Grad School Blues- Tuition costs are throwing me off

[pannini]

So some of you may know in other threads that I was recently lost and unemployed. I had been waitlisted for grad school and wanted to do it more than anything, and finally got taken off the waitlist! Suddenly the realities of financial aid came rolling in. Tuition is about 1100 a unit, for 48 total units to complete. Perkins Loans are out. All I have left is a small fellowship and the Stafford Subsidized Loan. My parents are... financially comfortable. They are currently paying for my brother's tuition (he is also in grad school and is done in one year). I am now hoping they will help me out as little or as much as they can. Father is willing. Mom is very hesitant (I don't blame her).

I am now faced with the dilemma- should I just turn my offer down and try to find a job that will give me a future? Can be any job I guess, right? Is a debt worth it? I love this program, I want this program, but being in debt and feeling remorseful that my parents are paying for some of it against their will is going to kill me in my studies. I need a guilt-free conscience. This program was something I wanted to have a career in. Tried searching for work with no experience in this field, and it is utterly hopeless in "this economy."

Then there's the superficial concern I have, regarding my future wedding with future fiance. We are working on a ring with Leon Mege, so it is inevitable that we intend to get married. If I leave for grad school, go into debt, borrow from the parents, then how will we afford a wedding? How does this work? I assume others have been in similar experiences/scenarios?

What is the strategy here? I am not a big spender, but I do desire a nice wedding with 150-200 guests (bf is Filipino and intends to have his whole family there and I have a large family from Taiwan). All of this is scaring me. I thought my luck was turning for the better when I got my acceptance letter from grad school, but now it's seriously another depressing situation.

 

[4ever]

Is the debt worth it? For example, theres no point being 200k in debt if the job your study qualifies you for brings in 20k a year.

Are you motivated enough to complete this course? It''s alot of money to leave w/o a qualification.

Are you willing to put the wedding off untill after you''ve finnished your studies? This way you will both be able to contribute to the costs. Isn''t the big wedding of your dreams worth waiting for?

 

[megumic]

First off, CONGRATS on getting into grad school!

I too had a similar experience w/waitlists and it''s such a relief to finally get in.

I think you truly need to sort out your short-term and long-term goals for the next few years. I also often do the - will this matter in 10 minutes? What about 10 months? What about 10 years? Will you always look back with regret? (With dessert the answer is always NEVER!) If you truly want to pursue this career path and need the education to do so - then you should go for it. As life goes on, there are only more and other expenses to be had, i.e. weddings, homes, babies, cars, etc. Personally, I value education highly and you simply cannot put a price tag on learning. I also think graduate school is truly an investment in your future, as it provides you with more knowledge and earning power to be competitive in the field you want to pursue.

As tough as taking on debt may be, it seems almost everyone takes out loans. I''m currently in law school and have debt left over from undergrad, plus all of my law school loans! By the time I graduate I''ll be in over $100k deep!!!

It''s awfully scary, but at the same time you only live once and you need to go with your gut. If you think taking another job is the right path, then go for it. But if you and your SO can hold off on the wedding for you to at least get school going, maybe that''s a sacrifice you''re willing to take. Would your school let you defer for a year? Or attend an evening program so you can work during the day? Explore all of your options before deciding.

I honestly think the strategy is figuring out what is worth sacrificing for a few years and what you want and need now. For us, it is getting engaged (hopefully very soon!) and me finishing law school, which sadly means postponing a wedding. But truthfully, it was the right thing for us b/c I''d never forgive myself if I passed up the opportunity to study law.

Give yourself some time to figure it out - it will come to you. Good luck and let us know what you decide!!

 

[pannini]

Date: 6/28/2009 11:06:53 PM
Author: 4ever
Is the debt worth it? For example, theres no point being 200k in debt if the job your study qualifies you for brings in 20k a year.


Are you motivated enough to complete this course? It''s alot of money to leave w/o a qualification.


Are you willing to put the wedding off untill after you''ve finnished your studies? This way you will both be able to contribute to the costs. Isn''t the big wedding of your dreams worth waiting for?

Hi 4ever,

thanks for the perspective. I actually will not be 200k in debt, more around 60K and the salary hopefully will not be 20K a year, it will be at least 45K or more. I''m definitely waiting for the end of my grad studies to get married, but just curious how it''s all going to work out if parents had decided they''d contribute to wedding, but NOW with grad school as a contribution from my parents, then the wedding will be more difficult to create....

