Jump to content

MaxwellAlum

Members
  • Posts

    103
  • Joined

  • Last visited

  • Days Won

    1

Reputation Activity

  1. Upvote
    MaxwellAlum got a reaction from fuzzylogician in Is 100K of Debt Not Insane?   
    In order to pay off $100k of student loans in 10 years, you would need to pay $1,100 per month.  In order for that to be "affordable" based on the standard of paying no more than 10% of your monthly income (that's what the income-based repayment plans for federal loans is based on), you would need an income of $150,000, excluding contributions to retirement and health insurance premiums.  
    Given entry-level public sector salaries, a common approach is to enroll in an income-based repayment plan.  On a $60k income, your payment would be around $352 per month. Bear in mind the calculation for income-based payments is based on your AGI, which excludes retirement contributions and health insurance premiums.  Therefore the income-based payment will probably be a bit lower.  Based on current interest rates, $100k in loans will accrue $487 in interest every month.  So your income-based payments will not even cover the interest that accrues each month.
    What does this mean in practice?  If you do income-based repayment, you can keep doing that until your loans get forgiven in 10 (through public service loan forgiveness, which may very well be eliminated or changed by Congress) or 20 or 25 years (assuming you're paying under IBR or PAYE).  However, unless you get forgiveness through public service loan forgiveness, the amount forgiven is likely to be considered taxable income.  An extra $100k in income (or more, if you've let your balance increase over time) is a big tax hit.  Plus of course there is the stress to consider.
    Also bear in mind that the salaries out of HKS are as much a function of who goes to HKS as they are a function of what HKS does for its students.  In other words, if you are someone straight out of college who got into HKS, the odds of getting a federal government job that pays $65k are pretty low.  You're much more likely to start out as a GS-9 making $53k (assuming you are in DC).  Your salary will certainly grow (if you're lucky, you could get up to a GS13 in as little as three years, and that currently equates to a $92k salary), but so will your expenses/desire for savings if you're trying to save for retirement, buy a house, etc.  
    Don't get me wrong, I have heard great things about HKS (apparently their career services is amazing), Fletcher and similar schools.  That said, I have seen my former classmates from Syracuse go on to jobs with sought-after employers such as the UN (I was offered one), the World Bank, and McKinsey.  You can go on to have a great career out of most reputable MPP programs, though I think a place like HKS might do a bit more hand-holding along the way.  Think carefully about taking on a massive load of debt for the sake of a prestigious name on your resume, in order to work in a field where your salary will likely top out at around $200k at the most, unless you decide to go for the private sector, in which case why not just get an MBA?
  2. Upvote
    MaxwellAlum got a reaction from Dragonstone in Maxwell MPA vs. SPEA MPA? Please help :(   
    I am an alum of the Maxwell School's MPA program.  My experience has been that Maxwell has a wonderful alumni network, and I felt that the teaching was excellent.  I currently work in the Washington, DC region, which is the most common place that alumni go, so that may impact my perception of the alumni network.  There were several international students when I was a student there, and they seem to be doing well (the ones I know of are working at UN/World Bank agencies abroad - some in their home countries).  In terms of brand name/prestige, it's certainly not as well known as Harvard, Columbia or Princeton, unless the organization has Maxwell alums working there already - there are a lot of us out there, so this is not unlikely.  And in my experience, Maxwell alums like to help each other out :-)
    I know very little about Indiana's program other than it is ranked highly, so I'm afraid I can't really compare them.
  3. Upvote
    MaxwellAlum reacted to Mr. Government in Is 100K of Debt Not Insane?   
    It's also worth mentioning that a lot of the ambiguity in the rankings and program evaluation is the terminology used by various programs, which is why the rankings are typically called into question due to the lack of a standardized metric. Most programs offer two separate degrees, an MPA (public administration) typically offered to mid-career professionals and an MPP (public policy). However, some programs such as SPEA and LBJ offer only one degree, an MPA, but it is public affairs rather than administration and students choose whether to focus on policy analysis or administration. The confusion is compounded when incorporating IR, which is included in some schools' public affairs programs, whereas other schools like GW have separate public policy and IR schools. 
