hedong123

Hi Alb319! That's a very generous offer from your parents. The only thing I can tell you is to look carefully at the salaries that graduates of your program are earning. Consider your future living expenses, current debt (if any), and your long-term goals. In your situation, you'd only be screwed for at a maximum of six years. This is unlike many on here who are screwed either directly or indirectly by this massive student loan burden for a decade or even decades. I'd also think carefully about hitting your parents up for that kind of money. You might still owe 50-60k at that point and hopefully it wouldn't affect your parent's retirement plans and be too much of a burden on them. Without the parental support, I'd say hell no to this. However, if you're comfortable taking money from your parents, and feel that it won't hurt their own plans, then I'd probably tell you to go for it. During those first six years of work, I strongly urge you to put as much as you can into a 401(k) plan and traditional IRA plan. Even if the FI/RE lifestyle that I describe above isn't for you, being forced to work until your late 60s isn't a good situation for anyone. Finally, don't think that an expensive master's program is the only way to achieve greatness in life. You could also consider reapplying with a stronger application package (and shoot for a better fellowship) or apply to other programs that interest you and see what they have to offer in terms of funding. With whatever you choose, good luck to you!

Thanks Rayzaa for the long and thoughtful response. You made some great points. I must disagree though. In your argument you're making the implication that taking a HUGE student loan burden is the only way to achieve ones hopes and dreams. What I'm saying is that taking on such a HUGE debt burden is an extremely foolish way to pursue these dreams. Look at history and think of the many who have changed the world for the better (as many of us here hope to do), how many of them were able to do so without a six figure student loan burden? MANY I think we're on the same page regarding pursing ones goals and having a fulfilling journey. Being able to not only get but, more importantly, give is why most of us are here. On a separate note, an honest plumber can achieve an equal to or greater level of spiritual content as someone creating a source of clean water for Nepalese communities in the form of creating jobs for others and allowing them to provide for their families here in the US and helping those in need or affected in disaster areas. (Yes, not only you white collar types can make a difference ) But you make a great point, there are places in the world where people like us are needed to help to improve the lives of others. I was recently in Myanmar and was saddened to see that the locals drank straight from the filthy river that they bathed in and god knows what kind of runoff was contained in there. What I'm suggesting is that there's another way to create a fulfilling life for yourself, in which you can devote your career to helping these people and solving these issues. A six figure student loan burden is the worst way to get there IMO. Why not get more real world work experience and reapply when ad-coms feel that you'll have so much to offer that they are willing to educate you for free? Or, why not consider my method and achieve a level of financial independence first and then devote yourself to a calling such as this? You mention in your post about living an hour away from your job. So in order to save the world (and to be able to afford it) you must be willing to spend two hours commuting per day? That's ten hours per day and 500 hours per year. A significant amount of time that one could be using to actually make a difference... Corporations in this country love to prey on our passions. Look at how many people were willing to agree to subprime mortgages back before the financial crisis ten years ago. The SAME kind of thing is happening now with the student loan crisis. Banks and universities love to let you think you can afford to study there. They know that we can be so passionate about wanting to change the world that we'll agree to such absurd levels of debt to take us there. Quite frankly, I have a significant amount of money in the US Stock Market Index and the financial sector makes up a large portion of that. So indirectly, I'm actually benefiting from so many people willing to sign up for such foolish loans. However, it's wrong and I sincerely hope to get through to someone. In your post you basically imply that age 40 is too old (WHAT?) and you may get Parkinsons so live it up now and take on massive debt. This is horrible advice. In my 40s, I'll actually be able to afford to have children. Being financially independent, I'll actually be able to spend as much time as I want with them because I won't be working 50 hours a week at some cubicle job an hour away as I tell everyone how great I am for saving the world. To everyone, please listen carefully. You can make a wonderful impact on this planet. There are several paths to get there and the WORST way is to take on massive student loan debt. You may think that this (and sucking up to phony DC types at happy hours) is the only way to go but it's NOT. Most importantly, get experience in a field that interests you (volunteer during nights and weekends if you have to). If a graduate degree is necessary, put together a competitive application package and attend a program that gives you a free ride or at least a minimum amount of student loan debt. DO NOT pay sticker price for these programs. Bragging about how great your school is and posting about it on Facebook is only fun for a little while. That joy quickly wears off and you're stuck for YEARS paying massive debt with interest.

