Is it worth it to take out a student loan for a masters?

[robot_hamster]

As some of you may recall, I was admitted to my program with no offer for assistance. My spouse still thinks I need to go. But is it worth it to take out a loan for a masters? It seems stupid to take out even more loans, but I honestly don't know what else to do at this point. I was so hoping to receive a stipend and whatnot so I wouldn't be strained so much financially (believe it or not, a stipend would be more than what I make now at my crap job).

What is everyone else's experience with this?

[joro]

Check if you can be a TA or RA after your first semester.

[Jack Horner]

Totally depends on the field. If you're in a field with a definitive step increase with a M* degree (like teaching), then yes up to a limit. For instance, if I get a M* degree, my salary increases my $6-8k annually with a much higher salary ceiling and it makes me *much* more marketable to other schools, which makes $20k worth of loans a no-brainer. If you're just doing it to make yourself more marketable to perspective employers who might hire you, then it's a crap shoot. If you're doing it because you'd like to get into a PhD program only you can answer whether it's worth it to pursue the dream. Despite the fact that nobody has a crystal ball, you can start thinking about how much more you can expect to make with a M* degree, and weigh the options from there.

That's my $0.02 anyway.

[mares]

To me, it would be. I mean, I'm applying to a Master of Library and Information Science and my boyfriend is applying for a Master of Arts in Teaching. I assume both of us will have to take out some degree of loans in order to pay for our programs, provided we are accepted (still waiting...). For me, it is worth it because for the most part you cannot get a job in a library without an MLS/MLIS (at least in my part of the country). For my boyfriend, it is worth it because he'll have to get some kind of extra schooling to become a teacher anyway, as education was not his major in undergrad, so he might as well get the Master's and have a higher earning potential. I think it's really only worth it to pay for a Master's program if it's a terminal degree, like the MLIS, that is needed in order to obtain employment in a certain field. If you're using it as a way to get into a PhD program, it might not be the best idea. That's just my opinion.

[mudlark]

I think it's really only worth it to pay for a Master's program if it's a terminal degree, like the MLIS, that is needed in order to obtain employment in a certain field.

I agree with this. MLSP degrees are another good example. For me, and most other students in the humanities and social sciences, it would be a very bad idea. We're facing a very uncertain job future, and I can't imagine how much worse it would be to live off of temp sessional/adjunct work while making insane loan payments.

[Reinventing]

I think you need to step back and re-evaluate things, not just go with the momentum, because as you said, significant elements of the situation have changed for you. Going because you don't know what else to do or because your spouse thinks you should: these are not the best reasons to get into debt, even for education. There are other things out there, and there may also be a good option in working and applying again in a few years, if you still want to go.

[Jae B.]

Ditto the TA / RA suggestion. Find out how difficult it is to become one after your first semester, or at least by your second year. You might not have to loan as much as you think.

Have you called and asked about funding? Tell them you would love to attend, but no funding makes it very challenging for you to do so. Make sure there is nothing else they could qualify you for, including outside fellowships they may award. Aim for at least a first year fellowship, to cover you until you can become a TA or RA.

Have you searched for outside funding yourself? Might not hurt to try, especially if you have some work to submit.

Make sure you apply to get the interest held on any federal student loans you have from undergrad. At least that's one benefit.

Assess what your employment outcome will be after this degree, figure in the loan payments you already have, and then see what room you'd have for masters degree loans. How likely is it that you will be able to find work in an adequate amount of time with a higher earnings status?

In my case, it is not wise for me to take out loans (journalism) even though a masters is pretty much the terminal degree for the field. But it might be different for you.

[Jack Silverz]

To me, it would be. I mean, I'm applying to a Master of Library and Information Science and my boyfriend is applying for a Master of Arts in Teaching. I assume both of us will have to take out some degree of loans in order to pay for our programs, provided we are accepted (still waiting...). For me, it is worth it because for the most part you cannot get a job in a library without an MLS/MLIS (at least in my part of the country). For my boyfriend, it is worth it because he'll have to get some kind of extra schooling to become a teacher anyway, as education was not his major in undergrad, so he might as well get the Master's and have a higher earning potential. I think it's really only worth it to pay for a Master's program if it's a terminal degree, like the MLIS, that is needed in order to obtain employment in a certain field. If you're using it as a way to get into a PhD program, it might not be the best idea. That's just my opinion.