    It really comes down to if the program is a match for you regarding program specification, career goals, costs, alumni network, and reputation.
  4. Upvote
    MaxwellAlum got a reaction from Ben414 in Is 100K of Debt Not Insane?   
    In order to pay off $100k of student loans in 10 years, you would need to pay $1,100 per month.  In order for that to be "affordable" based on the standard of paying no more than 10% of your monthly income (that's what the income-based repayment plans for federal loans is based on), you would need an income of $150,000, excluding contributions to retirement and health insurance premiums.  
    Given entry-level public sector salaries, a common approach is to enroll in an income-based repayment plan.  On a $60k income, your payment would be around $352 per month. Bear in mind the calculation for income-based payments is based on your AGI, which excludes retirement contributions and health insurance premiums.  Therefore the income-based payment will probably be a bit lower.  Based on current interest rates, $100k in loans will accrue $487 in interest every month.  So your income-based payments will not even cover the interest that accrues each month.
    What does this mean in practice?  If you do income-based repayment, you can keep doing that until your loans get forgiven in 10 (through public service loan forgiveness, which may very well be eliminated or changed by Congress) or 20 or 25 years (assuming you're paying under IBR or PAYE).  However, unless you get forgiveness through public service loan forgiveness, the amount forgiven is likely to be considered taxable income.  An extra $100k in income (or more, if you've let your balance increase over time) is a big tax hit.  Plus of course there is the stress to consider.
    Also bear in mind that the salaries out of HKS are as much a function of who goes to HKS as they are a function of what HKS does for its students.  In other words, if you are someone straight out of college who got into HKS, the odds of getting a federal government job that pays $65k are pretty low.  You're much more likely to start out as a GS-9 making $53k (assuming you are in DC).  Your salary will certainly grow (if you're lucky, you could get up to a GS13 in as little as three years, and that currently equates to a $92k salary), but so will your expenses/desire for savings if you're trying to save for retirement, buy a house, etc.  
    Don't get me wrong, I have heard great things about HKS (apparently their career services is amazing), Fletcher and similar schools.  That said, I have seen my former classmates from Syracuse go on to jobs with sought-after employers such as the UN (I was offered one), the World Bank, and McKinsey.  You can go on to have a great career out of most reputable MPP programs, though I think a place like HKS might do a bit more hand-holding along the way.  Think carefully about taking on a massive load of debt for the sake of a prestigious name on your resume, in order to work in a field where your salary will likely top out at around $200k at the most, unless you decide to go for the private sector, in which case why not just get an MBA?
  5. Upvote
    MaxwellAlum got a reaction from chocolatecheesecake in Is 100K of Debt Not Insane?   
    In order to pay off $100k of student loans in 10 years, you would need to pay $1,100 per month.  In order for that to be "affordable" based on the standard of paying no more than 10% of your monthly income (that's what the income-based repayment plans for federal loans is based on), you would need an income of $150,000, excluding contributions to retirement and health insurance premiums.  
    Given entry-level public sector salaries, a common approach is to enroll in an income-based repayment plan.  On a $60k income, your payment would be around $352 per month. Bear in mind the calculation for income-based payments is based on your AGI, which excludes retirement contributions and health insurance premiums.  Therefore the income-based payment will probably be a bit lower.  Based on current interest rates, $100k in loans will accrue $487 in interest every month.  So your income-based payments will not even cover the interest that accrues each month.
    What does this mean in practice?  If you do income-based repayment, you can keep doing that until your loans get forgiven in 10 (through public service loan forgiveness, which may very well be eliminated or changed by Congress) or 20 or 25 years (assuming you're paying under IBR or PAYE).  However, unless you get forgiveness through public service loan forgiveness, the amount forgiven is likely to be considered taxable income.  An extra $100k in income (or more, if you've let your balance increase over time) is a big tax hit.  Plus of course there is the stress to consider.
    Also bear in mind that the salaries out of HKS are as much a function of who goes to HKS as they are a function of what HKS does for its students.  In other words, if you are someone straight out of college who got into HKS, the odds of getting a federal government job that pays $65k are pretty low.  You're much more likely to start out as a GS-9 making $53k (assuming you are in DC).  Your salary will certainly grow (if you're lucky, you could get up to a GS13 in as little as three years, and that currently equates to a $92k salary), but so will your expenses/desire for savings if you're trying to save for retirement, buy a house, etc.  