 

[pannini]

Date: 6/28/2009 11:14:54 PM
Author: megumic

I think you truly need to sort out your short-term and long-term goals for the next few years. I also often do the - will this matter in 10 minutes? What about 10 months? What about 10 years? Will you always look back with regret? (With dessert the answer is always NEVER!) If you truly want to pursue this career path and need the education to do so - then you should go for it. As life goes on, there are only more and other expenses to be had, i.e. weddings, homes, babies, cars, etc. Personally, I value education highly and you simply cannot put a price tag on learning. I also think graduate school is truly an investment in your future, as it provides you with more knowledge and earning power to be competitive in the field you want to pursue.


As tough as taking on debt may be, it seems almost everyone takes out loans. I''m currently in law school and have debt left over from undergrad, plus all of my law school loans! By the time I graduate I''ll be in over $100k deep!!!

It''s awfully scary, but at the same time you only live once and you need to go with your gut. If you think taking another job is the right path, then go for it. But if you and your SO can hold off on the wedding for you to at least get school going, maybe that''s a sacrifice you''re willing to take. Would your school let you defer for a year? Or attend an evening program so you can work during the day? Explore all of your options before deciding.


I honestly think the strategy is figuring out what is worth sacrificing for a few years and what you want and need now. For us, it is getting engaged (hopefully very soon!) and me finishing law school, which sadly means postponing a wedding. But truthfully, it was the right thing for us b/c I''d never forgive myself if I passed up the opportunity to study law.


Give yourself some time to figure it out - it will come to you. Good luck and let us know what you decide!!

I totally agree with you. I would always be filled with regret if I never got to cultivate my interests and invest in my future....

 

[mousey]

I thought I d float an idea by you, even though I know you prob won t like it as you prob want to start grad school soon, and you don t want to move thousands of miles and miles away, but......
I am doing a PhD at an English Uni, and while I was doing my MSc there it was full of American students, who could have gone to good American schools, but fees for these schools were astronomical, and the fees for my school were under 10 000 for the whole course, they figured it was worth while financially to do the course. Depending on what you d like to study you could afford Oxford or Cambridge, or any of the other great schools here for a fraction of what a masters in an American school would cost you. Just an idea....
I agree with the other posters- the debt is/is not worth it depending on the job you could get out of it. Another thing to consider is how the industry you hope to get into is performing in a recession. I have friends who did a masters in an area where a year ago there were plenty of well-paid jobs, but now.... Not so much. I know the recession won t go on forever, but it may just be worth thinking about.

 

[sparklyheart]

This is a tough one!! Grad school is very expensive but it sounds like it is something you really want to do. Have you talked to the financial aid office to see what your options are? You could do a combination of loans and work-study programs so that they pay you some money that you don''t have to repay. I have had a job since I started grad school but I knew that I would have to drop down to part time to save my sanity. Given that I have a mortgage and all that, I had to take out loans to help out. Yes, I will graduate with loans to repay but I will graduate knowing that I will have a job in a field that I truly love. It''s not like you are taking out a loan to buy a purse, or shoes, or even a trip around the world. You are investing in your education so that you can get a bigger and better job that will (hopefully) pay more than your previous jobs. Loans are not the best option for everyone (especially if you are already tens of thousands of dollars in debt) but they are a very realistic option for many people. I''d hate to know that I missed out on my grad school education because of money when there is so much out there that people want to give you

 

[MsP]

Lots of people are getting back less than optimal financial packages this year. One of the programs that I was in traditionally funded every student and this year they''re only funding a small handful. So don''t feel bad...



I think everyone has nailed it on the head--how much is this degree worth?

Is it absolutely required to work in the field?
Can you begin working and do the degree part time? Is your field one that is known to pay for higher ed? (ie education, and some sciences will do this commonly)
Is this particular school well known in the field?
Is it going to get you higher salaries than lower priced masters programs?

 

[Indylady]

I think Miss Prudential has a good point; can you work and do the degree part time? Have you ever thought about something like Teach for America? I know that would set you back two years, but TFA is pretty prestigious and most schools will allow you to postpone entry if you''re doing that; which, if they have in your area, would give you two more years with SO (I read on a previous thread that you would have to move away from him) or even time to apply to more programs near SO while you have an acceptance on your plate. I know they have an app. deadline coming up.


