Debt

[Horn]

Debt was touched on in the funding topic but I wanted to start a new topic because it's so important. I'm having a hard time determining how much debt makes financial sense for a MLIS degree. I have been accepted to a number of different schools but they are all out of state and extremely expensive. I didn't apply to my state school, even though it's great for LIS because I went there for undergrad and don't want to live there again. I want to go to Michigan, should I try to move there and get residency? How much debt do you plan on taking on?

[Phyl]

I have around $28,000 from undergrad and will be taking on around $14,000 more for grad. I'll be living at home and working at least part time during grad school to save some money.

It seems like the rule of thumb around here is to not take on more debt than a years salary. The Bureau of Labor Statistics has that listed from anywhere in the low 40s to mid 50s, depending of course where you are working and what experience you have going into a position.

Edited April 15, 2010 by Phyl

[radcradick]

I've been exloring the subject of debt, cost of name brand school, etc and I've determined that in a MLIS situation much of it has to do with what your intended concentration is and what you plan on doing with your degree after schooling.

There are two types of students in library school - future librarians and information professionals, and these are two different career tracks.

If your going to library school because you want to be a librarian, then go in-state or wherever is cheapest because all that really matters in the end is the ALA accolade.

If you want to be an information professional who specializes in the realm of technology, likely at an iSchool (Michigan, Washington, Illinois, etc), then those could very well be worth the extra debt.

[moolissa]

it seems like a bad idea to take on any significant debt at all for grad school. if you don't get a substantial scholarship or assistantship, is it really a good idea to pay for an MLS out of pocket? odds are you're not going to be making all kinds of money as a librarian, and i know i for one will be paying undergrad student loans until well after i'm dead. i definitely would not attend grad school if i had to take on further debt, even though it is the american way.