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How Much Debt Is Too Much?


MicMac

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I'm considering applying to grad school in the fall, but am concerned (as I'm sure many of us are) about debt. Ideally I'd like to go to a full-time International Education masters program.  Does anyone have any insight on the average dollar amount people take out in loans to cover a masters?

 

Any help/thoughts/advice would be much appreciated!

 

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Its in my opinion, that one should not go into debt for graduate school, and even if one has the money in hand, should not pay for it. If you work hard enough you can find a way to make a live able stipend and get your grad school paid for in almost any subject. Some people find it worth it, but as stated, I would never consider it.

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I think this depends on how attractive your degree is when you graduate. You should also factor in how much debt you have now and the interest rate it will build up.

 

Would you be able to secure a job in the same town or do you have a position you are certain to hold in your own town?

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I would recommend perusing the forums via the search function; there are ample threads that contain lively and extensive debates on this.

 

Like GeoDUDE, I am unwilling to go into debt for grad school and would not entertain an unfunded offer. I am actually actively paying down some BA debt while in grad school and, since interest is not accruing while I'm in my program, I've drafted a plan to have the debt wiped out by the time I finish the PhD.

 

That being said, I appreciate that different fields have different contexts. A good rule of thumb that I've read on here several times: you should not take any more debt than you would expect to make annually in your post-graduation occupation - so if you expect to make 50K/year, you don't take more than 50K in loans.

 

So yeah, maybe look at the costs/contexts of programs and then ascertain prospective salaries with that rule and see if debt-taking is at all feasible/wise, then search the forums to see what some of the standard strategies and courses of action are for people.

 

Good luck!

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I'd echo what's already been shared: I'd try to avoid going into debt for a master's degree! 

 

There are ways to minimize the debt, however. If you are lucky, you might have a family member or two willing to loan you some money at low to no interest. I had a friend do this, and it worked out well for him for his two year master's degree. I'd also recommend looking very closely at in-state state universities where you are likely to pay less tuition. 

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