    Don't get me wrong, I have heard great things about HKS (apparently their career services is amazing), Fletcher and similar schools.  That said, I have seen my former classmates from Syracuse go on to jobs with sought-after employers such as the UN (I was offered one), the World Bank, and McKinsey.  You can go on to have a great career out of most reputable MPP programs, though I think a place like HKS might do a bit more hand-holding along the way.  Think carefully about taking on a massive load of debt for the sake of a prestigious name on your resume, in order to work in a field where your salary will likely top out at around $200k at the most, unless you decide to go for the private sector, in which case why not just get an MBA?
  6. Upvote
    MaxwellAlum got a reaction from 6speed! in Is 100K of Debt Not Insane?   
    In order to pay off $100k of student loans in 10 years, you would need to pay $1,100 per month.  In order for that to be "affordable" based on the standard of paying no more than 10% of your monthly income (that's what the income-based repayment plans for federal loans is based on), you would need an income of $150,000, excluding contributions to retirement and health insurance premiums.  
    Given entry-level public sector salaries, a common approach is to enroll in an income-based repayment plan.  On a $60k income, your payment would be around $352 per month. Bear in mind the calculation for income-based payments is based on your AGI, which excludes retirement contributions and health insurance premiums.  Therefore the income-based payment will probably be a bit lower.  Based on current interest rates, $100k in loans will accrue $487 in interest every month.  So your income-based payments will not even cover the interest that accrues each month.
    What does this mean in practice?  If you do income-based repayment, you can keep doing that until your loans get forgiven in 10 (through public service loan forgiveness, which may very well be eliminated or changed by Congress) or 20 or 25 years (assuming you're paying under IBR or PAYE).  However, unless you get forgiveness through public service loan forgiveness, the amount forgiven is likely to be considered taxable income.  An extra $100k in income (or more, if you've let your balance increase over time) is a big tax hit.  Plus of course there is the stress to consider.
    Also bear in mind that the salaries out of HKS are as much a function of who goes to HKS as they are a function of what HKS does for its students.  In other words, if you are someone straight out of college who got into HKS, the odds of getting a federal government job that pays $65k are pretty low.  You're much more likely to start out as a GS-9 making $53k (assuming you are in DC).  Your salary will certainly grow (if you're lucky, you could get up to a GS13 in as little as three years, and that currently equates to a $92k salary), but so will your expenses/desire for savings if you're trying to save for retirement, buy a house, etc.  
    Don't get me wrong, I have heard great things about HKS (apparently their career services is amazing), Fletcher and similar schools.  That said, I have seen my former classmates from Syracuse go on to jobs with sought-after employers such as the UN (I was offered one), the World Bank, and McKinsey.  You can go on to have a great career out of most reputable MPP programs, though I think a place like HKS might do a bit more hand-holding along the way.  Think carefully about taking on a massive load of debt for the sake of a prestigious name on your resume, in order to work in a field where your salary will likely top out at around $200k at the most, unless you decide to go for the private sector, in which case why not just get an MBA?
  7. Upvote
    MaxwellAlum got a reaction from HKS hopeful in Is 100K of Debt Not Insane?   
    In order to pay off $100k of student loans in 10 years, you would need to pay $1,100 per month.  In order for that to be "affordable" based on the standard of paying no more than 10% of your monthly income (that's what the income-based repayment plans for federal loans is based on), you would need an income of $150,000, excluding contributions to retirement and health insurance premiums.  
    Given entry-level public sector salaries, a common approach is to enroll in an income-based repayment plan.  On a $60k income, your payment would be around $352 per month. Bear in mind the calculation for income-based payments is based on your AGI, which excludes retirement contributions and health insurance premiums.  Therefore the income-based payment will probably be a bit lower.  Based on current interest rates, $100k in loans will accrue $487 in interest every month.  So your income-based payments will not even cover the interest that accrues each month.