Hello everyone, I lurked these posts around the years 2012-2015 on an almost daily basis. I thought it appropriate that I return to share my story, the decisions that I made and my future goals. My hope is that this post helps at least one person out there. I graduated from a small in-state university in 2006 with a major in finance. I quickly landed a job at a reputable financial services corporation in Maryland (this was pre-financial crisis). My salary was a paltry 35k per year. After 19 months in corporate hell I quit and moved to Korea to teach ESL in South Korea. I ended up staying there for about four years and left fluent in the language. I then spent some time travel writing in Cambodia and Myanmar. Upon returning to the US my dream was to eventually get a job at a non-profit in a developing country in SE Asia (actually I still hope to do this someday). The economy was still pretty poor at this point in time and I knew I'd need a solid graduate degree to have a shot at landing a job at any reputable NGO abroad. For money I got a job on the docks with my family. I spent all of my free time studying for the GRE exam and polishing my fluent Korean skills. During my first application season I got accepted to SFS and SAIS but with no aid. I decided to hold out and try again the following year. My best offer eventually came from my dream school - SAIS. They offered 8k per semester and I was told I'd get at least that amount the second year, so let's call it 32k. At that point I had a huge decision to make. My job at the waterfront was going very well (dockworkers do well when the economy is picking up). I had a solid middle-class income and I was leaning towards giving it up to pursue a MA at SAIS and rack up, at a minimum, 60k in student loan debt. I decided against going to SAIS and there's a simple reason why: The FI/RE movement. FI/RE stands for Financial Independence/Retire Early. It's a growing subculture of millennials who don't want to follow the typical path of working until age 65-70. They maximize income and savings and reject overconsumption. There are plenty of resources on this subject, such as Mr. Money Mustache, JH Collins, The Power of Thrift, and Financial Independence on Reddit. I remember meeting people at SAIS who were graduating with 120k in student loan debt. I read the threads on thegradcafe of people who are doing the same. Do you people realize that most of these jobs pay shit? You can do better as an honest hardworking plumber. Taking on so much debt (even 50k is absurd in my opinion) is financially crippling. With the salary you can expect to earn after graduating from most of these programs, and the fact that you're likely going to be paying high rent to live in DC or any other US city where IR/Policy jobs are located, you are almost guaranteeing that you're going to be a slave to your bills. You're likely never going to get ahead (unless you're some kind of rich trust fund kid, of course). Many in the FI/RE community are just normal workers who earn a normal salary. A guy named Jason Fieber (his blog is called MrFreeat33 - google it) never earned more than like 70k per year and was able to retire early after like 6 years working in the auto industry. He retired on the low-end, saving enough to generate a passive income of roughly $1200 per month (enough that he can live in Thailand and not have to worry about money). Obviously the more you earn, the easier all of this is. But my point is that it's a possibility for almost anyone who isn't crippled with student loan debt. I'm not going to get into the method that all of these people are using to achieve financial independence in their 30s or 40s but it's totally possible (see the Trinity Study and blogs mentioned above). My point in posting this is to hopefully prevent just one person from making a foolish decision to take out six figures in student loan debt for a job that pays 60k. You're likely better off just remaining at your current job, maxing out your 401k each year, figuring out ways to reduce every possible expense and pursing financial independence. Once you're financially independent you can then pursue whatever dreams you have. Which is EXACTLY what I'm going to do. I've calculated that upon my 40th birthday, I'll no longer have to worry about money. At that point I can apply to any graduate program that I want. Since money isn't going to be a concern, the program's ranking won't be one either. I'd only enroll if I get a full ride and with no money concerns, there would be no stress in the process. My other idea is to simply living abroad. One of the best features of financial independence is geographic arbitrage. Earn the money in a high paying country like the US, then live off it in a much cheaper country like Thailand. I could also supplement it by teaching ESL in a number of Asian countries that I love! Oh, and if you're one of the lucky few who is getting a full ride, totally go for it! FI/RE will definitely be an option for you if you want it to be. This post is meant for people considering taking on a HUGE student loan obligation. Sorry for any poor grammar, I'm just a lowly dockworker

I forgot to do that FAFSA stuff! I guess I won't even be getting an email regarding financial aid! So I won't be accepting my offer. Sigh

I just figured it would be 5:30....

The fellowship emails will come today at 5:30pm.

It's going to be within the next few minutes! Hold on to your seats people!

Will be any second now. Where are you at in the world that you can't sleep now?

Be ready! Decisions to come at 2pm!