Aside from that, taking into consideration that I haven''t met you, from what I''ve read from your posts...It sounds like you really want this! My parents had been married for less than a year when my dad got a chance to go the University of Oklahoma; my family is from Bangladesh, and the currency rate of taking money from taka to dollars is about 70 taka to a dollar, and didn''t have any scholarships for his first semester line up. He came here, wrote my mom letters across the world, and worked as a waiter making $3.50, when in Bangladesh he had a job at a prestigious bank as a civil engineer. After a semester, he transferred to the University of Connecticut where he got a scholarship, and things were still hard but a little easier, and my mom came to live in the States with him. My family is definitely not the only family to be separated for a little while because of education, while its really hard, I don''t think anyone actually ever regrets doing it. My grandmother says that the one thing no one can ever take away from you is your education. I know its a really tough position for you to be in, lots of hugs to you!

Talking to the financial aid office is a good idea too, ask someone who you know is very ''prudential'' with their wording to help you craft a letter. And lastly, congrat''s for getting in!

Ps. I know my post is pretty strongly worded. Good luck! And in the meantime, do something to knock some of your stress out!

 

[mrscushion]

Date: 6/28/2009 11:23:42 PM
Author: pannini
I totally agree with you. I would always be filled with regret if I never got to cultivate my interests and invest in my future....

Then it sounds like you really need to do it.

I would advise against working for a few more years in "any job" to save up $ for school. As a woman, you need to make the most of your early career years. If you can swing it, do it now, whether by working part-time or by asking your parents for financial help in addition to the student loans.

I would invest in your education rather than a wedding, so I would probably have my parents help out with that and then wait to save up for the wedding you want.

 

[swingirl]

Why would your parents pay for your brother''s grad school but not yours?

 

[suchende]

If you''re being honest with yourself, are you mostly going to grad school because you''re frightened by the current job market and want to ride out the weak economy in school? It doesn''t sound like you''ll do *that* much better financially with this degree.

Could you give yourself some time, re-take whatever admissions exam the program required and get more merit aid?

 

[Indylady]

Date: 6/29/2009 8:51:30 PM
Author: suchende
If you''re being honest with yourself, are you mostly going to grad school because you''re frightened by the current job market and want to ride out the weak economy in school? It doesn''t sound like you''ll do *that* much better financially with this degree.


Could you give yourself some time, re-take whatever admissions exam the program required and get more merit aid?

Don''t mean to threadjack- but does financial aid depend that much on admissions exams?

 

[pannini]

mousey-- it does sound appealing, a friend of mine got his MBA at Oxford and is still there right now, after graduating. he is struggling with finding work everywhere so he is riding his time out in England.

sparklyheart- i have spoken to financial aid, and i did accept a loan and i was awarded a small fellowship! work-study sounds appealing but i want to see how i perform during my first semester back at school. i want to focus on transitioning to a full time academic schedule before dabbling in work. i am most likely going to check out my options at the end of this year. thanks! i am trying to be careful and will only do the subsidized Stafford Loan.

missPrudential- this degree... is worth something to me. i don't know how much it is worth, because most people are clueless when i try to explain to them what Organizational Behavior is, so i've basically avoided that topic. to work in the field, i have asked and applied everywhere, and NO ONE will give me the time of day. this school is not a TOP program for the school, but the school is well known in general. lower priced MA programs rejected me instantly, because the applicant pool was much larger. this school was my remaining school and it just happens to be the most expensive (private school).

szh07-- thank you so much for your personal story. it was not strongly worded, it was probably the most inspirational note i've received yet. your family's work and school ethic sounds a lot like mine. my father and mother both agree that an education is the most important thing in life.

mscushion-- thank you. i think this is confirmation that i do need to do it. i am sending my deposit in tomorrow! eek. as for the wedding, i think i will just have to make it work out in the future... cut corners on wedding "things" and hope that i can find a discounted dress. (guest size is going to be really challenging with a huge filipino family on the future groomie's side)

swingirl- it's because well, my brother got in before i did. he was admitted last year. parents didn't think i'd get in. now i'm in, and now the recession is in full effect, savings are low, etc. parents are a bit strapped.

