Debt or Graduate School

[gezzloume]

This is the second year of applications for me and I can not seem to overcome the lack of funding for Masters programs. I already have undergraduate debt and I didn't want to rack up anymore seeing as I have trouble paying down my current loans. I really want to go to graduate school but I don't want to end up filing for bankruptcy in a couple of years to do it!

So is graduate school worth accumulating overwhelming amounts of debt if minimal to nil school funding won't cover it (all the costs of graduate school that is)?

Peace to you and any feedback would be greatly appreciated.

[bhdavis1978]

This is the second year of applications for me and I can not seem to overcome the lack of funding for Masters programs. I already have undergraduate debt and I didn't want to rack up anymore seeing as I have trouble paying down my current loans. I really want to go to graduate school but I don't want to end up filing for bankruptcy in a couple of years to do it!

So is graduate school worth accumulating overwhelming amounts of debt if minimal to nil school funding won't cover it (all the costs of graduate school that is)?

Peace to you and any feedback would be greatly appreciated.

It depends why you want to go to graduate school, and for how long. If you just want to go, because you want to gain more education- then that entirely depends on your comfort level with harbouring a lot more debt. If it results in you having improved income when you get a job, and a higher median income, then it shouldn't be too hard to figure out if it's worth the risk of bankruptcy. Doing that calculation might show that not only is it worth it, but it will substantially increase the rate at which you can pay down your debt.

For example, my wife is a teacher. When we lived in British Columbia, if she'd had a Masters, it would've added an extra $10,000 of salary on top of what she was already earning. It would've been worth a fair amount of extra debt for that increase in salary- especially because it'd also affect her pension (thou, she would've made most of that increase by just doing the coursework for a masters, and not the thesis- something called a PB+15, I don't really understand the details).

So, if you want to do it cause you want to do it for your soul? Only you can answer that. To be honest, if I could do it again (go to grad school or not), knowing what I know now, I'm not sure that I would. I probably would've gone to medical school instead. I'm tired of moving, tired of the uncertainty, etc.

The other thing to be aware of, when asking for advice, is who you're asking. A lot people in academics have never spent much time outside of academics, so they can't really give you a personal experience of with, or without advanced studies. The same problem exists for most people in the real world- they've never been in academia, so they only have their own experiences to draw from.

[gezzloume]

It depends why you want to go to graduate school, and for how long. If you just want to go, because you want to gain more education- then that entirely depends on your comfort level with harbouring a lot more debt. If it results in you having improved income when you get a job, and a higher median income, then it shouldn't be too hard to figure out if it's worth the risk of bankruptcy. Doing that calculation might show that not only is it worth it, but it will substantially increase the rate at which you can pay down your debt.

For example, my wife is a teacher. When we lived in British Columbia, if she'd had a Masters, it would've added an extra $10,000 of salary on top of what she was already earning. It would've been worth a fair amount of extra debt for that increase in salary- especially because it'd also affect her pension (thou, she would've made most of that increase by just doing the coursework for a masters, and not the thesis- something called a PB+15, I don't really understand the details).

So, if you want to do it cause you want to do it for your soul? Only you can answer that. To be honest, if I could do it again (go to grad school or not), knowing what I know now, I'm not sure that I would. I probably would've gone to medical school instead. I'm tired of moving, tired of the uncertainty, etc.

The other thing to be aware of, when asking for advice, is who you're asking. A lot people in academics have never spent much time outside of academics, so they can't really give you a personal experience of with, or without advanced studies. The same problem exists for most people in the real world- they've never been in academia, so they only have their own experiences to draw from.

Thanks, you gave me a lot to think about...

[DeepShadeofBlue]

Hi!

I just saw this post randomly, and thought I'd offer my two cents.

I'm in a similar position. Very few schools offered any kind of financial assistance. And, even the programs that did, well, let's just say I'd still rack up some serious debt (on top of the ones accrued from undergrad).

I agree with the above writer...if the advanced degree will help you find better jobs and employment, then by all means go for it. But, there are many professions where an advanced degree is considered unnecessary and even undesirable.

I've been out of university for two years, and the thing of it is, at least in my humble opinion, if there's anything worth going into debt for, it's education. Yes, the price of education is getting to be exuberant, but in the end, hopefully the skills, knowledge, and wisdom you take away will transcend expenses.