    What does this mean in practice?  If you do income-based repayment, you can keep doing that until your loans get forgiven in 10 (through public service loan forgiveness, which may very well be eliminated or changed by Congress) or 20 or 25 years (assuming you're paying under IBR or PAYE).  However, unless you get forgiveness through public service loan forgiveness, the amount forgiven is likely to be considered taxable income.  An extra $100k in income (or more, if you've let your balance increase over time) is a big tax hit.  Plus of course there is the stress to consider.
    Also bear in mind that the salaries out of HKS are as much a function of who goes to HKS as they are a function of what HKS does for its students.  In other words, if you are someone straight out of college who got into HKS, the odds of getting a federal government job that pays $65k are pretty low.  You're much more likely to start out as a GS-9 making $53k (assuming you are in DC).  Your salary will certainly grow (if you're lucky, you could get up to a GS13 in as little as three years, and that currently equates to a $92k salary), but so will your expenses/desire for savings if you're trying to save for retirement, buy a house, etc.  
    Don't get me wrong, I have heard great things about HKS (apparently their career services is amazing), Fletcher and similar schools.  That said, I have seen my former classmates from Syracuse go on to jobs with sought-after employers such as the UN (I was offered one), the World Bank, and McKinsey.  You can go on to have a great career out of most reputable MPP programs, though I think a place like HKS might do a bit more hand-holding along the way.  Think carefully about taking on a massive load of debt for the sake of a prestigious name on your resume, in order to work in a field where your salary will likely top out at around $200k at the most, unless you decide to go for the private sector, in which case why not just get an MBA?
  8. Upvote
    MaxwellAlum got a reaction from Ben414 in Public Service Loan Forgiveness Program   
    2017 will be the first year anyone receives forgiveness through PSLF.  Some of us have begun tracking our PSLF qualifying payments by submitting an employment certification form showing we are working for a public service organization.  Doing so transfers your loans to FedLoan Servicing, the official PSLF servicer.  Additionally, FedLoan will send you a written confirmations of your qualifying payments every time you certify your qualifying employment (recommended annually).  In my experience, Fedloan is very slow in tracking payments you made previously with other servicers, and it does sometimes take a bit of wrangling to make sure they get it right.  But it is not horrible.
    I am currently having my PSLF payments tracked by FedLoan.  I am also making payments through Pay As You Earn (similar to income-based repayment), which keeps my monthly payments low based on my income, and maximizes the amount of forgiveness I would get.  Doing so has been great, as it allows me to actually save money for retirement instead of throwing it all into my loans.  There is always a risk that Congress will eliminate PSLF and not grandfather people like me in.  In that case, I'll have to keep making payments, but at least I'll still have my retirement fund.  
    For folks applying for grad school right now, I will caution that both Democrats and Republicans have proposed significantly limiting (up to $57k total) or eliminating PSLF altogether.  While they might grandfather folks like me in, if you are applying to grad school now you might find the program gone by the time you graduate.
    Another item to consider is that a lot of employers that you might want to work for don't qualify for PSLF, such as government contractors and consulting firms as well as international organizations such as the UN and the World Bank.  You may think now you definitely want to work in government. However, it very well may be that the dream job you get offered is with a contractor, and in that case you are out of luck with PSLF.
    Finally, I'd be very cautious about taking on six-figure debt.  I know people who do, and their $500 monthly payments don't even cover the interest that accrues on the loans every month.  As such, their balance is growing over time despite all of the money they are throwing at it.  If they don't get forgiveness through PSLF, they will need to wait to get forgiveness after 25 years through the income-based repayment/pay as you earn programs.  In that case (unlike PSLF), the amount forgiven is taxed as income.  Imagine having to file a tax return with $100,000 additional income - that's a big hit (though I suppose you can take out a loan to pay the taxes). 
  9. Upvote
    MaxwellAlum got a reaction from ajak568 in Usage of Calculus in Your MPP/MPA Courses   
    I'm glad this was helpful.  I do want to emphasize that the quant you do learn in an MPP can be very helpful even if you are not running regressions in your job.  At the very least, those classes will give you the basis to understand if other people's analyses are valid.  One thing you absolutely will find in the public sector is a lot of people throwing around phrases/words like "statistically significant" and "correlation" without fully understanding what those things mean, and you may very well find yourself in a position where you need to call them out on that (or at least gently correct them).