When I applied in 2014 they released the decision at 2pm eastern standard time. I guess they do it towards the end of the day because they know people will start calling with questions. The fellowship info email cane at 5pm

Yes, definitely submit both

What a shame. When this sort of career path is your dream but you don't qualify for any funding...I think about how badly I want this but then I think about the mountain of debt that it'll create... Let's face it, it's only worth it if you're wealthy or if you secure a decent level of funding. Paying sticker price doesn't make sense financially.

I had an F on my transcript and got into both SFS and SAIS. I just had other strengths that made up for it. Did you really get a perfect on the GRE? Not many people pull that off.

I was accepted to SAIS two years ago but ultimately turned it down due to lack of funding. I'm looking to get into the non-profit sector with either a human rights NGO or a DC based think tank. It's hard to pay full price at SAIS when your future career interests pay relatively small salaries, so I understand your hesitation. I'm also applying to SFS and GWU. My GRE was 162V 161Q which may be a tad higher than yours but my undergrad GPA was a mere 3.25. We all have our strengths and weaknesses. I'd say your numbers will make you competitive for funding, especially if you have some solid work experience, LORs and essays.

How long ago did you take the GRE? If it's been more than 5 years then you'll have to retake them anyway. Your GRE score is by no means low. It's the average score for accepted students. They definitely do NOT look down on reapplying with better GRE scores trying to get funding. I'd retake them and spend a lot of time on your essays. It could help with funding. I'm interested in the same program as you. What kind of work are you looking to get into upon graduation?

You still have plenty of time! Why don't you study for a month and take it again! Magoosh is really good for quant!

Also, do you remember what you talked about during the language exam? Did you have to talk about current events/international affairs? Or was it mostly casual conversion?

Hello Riverguide, Thank you very much for the helpful response to my question. Just to clarify, you were waived from the graduation proficiency test just based on your verbal placement exam? You didn't even have to take a listening or a reading test to demonstrate your skills in those areas?

I deferred my admission for one year and know that I can get my Korean up to a high enough level that I can test out of the language upon matriculation. This would enable me to choose to learn a new language or perhaps take on an internship during my studies. I know my reading and listening skills are good enough to test out. I'm concerned about the speaking part of the exam. Does anyone have experience with this? What is the format of the speaking part of the language test? How much of it is general conversation and how much of it is based on academic related speaking. Are some of the questions based on current events? I'll contact the program if no one on here knows. I'm just really curious about this. Thanks!

Well said Thomas. For the very reason you mention, I decided to defer for another year. I'm going to save as much money as I can for the next 14 months to reduce my future student debt. That way, when I graduate, I'll have the freedom to choose my dream jobs (such as 1yr posts in Africa for under $1,000 per month), rather than feeling pressured to take the highest paying private sector jobs. Could you tell me more about that post in Africa? My main focus has always been Asia but I'd still love to hear about it. Thanks!

Wow! We actually have a lot in common. I also deferred for a year for professional reasons and to save money. I figured it would be better to save as much as I can from now until I begin. Also, I plan to study my foreign language intensively in order to pass out upon matriculation. I figure the lighter course load will allow me to do some PT work hopefully as current students have told me that the language courses are very time consuming. I've heard of Bologna students who do EVERYTHING on debt. I can't imagine what those student loan bills must look like. Anyway, glad to see someone in the same boat as me! See you in 2015!

Hi Winter, I found your post very helpful. Did you end up accepting the offer at SAIS? Also, are you worried about the price? Since neither of us got funding I wanted to know your thoughts on the matter.

Yikes! I'll be blunt but I seriously doubt you could ever get into any of those schools. Work hard, improve your apps, ace the GREs, get the grad certificate with perfect grades then apply. Alternatively, you could contact some schools and ask them directly if they've ever admitted anyone with a 2.24gpa. Why you may not have a chance at places like Harvard, there are some decent second-tier schools that might give you a shot if you're willing to work hard for it.

Since both schools are amazing I say go with your heart!

I know this topic has come up on this board before but I was hoping for some advice based on my unique circumstances. I want to go to SAIS to pursue a career in the multilateral sector. I'm most interested in the World Bank or IMF. However, I've been researching some of these organizations' career programs and many have an age limit which is usually in the early 30s. I'll be 32 when I start my first semester at SAIS. I know that the private sector and the US government generally don't (and cannot) discriminate by age, but it seems that the World Bank/IMF does in some (many?) cases. Im open to other career paths but I'm not sure if I'd still choose SAIS if my primary career goals were in the private sector (if they were I'd go to business school instead). Additionally, from when I've seen and read, the US government isn't really hiring much these days. Can anyone comment on this? Any fellow old-timers who can put my mind to ease? Thanks!