MSWs and Student Loans

[breezy13_MSW]

Hello! I was just curious how much student loans people here plan to take on/have already taken on for their MSWs? I'm trying to figure out how much is 'too much' and I wondered if anyone else is struggling with that right now?

 

Personally, I applied this cycle and am currently debating between attending UIC more or less for free, or UChicago with roughly 45-50k in loans by graduation.

[JBrwn]

So far, I'm thinking of going to a private university and taking about 45k in loans for tuition and considering taking an extra 40k in loans for living expenses. My public university would be around 20k less in student loans for tuition, but they don't have the same financial resources to provide institutional scholarships or assistantships which I believe I could get after my first year in school. So, I believe after that, the private university may be less.

I also compiled a list of external scholarships that amount to over 150k in aid for MSW students (and still finding more aid). Once I can apply to the external scholarships, I'm hoping to be fully funded for tuition and maybe even living expenses.

[DSWstudentTSSW]

4 hours ago, breezy13_MSW said:

Hello! I was just curious how much student loans people here plan to take on/have already taken on for their MSWs? I'm trying to figure out how much is 'too much' and I wondered if anyone else is struggling with that right now?

 

Personally, I applied this cycle and am currently debating between attending UIC more or less for free, or UChicago with roughly 45-50k in loans by graduation.

I would aim for instate tuition whenever possible. There are a few programs that offer online students instate tuition regardless of where they live. I believe Bama and Ohio State? Both tier one respected programs. 
Brand name schools *can* be worth the price tag when they offer scholarships/stipends and if you plan on living in that area during and after graduation. For example, no one is going to care if you went to Columbia (and racked up 90K in debt) if you enter the job market in Los Angeles, where the local Cal States, UCLA, USC already have the networking advantage. Less debt = smartest choice. 

 

Edited April 15, 2022 by DSWstudentTSSW
Typo

[T.O.hopeful]

12 hours ago, breezy13_MSW said:

Hello! I was just curious how much student loans people here plan to take on/have already taken on for their MSWs? I'm trying to figure out how much is 'too much' and I wondered if anyone else is struggling with that right now?

 

Personally, I applied this cycle and am currently debating between attending UIC more or less for free, or UChicago with roughly 45-50k in loans by graduation.

Not American so curious, does it make a difference what school you went to once you graduate/are registered? I'm just wondering if the earning potential post graduation would be worth having to deal with paying off a 40-50K loan for a 2 year program?

[JBrwn]

On 4/15/2022 at 10:28 PM, T.O.hopeful said:

Not American so curious, does it make a difference what school you went to once you graduate/are registered? I'm just wondering if the earning potential post graduation would be worth having to deal with paying off a 40-50K loan for a 2 year program?

45k for a degree from a private university means that you received more than a 50% scholarship. So, it's considered a good price for a master's degree.

I've heard it doesn't make a difference for clinical social work, but I think it would make a difference for macro/mezzo level social work because you'll be competing with mph, mpa, mpp degrees, and the university reputation does matter in those cases.

It's not just about future job prospects though. The public colleges/universities in my area (which are ranked well)  have poor admin, more adjunct professors, and are just lower quality in terms of service and resources. For ex, no one will pick up when you call, you have to visit to talk about things like aid or if you have other questions. I've taken classes there, and it's just a huge headache. Some public school systems have great funding, and others don't. So, it really depends on the state.

[TerryBraswell]

On 4/18/2022 at 9:59 PM, JBrwn said:

45k for a degree from a private university means that you received more than a 50% scholarship. So, it's considered a good price for a master's degree.

I've heard it doesn't make a difference for clinical social work, but I think it would make a difference for macro/mezzo level social work because you'll be competing with mph, mpa, mpp degrees, and the university reputation does matter in those cases.

It's not just about future job prospects though. The public colleges/universities in my area (which are ranked well)  have poor admin, more adjunct professors, and are just lower quality in terms of service and resources. For ex, no one will pick up when you call, you have to visit to talk about things like aid or if you have other questions. I've taken classes there, and it's just a huge headache. Some public school systems have great funding, and others don't. So, it really depends on the state. You can also go to the articles by Northnloans to explore this issue.

Whenever feasible, I would try to pay in-state tuition. There are a few programs that provide in-state tuition to online students wherever they live. When brand-name colleges provide scholarships or stipends and if you intend to live in the region both before and after graduation, they may be worth the price tag.

Edited July 26, 2022 by TerryBraswell

[julesevar]

Suze Orman used to say on her show to not take out more than a year's annual salary.  She has several podcasts and resources on her website: https://www.suzeorman.com/goals/6