  10. Upvote
    MaxwellAlum got a reaction from ajak568 in Usage of Calculus in Your MPP/MPA Courses   
    Absolutely some schools are going to use calculus in some of their classes/tracks, but unless they require that level of math as part of admission to the program or track, you'll most likely find that most of your fellow students do not have much of a calculus background.  I'm quite certain that Harvard's MPP program, for example, does not require knowledge of calculus for admission, but that it does for the MPA/ID program.  People I know who attended Harvard for the MPP neither entered or left with calculus.  MPP/MPA programs are different from Ph.D. programs in that they are typically preparing you to mainly be a consumer of empirical research and less so a producer.  Certainly some people will go from an MPP to a very quant-focused role, and those people will often have sought out the quant-heavy courses.  But there are many, many public sector-related jobs in which you will never run a regression yourself, and many people do not attend MPP programs with the goal of getting a quant-heavy job.  Ph.D. programs are preparing people to enter academia, where the ability to produce empirical research is essential.   
  11. Upvote
    MaxwellAlum got a reaction from yellina122 in Financially Crippling Loans   
    I agree it's not smart to take out six-figure debt for a public policy masters.  A huge reason not to is that you can still get a great job in the field without going to HKS or SIPA.
    That said, to be clear, $100,000 in federal student debt, while definitely not a good idea, does not have to be financially crippling.  Income-based repayment programs make loan payments on this amount of debt reasonably manageable.  You will never have to pay $1,000 a month on a $40,000 salary thanks to these programs (which only apply to FEDERAL loans, and not to private student loans), although you can if you want to.  The problem is that you will likely never be able to pay it off yourself.  You may get forgiveness after 10 or 25 years (depending on which forgiveness programs are still available), but there is no certainty of this.  In the meantime, your balance may grow if you can not cover the interest that accrues every month, and you will be taking hundreds of dollars out of your monthly income to make loan payments, for at least a decade and probably more (Public Service Loan Forgiveness is likely to be eliminated by Congress, at least for future borrowers).
    Some people are able to pay off lots of debt on a modest salary by living frugally.  But if you are in your late 20s already, by the time you graduate it's likely you'll want to start getting serious about saving for retirement and buying a house.  On a public sector salary, it is not possible to do all of these things while also making extra payments on your student loans (and don't forget that accruing interest makes it extremely hard to make a dent on six-figure debt).  So the reality is that you'll likely be making affordable, but significant payments on your loans for a very long time.  If you feel that's worth it to you, it can be done, but for most people the benefits are not worth the costs.
  12. Upvote
    MaxwellAlum got a reaction from chocolatecheesecake in Usage of Calculus in Your MPP/MPA Courses   
    It depends a bit on the specific job, but I agree with the previous poster that for many jobs in the three categories you listed, algebra and statistics is fine.  I am a government policy analyst and I definitely don't need calculus.  For the GAO, my understanding is they have similar requirements (nothing more advanced than algebra and stats), but you could look through their reports to see whether they do things that require more advsnced math, to see how you can make yourself more competitive.  For CBO my impression is that they do hire economists to make a lot of their projections, and I'd expect those need P.h.D level math and economics coursework, but they also hire budget analysts for whom a standard MPP is fine.  From my perspective, having more math can't hurt and could come in handy, but it is not a requirement for most jobs in the field.
  13. Upvote
    MaxwellAlum got a reaction from xXIDaShizIXx in Usage of Calculus in Your MPP/MPA Courses   
    I'm glad this was helpful.  I do want to emphasize that the quant you do learn in an MPP can be very helpful even if you are not running regressions in your job.  At the very least, those classes will give you the basis to understand if other people's analyses are valid.  One thing you absolutely will find in the public sector is a lot of people throwing around phrases/words like "statistically significant" and "correlation" without fully understanding what those things mean, and you may very well find yourself in a position where you need to call them out on that (or at least gently correct them).
