Is anyone else worried about this?

[SLPks53]

Hey guys! So I have been accepted to a few programs and am beyond grateful and excited about it! But unfortunately I have loans from undergrad, and grad school is going to cost around $70K. Basically I am going to have almost $100k total in loans from undergrad and grad when I finish. I would like to work in a school but have been doing research that school based SLP's get paid around the same as a teachers salary which averages maybe $50k-$60k. I am not going into this field for the money, but am beginning to stress that I will be drowning in student loans without enough money to life comfortably.   I don't mean to be a Debbie downer but am genuinely worried and curious to see if anyone else it too! 

[Rezzy S.]

I am worried about the cost too. Especially as one of my options is a private school. If you’re willing to relocate for a few years, my professors have said SLPs in underserved, rural areas can make $80-90 thousand a year.

Edited March 20, 2019 by Rezzy S.

[ashwood]

You could look to see if there are any loan forgiveness programs for educators in the state you hope to work in. School SLPs usually fall under that. 

[Procaffeination]

I'll have a little more debt than you at the end of graduate school because my Estimated Family Contribution on FAFSA was just high enough that I didn't get aid (I should probably be grateful that my family earns enough, but they still weren't able to afford any of my college. Regardless, I will look into consolidating my loans for a much lower interest rate and use an option to have increments taken out of my paycheck every month. This way I don't really ever see the debt looming over me and I can pay into the debt if I ever have extra cash!

Debt is completely scary and it's completely valid to feel overwhelmed by it -- I know I am. As somebody else mentioned, I believe school SLP's may be eligible for a loan forgiveness option through the government, so maybe look into that. I'm here to PM if you want to talk more about it!

[BioCook]

I'm pretty stressed out about it... I'm happy I came out of college with minimal debt, but without scholarships, thinking about paying the full price tag is terrifying.  

[babysanta]

If anyone is interested in loan forgiveness options after graduation, do plenty of research and make sure youVOTE. The current administration is looking to gut some of these programs to get more money for a racist wall.  

[lilyslp]

I'm also worried about this! I don't have too much debt from undergrad but will be taking out the max federal loan (~20K) and will still owe around 10K + living expenses. I haven't talked with the financial aid office yet, but I'm assuming the only way to have the rest of this covered is through private loans, right? Leaving out options of scholarships, assistantships, and work study (want to plan for worst case). Does anyone have any experience obtaining private loans? Are they fairly easy to get? 

[SLPks53]

20 minutes ago, lilyslp said:

I'm also worried about this! I don't have too much debt from undergrad but will be taking out the max federal loan (~20K) and will still owe around 10K + living expenses. I haven't talked with the financial aid office yet, but I'm assuming the only way to have the rest of this covered is through private loans, right? Leaving out options of scholarships, assistantships, and work study (want to plan for worst case). Does anyone have any experience obtaining private loans? Are they fairly easy to get? 

I am in the same boat and got the max federal loan of $20k but that still doesn't cover the full tuition. I am pretty sure you can apply for a GRAD plus loan through FAFSA to get the rest of your tuition covered. I think the interest may be a little bit higher but I'm sure it's less than most private loan interest rates may be. I called FAFSA about it and say said application for the Grad plus loan should be available by the end of this month on the FAFSA website. 

[lilyslp]

On 3/20/2019 at 4:01 PM, SLPks53 said:

I am in the same boat and got the max federal loan of $20k but that still doesn't cover the full tuition. I am pretty sure you can apply for a GRAD plus loan through FAFSA to get the rest of your tuition covered. I think the interest may be a little bit higher but I'm sure it's less than most private loan interest rates may be. I called FAFSA about it and say said application for the Grad plus loan should be available by the end of this month on the FAFSA website. 

Thank you! This was really helpful. I'll keep my eye out for it! 

[hopefulfuturespeechie]

37 minutes ago, lilyslp said:

Thank you! This was really helpful. I'll keep my eye out for it! 

does everyone get approved for the grad plus loan?

[bibliophile222]

10 minutes ago, hopefulfuturespeechie said:

does everyone get approved for the grad plus loan?

You have to have at least okay credit-- they check for any defaulted payments or bankruptcies. I'm not sure if they take people who have no credit.

[lilyslp]

43 minutes ago, hopefulfuturespeechie said:

does everyone get approved for the grad plus loan?

 

30 minutes ago, bibliophile222 said:

You have to have at least okay credit-- they check for any defaulted payments or bankruptcies. I'm not sure if they take people who have no credit.

On their website (https://studentaid.ed.gov/sa/types/loans/plus/grad-professional#eligibility) it says that if you don't have good credit you have these options: 

1. Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the grad PLUS loan if you do not repay it.
2. Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.