earnings," said Morris, "while still working towards traditional markers of success, such as, owning a home or starting a family."

Seventy four percent of Gen Z student loan borrowers and 68 percent of millennials say they delayed a major financial life decision as a result of their debt, according to a survey by Bankrate.

Support for this reporting was provided by Lumina Foundation.