suchende- thanks, but i am being honest with myself. i am not frightened by the current job market. actually- i was given a few job offers, but every time i was offered a position, they were for roles that undermined by competence and intelligence. i had to apply the the most basic of admin positions, that were going to pay me a third to half of my former job's salary (legal secretary- not my thing). i was offered positions that were not anywhere close to something i felt happy about or interested in. if i took the job, i'd end up leaving in a year or two and end up at square one looking for my desired career path. i have no time for that. i did as much as i could to find and build experience for the field i want. i am with a BA in psychology from 4 years ago, with no psychology experience, and do not want to go into clinical or MFT. i want to do business psych. HR offices won't hire me because i lack experience. true i won't do "that" much better financially with the degree, but over time, with this as an achievement in my pocket, and the ability to improve my credentials, i would hope i can do "that" much better with a career and then it will lead to a much better situation financially. i don't have anymore time. i am 30 with no future unless i get a Masters in what i like to do. i would like to start a family and a life soon and being 30 is kind of like a clock ticking for me in all aspects.

 

[miss_flo]

Hey pannini! It sounds like your program is similar to what my DB majored in. He has B.S. in psych and a certificate in Performance Management from Florida State. He''s working on his master''s now and is pursuing a six sigma certification. Most of his classmates went on to work in corporate consultation, but he became a military officer. From what he has mentioned, his classmates made pretty darn good money working for Fortune 500 companies after undergrad. I''m sending tons of good luck vibes for grad school, I''m sure you''ll get a good feel for what your best path is during the first semester. I''m finishing up the first year of my MPA right now and I absolutely love grad school, so I hope you''ll come back with a good report!

 

[pannini]

Thanks so much! I love positive replies. Lol. I had a friend that just got her MPA as well and she is happy.

Hugs!

 

[Indylady]

Pannini, I''m so happy to hear you''re accepting!

 

[katamari]

Congrats on getting in and getting a stipend, Pannini!

I just want to say, as a graduate student who studies the long-term impact of debt on social mobility, do not fear student loans. Even if you accept the unsubsidized ones (which I would recommend if you would have to work otherwise), you are far better off in terms of long-term earning to go ahead and the the MA. Plus, you are far more likely to earn a job with autonomy. A complete win-win. The only time student debt seems to be bad idea is for people who do not earn the degree they went into debt for.

As for the wedding, it is up to you to decide. You will likely have to make a decision between a less lavish wedding and a longer engagement. I think that has to be a personal decision.

 

[mrscushion]

How long is this program? Chances are that by the time you get out, the economy has picked up and hiring for the HR / talent development positions you''re looking for (which is cyclical for many companies) will be up in particular. If so, you are going to have some really fun potential positions opening up for you -- and it''s a great field to be in as a woman with kids. I''m not in the field but have observed it closely in the companies I''ve worked for.

 

[pannini]

Date: 6/30/2009 5:22:54 PM
Author: katamari
Congrats on getting in and getting a stipend, Pannini!


I just want to say, as a graduate student who studies the long-term impact of debt on social mobility, do not fear student loans. Even if you accept the unsubsidized ones (which I would recommend if you would have to work otherwise), you are far better off in terms of long-term earning to go ahead and the the MA. Plus, you are far more likely to earn a job with autonomy. A complete win-win. The only time student debt seems to be bad idea is for people who do not earn the degree they went into debt for.


As for the wedding, it is up to you to decide. You will likely have to make a decision between a less lavish wedding and a longer engagement. I think that has to be a personal decision.

Yes I am fearing the unsubsidized loans, but I am reconsidering it now.

BTW I LOVE Katamari! Awesome.

 

[pannini]

Hi Ms Cushion,

How wonderful to hear that it seems like a good position for a woman with kids. I hope I can have a family and have healthy career in this field. What sort of companies did you work for in which you noticed these positions? What sort of things made you get a positive impression?

 

[mrscushion]

Hey pannini,

I hope you''ll excuse me, I''m feeling shy about talking about the companies I''ve worked for because I''ve already posted more potentially personally identifiable info on PS than I ever planned on doing.

BUT, to be at least a bit helpful, I would say about any industry that''s customer service intensive (e.g. retail, hospitality, or travel, to name a few) will have programs to develop all ranks of talent and that''s where somebody with your future degree could have a lot of impact.

For instance, let''s take Virgin America or JetBlue -- very strongly branded companies that want to offer a different experience to their customers from other, older airlines. Their people are a huge part of that experience, and I bet these companies invest a lot of money in employee training and development programs -- well, somebody''s got to work on creating and refining these programs, and that can be an exciting and rewarding job. Right out of school, you could start out as a corporate trainer (and make more than $45K, I think).

Just an idea. Hope it helps.