"I think it's really only worth it to pay for a Master's program if it's a terminal degree, like the MLIS, that is needed in order to obtain employment in a certain field. If you're using it as a way to get into a PhD program, it might not be the best idea."...........Excuse me, could you elaborate on that statement. This is exactly the dilemma I am in now. I have to do a masters program to get into the doctoral program I hope for but my current finances doesn't give me an option that doesn't include a huge loan to cover the funding. And I was searching for some advise on ways to being able to pursue Doctoral programs right after doing masters and being able to begin paying EMIs of the loan after completion of the Doctoral programs. Have you heard of such loan options, Mares?

[robot_hamster]

Ditto the TA / RA suggestion. Find out how difficult it is to become one after your first semester, or at least by your second year. You might not have to loan as much as you think.

Have you called and asked about funding? Tell them you would love to attend, but no funding makes it very challenging for you to do so. Make sure there is nothing else they could qualify you for, including outside fellowships they may award. Aim for at least a first year fellowship, to cover you until you can become a TA or RA.

Have you searched for outside funding yourself? Might not hurt to try, especially if you have some work to submit.

Make sure you apply to get the interest held on any federal student loans you have from undergrad. At least that's one benefit.

Assess what your employment outcome will be after this degree, figure in the loan payments you already have, and then see what room you'd have for masters degree loans. How likely is it that you will be able to find work in an adequate amount of time with a higher earnings status?

In my case, it is not wise for me to take out loans (journalism) even though a masters is pretty much the terminal degree for the field. But it might be different for you.

Have I asked about TA/RA positions? You bet I have! I've been grilling the heck out of them and I'm not getting anywhere. But no, there are no such position available at this time. They were all already given to other people when the acceptance letters went out. As far as outside funding goes, I was completely unaware that there was such a thing until I stumbled across this forum. The career center at my current school isn't worth much, they haven't helped me hardly at all with this whole process. Sadly, I believe that application deadlines have passed for most of those opportunities anyway. And in regard to my ability to find a job after I get a masters, I really don't know at this point. I know that I could get A job with a bachelors, but it probably wouldn't be the kind of job that I would really want to have. I hope that makes sense.

[EKPhrase]

Have I asked about TA/RA positions? You bet I have! I've been grilling the heck out of them and I'm not getting anywhere. But no, there are no such position available at this time. They were all already given to other people when the acceptance letters went out. As far as outside funding goes, I was completely unaware that there was such a thing until I stumbled across this forum. The career center at my current school isn't worth much, they haven't helped me hardly at all with this whole process. Sadly, I believe that application deadlines have passed for most of those opportunities anyway. And in regard to my ability to find a job after I get a masters, I really don't know at this point. I know that I could get A job with a bachelors, but it probably wouldn't be the kind of job that I would really want to have. I hope that makes sense.

Robot, I will share my opinion on this - I was able to get a TA for my masters, but it did not come with a tuition waiver. My two cents: If you are going for a PhD, consider going into the MA. For one, you might be able to be more proactive about funding in year two, and also, I think PhD programs are accepting more folks with a well-done masters. It is a testing ground for the PhD, I believe, and I think you will get better funding once you prove yourself. If it is an expensive school, and you think you could get a better funded MA offer next year, maybe not. I was able to pay for my masters, coming from a career that allowed me to make some cash while in school. But my school was pretty cheap too - maybe 3k a semester or so...

Hope that helps. My basic opinion is to consider the affordability and your long-term plans. If it is pricey and you think you will be done at the MA, maybe not. But if it's affordable, and you are looking for a PhD, there are some benefits to going for it and trying to get better funding in year two.

[robot_hamster]

Robot, I will share my opinion on this - I was able to get a TA for my masters, but it did not come with a tuition waiver. My two cents: If you are going for a PhD, consider going into the MA. For one, you might be able to be more proactive about funding in year two, and also, I think PhD programs are accepting more folks with a well-done masters. It is a testing ground for the PhD, I believe, and I think you will get better funding once you prove yourself. If it is an expensive school, and you think you could get a better funded MA offer next year, maybe not. I was able to pay for my masters, coming from a career that allowed me to make some cash while in school. But my school was pretty cheap too - maybe 3k a semester or so...

Hope that helps. My basic opinion is to consider the affordability and your long-term plans. If it is pricey and you think you will be done at the MA, maybe not. But if it's affordable, and you are looking for a PhD, there are some benefits to going for it and trying to get better funding in year two.

I'm not looking to do a PhD at this point. One of my current professors said that I probably wouldn't need more than a masters. The graduate tuition at this university is about twice what their undergraduate tuition is. The funny thing is that it is still cheaper than my current school (I go to a private university). But my school also gives out grants and scholarships like they are candy. The university where my graduate program would be doesn't seem to be nearly as generous. Odd too, especially since they just got a few million dollars donated to them (it was on the local news).