  14. Upvote
    MaxwellAlum got a reaction from Ben414 in Usage of Calculus in Your MPP/MPA Courses   
    It depends a bit on the specific job, but I agree with the previous poster that for many jobs in the three categories you listed, algebra and statistics is fine.  I am a government policy analyst and I definitely don't need calculus.  For the GAO, my understanding is they have similar requirements (nothing more advanced than algebra and stats), but you could look through their reports to see whether they do things that require more advsnced math, to see how you can make yourself more competitive.  For CBO my impression is that they do hire economists to make a lot of their projections, and I'd expect those need P.h.D level math and economics coursework, but they also hire budget analysts for whom a standard MPP is fine.  From my perspective, having more math can't hurt and could come in handy, but it is not a requirement for most jobs in the field.
  15. Upvote
    MaxwellAlum got a reaction from Ben414 in Usage of Calculus in Your MPP/MPA Courses   
    Absolutely some schools are going to use calculus in some of their classes/tracks, but unless they require that level of math as part of admission to the program or track, you'll most likely find that most of your fellow students do not have much of a calculus background.  I'm quite certain that Harvard's MPP program, for example, does not require knowledge of calculus for admission, but that it does for the MPA/ID program.  People I know who attended Harvard for the MPP neither entered or left with calculus.  MPP/MPA programs are different from Ph.D. programs in that they are typically preparing you to mainly be a consumer of empirical research and less so a producer.  Certainly some people will go from an MPP to a very quant-focused role, and those people will often have sought out the quant-heavy courses.  But there are many, many public sector-related jobs in which you will never run a regression yourself, and many people do not attend MPP programs with the goal of getting a quant-heavy job.  Ph.D. programs are preparing people to enter academia, where the ability to produce empirical research is essential.   
  16. Upvote
    MaxwellAlum got a reaction from xXIDaShizIXx in Usage of Calculus in Your MPP/MPA Courses   
    Absolutely some schools are going to use calculus in some of their classes/tracks, but unless they require that level of math as part of admission to the program or track, you'll most likely find that most of your fellow students do not have much of a calculus background.  I'm quite certain that Harvard's MPP program, for example, does not require knowledge of calculus for admission, but that it does for the MPA/ID program.  People I know who attended Harvard for the MPP neither entered or left with calculus.  MPP/MPA programs are different from Ph.D. programs in that they are typically preparing you to mainly be a consumer of empirical research and less so a producer.  Certainly some people will go from an MPP to a very quant-focused role, and those people will often have sought out the quant-heavy courses.  But there are many, many public sector-related jobs in which you will never run a regression yourself, and many people do not attend MPP programs with the goal of getting a quant-heavy job.  Ph.D. programs are preparing people to enter academia, where the ability to produce empirical research is essential.   
  17. Upvote
    MaxwellAlum got a reaction from chocolatecheesecake in Macro or Micro - Economics   
    Microeconomics is more relevant for public policy programs.  You also can look into courses through the University of London International Programs, although those do typically require a proctored exam (I think they offer the exams around the world).
  18. Upvote
    MaxwellAlum got a reaction from shrimps in Job in Gov Affairs: What's Your Typical Day?   
    I graduated from the Maxwell School (Syracuse) three years ago from their dual masters program in public administration and international relations.  I currently work as a policy analyst for the local county council (I chose to go into local government to be closer to my family).  My office conducts research and evaluation projects based on a work program defined by the council each year.  We are a small office, so we don't specialize in specific policy areas.  
    My typical day involves conducting desk research, analyzing data, and/or writing.  Depending on the stage of the project or projects I'm working on, I may also spend time scheduling and conducting meetings with folks who manage programs that are relevant to my project, privately briefing members of the council on the findings of a project, or preparing and delivering presentations on completed projects to committees of the council and other community organizations.
    One of the skill areas I think is becoming increasingly important in my field is data analysis, particularly using tools like R and Python.  Although I can do most of the data analysis I need to do in Excel (we do mostly descriptive analysis rather than any inferential statistics or regression analysis, although understanding statistics is really important in my job), occasionally I encounter data cleaning or data analysis issues that are best addressed in other programs.  My office does not have access to proprietary software like SPSS or Stata, so I have worked to teach myself a bit of R and am working on learning Python.  Skills in GIS software like ArcGIS are also really important.  These were not skills that were taught when I did my master's program, but I think there are efforts underway to get grad schools to start teaching them.  While a lot of the jobs coming out of a public policy master's might not require knowing R, Python, or ArcGIS, these skills can definitely help you stand out in the field and I think they will become even more important in the future.
