Something I've speculated on - being a student provides a person with an identity that is reasonably "high status", or certainly higher status than an entry lev

Something I've speculated on - being a student provides a person with an identity that is reasonably "high status", or certainly higher status than an entry level position one might be forced to take in absence of a finding a job in one's chosen field of study upon earning a Bachelor's degree. (Especially if it's a Master's program.) So, for some, continuing on with a master's degree is preferable, despite the questionable marginal return. On the other hand, degree inflation is now a thing. In some fields, those you are competing with you for a job likely have master's degrees already, and you'll suffer by comparison. *edit: typos