Hello everyone! My name is Julius (25) and I’m currently a Peace Corps Volunteer serving in Ukraine and have just recently accepted into the graduate program of my dreams. However, I was a bit disheartened to learn that the financial assistance I was eligible for can, as a blanket policy, only account for up to 40% of tuition and now I am facing some serious loans. In the best case scenario, I’m looking at about $60-65K for 2.5 years of school. However, when taking cost of living into account, those loans could bump up to $90-100K (worst case scenario). The program is great and from a well-revered school (Middlebury Institute of International Studies) and the upside is I would be getting 2 degrees for the price of 1.25 (MPA and MA in International Trade and Economic Diplomacy). I am quite confident I could get a relatively well-paying job out of the gate (though, who knows, anything could happen) and know that it would give me an opportunity to pursue my passions/build my skill set. However, it is a lot of money in loans to face (especially as the interest – averaging 7% - could accrue). I’ve just been doing my own CBA and seeing if it makes sense and how it could potentially help OR hurt my goals in life and career thereafter.
So my general question is has anybody had any experience with student loans and what advice could you give in looking at weighing the pros and cons of financing higher education with those financial aims in mind?
Thanks a lot and I wish you all a wonderful holiday season!