  19. Upvote
    MaxwellAlum got a reaction from Ben414 in Job in Gov Affairs: What's Your Typical Day?   
    I graduated from the Maxwell School (Syracuse) three years ago from their dual masters program in public administration and international relations.  I currently work as a policy analyst for the local county council (I chose to go into local government to be closer to my family).  My office conducts research and evaluation projects based on a work program defined by the council each year.  We are a small office, so we don't specialize in specific policy areas.  
    My typical day involves conducting desk research, analyzing data, and/or writing.  Depending on the stage of the project or projects I'm working on, I may also spend time scheduling and conducting meetings with folks who manage programs that are relevant to my project, privately briefing members of the council on the findings of a project, or preparing and delivering presentations on completed projects to committees of the council and other community organizations.
    One of the skill areas I think is becoming increasingly important in my field is data analysis, particularly using tools like R and Python.  Although I can do most of the data analysis I need to do in Excel (we do mostly descriptive analysis rather than any inferential statistics or regression analysis, although understanding statistics is really important in my job), occasionally I encounter data cleaning or data analysis issues that are best addressed in other programs.  My office does not have access to proprietary software like SPSS or Stata, so I have worked to teach myself a bit of R and am working on learning Python.  Skills in GIS software like ArcGIS are also really important.  These were not skills that were taught when I did my master's program, but I think there are efforts underway to get grad schools to start teaching them.  While a lot of the jobs coming out of a public policy master's might not require knowing R, Python, or ArcGIS, these skills can definitely help you stand out in the field and I think they will become even more important in the future.
  20. Upvote
    MaxwellAlum got a reaction from ridofme in Financially Crippling Loans   
    I agree it's not smart to take out six-figure debt for a public policy masters.  A huge reason not to is that you can still get a great job in the field without going to HKS or SIPA.
    That said, to be clear, $100,000 in federal student debt, while definitely not a good idea, does not have to be financially crippling.  Income-based repayment programs make loan payments on this amount of debt reasonably manageable.  You will never have to pay $1,000 a month on a $40,000 salary thanks to these programs (which only apply to FEDERAL loans, and not to private student loans), although you can if you want to.  The problem is that you will likely never be able to pay it off yourself.  You may get forgiveness after 10 or 25 years (depending on which forgiveness programs are still available), but there is no certainty of this.  In the meantime, your balance may grow if you can not cover the interest that accrues every month, and you will be taking hundreds of dollars out of your monthly income to make loan payments, for at least a decade and probably more (Public Service Loan Forgiveness is likely to be eliminated by Congress, at least for future borrowers).
    Some people are able to pay off lots of debt on a modest salary by living frugally.  But if you are in your late 20s already, by the time you graduate it's likely you'll want to start getting serious about saving for retirement and buying a house.  On a public sector salary, it is not possible to do all of these things while also making extra payments on your student loans (and don't forget that accruing interest makes it extremely hard to make a dent on six-figure debt).  So the reality is that you'll likely be making affordable, but significant payments on your loans for a very long time.  If you feel that's worth it to you, it can be done, but for most people the benefits are not worth the costs.
  21. Upvote
    MaxwellAlum got a reaction from Oh no! in How much debt are you willing to take on for your degree?   
    Hi folks, I would caution anyone against going to grad school right now on the assumption of receiving Public Service Loan Forgiveness.  That program looks like it's on Congress's chopping block.  While existing borrowers may be grandfathered in, the program is very likely to be changed or eliminated by the time anyone applying now graduates.  Income-based repayment plans will still be available, but forgiveness occurs only after 25 years and it will be considered taxable income.  That means if you get $100,000 of debt forgiven, you may have to pay upwards of $30k in taxes that year just on that amount.  I would strongly caution against anyone taking out much more than $50k in debt for a public policy degree right now.
