Jillybean Posted March 5, 2010 Posted March 5, 2010 Hi everyone, I was recently admitted into an Ivy league MA program, among the best in the world, and I'm very excited about it. BUT I'm not sure if it's worth taking on the debt.... any advice is appreciated! To summarize- I would be staring at close to 100K in student loans (this includes 55K for two years grad school, plus living expenses). I will get a part time job, but it's not likely to make much of a dent... I never had to take out loans for undergrad, so I don't know what to expect. Does anyone know of any websites/books/material that can help? I should mention that average starting salary for students coming out of this program is 55-85K...so it's a field that SHOULD pay well...but who can judge using averages anymore... Thanks for any help!
LadyL Posted March 5, 2010 Posted March 5, 2010 I would look for job placement rates. In my experience, MA programs in Psychology are not worth it, but that is in reference to experimental psychology specifically. I have been offered several jobs that had previously been held by someone with an experimental MA, one of them from an Ivy, and I have a BA and work experience. I will say that I was promoted recently and I would have been able to get a cooler title if I had an MA, due to hospital requirements. However the raise that came with that promotion in no way would have justified MA level debt .
Jillybean Posted March 7, 2010 Author Posted March 7, 2010 I appreciate the input. Thank you. I'm going to have to think about this one....
edgrad Posted March 11, 2010 Posted March 11, 2010 I have always been taught not to take out more than what what your starting salary will be. For example, one should not take out $50,000 in loans if the average starting salary will be $35,000 for instance. Taking out 100k in loans seems like a bit much but then again the Ivy League experience and the job placement after you graduate could be well worth it. Good luck with your decision!
Jillybean Posted March 11, 2010 Author Posted March 11, 2010 I have always been taught not to take out more than what what your starting salary will be. For example, one should not take out $50,000 in loans if the average starting salary will be $35,000 for instance. Taking out 100k in loans seems like a bit much but then again the Ivy League experience and the job placement after you graduate could be well worth it. Good luck with your decision! Thanks! I'm curious to know the logic is behind the "don't take out more loans than your starting salary will be" rule. Where did you hear that? It sounds like a great advice!
edgrad Posted March 11, 2010 Posted March 11, 2010 I am glad that I can help! I heard it from my undergrad professor--she was a wise woman and it sure is practical advice. Have you decided what school you will be attending? Thanks! I'm curious to know the logic is behind the "don't take out more loans than your starting salary will be" rule. Where did you hear that? It sounds like a great advice!
Jillybean Posted March 12, 2010 Author Posted March 12, 2010 I am glad that I can help! I heard it from my undergrad professor--she was a wise woman and it sure is practical advice. Have you decided what school you will be attending? She sounds like a wise woman! No, still waiting to hear from other universities and to hear if I get any financial aid from this one how about yourself- any luck yet?
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