Hi All,
I'm sure many of you beginning your graduate level studies in architecture this coming fall are starting to crunch some numbers while trying to make a decision on where to go. I'm hoping that we can have an open discussion on here about the costs of obtaining an M.arch and how we are making our decisions.
I was accepted to Clemson University and given a full year of advanced standing - placing me in the 2 year track. However, I was given no form of financial assistance from the department and will be out of state. Roughly 17 grand in tuition a year. In total, with living expenses, studio expenditures, etc..i'm figuring I wil be in the hole about 55 grand. Maybe less, depending on my income during this summer and next.
I have a more "affordable" option, SUNY Buffalo, where I was given a full tuition waiver, but would have to take 3 years due to my background and the program structure. Even with the free tuition, once the extra year of living expenses and one lost year of income are taken into account, there is a negligible difference.
Clemson is my top choice for many reasons, not the least of which is that the majority of my family is located in South Carolina.
Having no undergraduate debt due to generous parents, working part time most semesters/full time every summer, and a merit scholarship through the honors college I have budgeted between 50-60 grand for a good graduate school. This was the limit I set. If I couldn't do the degree for this amount of loan money then I would re-evaluate my options/life plans. Payments after school could range anywhere from 450-600 a month depending on the life of the loan and interest rates...
Although there are many other factors that are making an impact on my decision - what is the general consensus on 55 grand of debt for an M.Arch degree? How much debt are you all willing to take on to complete this degree?
I have had many friends make questionable choices by paying full price at UPenn, Columbia, and Cornell....over 100grand in debt afterwards (what do these schools do with their 2-10 billion dollar endowments????). I'm not suggesting that it was the wrong decision for THEM, but I think in a forum like this, there is great merit in discussing our financial futures. So, lets have at it...post your thoughts/situation below!