  22. Upvote
    MaxwellAlum reacted to KenBesonders in Syracuse MPA or Georgetown MPP?   
    I am pretty sure this is false. Maxwell seems to put a lot of emphasis on professional development. Perhaps their MPA is different but their MAIR focuses a lot on professional development, networking and internships. 
  23. Upvote
    MaxwellAlum got a reaction from WhatAmIDoingNow in How much debt are you willing to take on for your degree?   
    $80k in loans will accrue over $400 in interest every month.  On a ten year repayment plan you would need to pay $900 a month or over $10k a year in payments, which is simply not practical on a public sector salary (Federal GS-9 jobs in DC start at around $53k these days) if you have other financial goals like saving for retirement or buying a home.  What seems like a lot of money in your 20s is not that much when you get tired of living with roommates and realize that you need to start saving a substantial chunk of your salary in a retirement fund.   The way to get around this is income-based repayment and public service loan forgiveness, if you are willing to commit to working in the public sector for 10 years (which is genuinely limiting) and live with the uncertainty of whether forgiveness will still be honored 10 years from now.  This plan can get particularly stressful if your income-based payments don't cover the interest that accrues (or at least most of it).   Having Duke or Heinz on your resume may give you a leg up for certain job opportunities, but a school's prestige does not matter nearly as much for an MPP as it does for a law degree.  Having less debt will definitely give you tangible career and financial flexibility.   If you have strong reasons to believe Duke or Heinz will offer significant and tangible career advantages, then it is definitely possible to make it work.  However, in the absence of that, take the lower debt load at the respected state school.
  24. Upvote
    MaxwellAlum got a reaction from bj430 in Looking for some opinions about the dreaded four letter word: debt   
    It's very personal and depends a bit on where you are in life and your willingness to be in debt for a LONG time.  For me, having between $40-50k in loans with a standard starting government salary ($50k-ish) is manageable because (not having a ton of other expenses) I am able to make noticeable dents in my balance.  A $50k balance accrues about $225 in interest every month with the current 5.41% interest rate, and the monthly payment on a standard 10-year repayment plan is $540.  With a salary of $50k your take-home pay might be $2,700-$2,900 each month depending on taxes, health insurance and retirement contributions.  If you are a single person without a lot of other expenses, you can likely make the $540 payment and maybe some extra, and still save a bit of money each month/afford a car payment.
     
    If you have a loan balance of $80k, the standard monthly payment for the 10-year plan is $860 (and of that $360-ish is interest starting out). I imagine that would really be tough for most people on a $50k salary, as that starts to really crowd out any room for savings, car payments, retirement, etc.  And yes, your salary will increase some, but you'll likely not want to throw all your raises into your loans (maybe you'll want a better apartment, kids, a house, save more for retirement, etc.).
     
    The income-based repayment plans do allow you to make payments that are manageable no matter what your balance is, and that gives you the option of prioritizing other things.  Student loans are great in terms of the flexibility in repayment.  The problem is that if these payments don't cover at least a very large portion of the interest, then your loan balance will be growing significantly as time goes by, which is scary.  Unless you actually miss payments your credit score will be fine, and you may be able to get loan forgiveness after 10 or 20/25 years through Public Service Loan Forgiveness/IBR, but relying on these programs being available a decade+ from now can feel stressful, and the debt may keep you from things like qualifying for mortgage.
     
    I am very, very glad I attended the school that offered me more funding as my other option was to take on six-figure debt.  Of course I wish I had less/no debt ($50k is still a very large balance), but I absolutely believe that the investment was worthwhile.  I agree with others that if the choice is between a big-name school and six-figure debt versus a another reputable school with lots of funding, hands down take the funding.
  25. Upvote
    MaxwellAlum got a reaction from gradytripp in Elite MPA and Political Leanings   
    I agree with albuhhh that it's probably self-selection.  When I did my MPA at Syracuse most students were left-leaning politically (including myself), but we had a couple of conservative students who added greatly to classroom discussions.  I wish there had been more.
×
×
  • Create New...

Important Information

This website uses cookies to ensure you get the best experience on our website. See our Privacy Policy and Terms of Use