Funding vs. Debt

[vega maudlin]

How much is money a factor in your decision?

I'm trying to figure out which Biblical Studies program/faculty I'd rather work with -- at Emory or Notre Dame -- and all the while there's a little voice in my head that's calculating the stipend each school is giving me and the cost of living in each respective city, and that's letting me know that $3,000/year in Atlanta is not going to go NEARLY as far as $5,000/year (plus TA opportunities for additional stipend) in South Bend. At first I thought Notre Dame's Bib. studies program would fit me better, now I'm thinking maybe Emory's would, but I almost feel reluctant to come to that conclusion, because I think I'm much more likely to take on debt at Emory's program than at ND's.

I tend to be a pretty frugal person, and I don't want to go overboard and decide JUST based on money, but I also know I'll get more out of my education if I'm not freaking out about money all the time. Thoughts? Anyone in a similar situation? Anyone have advice or suggestions?

[aselfmadewinter]

I was just talking to one of my professors about that same issue. He basically said that if you're weighing your options between two good schools, and one is more financially viable, or will prevent you from getting into debt, than go to the school that won't land you in debt. The thing is, if you're planning on doing a PhD afterwards, the job market and the salary rates for professors in Religious Studies and Theology is such that it won't be easy to pay your debt back right away once you've finished, and in fact, it can take years to pay back what you owe. We're not doing medicine or law here, and it won't be easy for us to get out of debt once we're in.

Just my two cents. Now, if we had jubilee years for grad students...! (yes yes, terrible attempt at a theology joke, my apologies in advance)

[sublimemonk]

Debt can be repaid. Time and regret cannot. I would say you should make money your last concern in these matters.

How much is money a factor in your decision?

I'm trying to figure out which Biblical Studies program/faculty I'd rather work with -- at Emory or Notre Dame -- and all the while there's a little voice in my head that's calculating the stipend each school is giving me and the cost of living in each respective city, and that's letting me know that $3,000/year in Atlanta is not going to go NEARLY as far as $5,000/year (plus TA opportunities for additional stipend) in South Bend. At first I thought Notre Dame's Bib. studies program would fit me better, now I'm thinking maybe Emory's would, but I almost feel reluctant to come to that conclusion, because I think I'm much more likely to take on debt at Emory's program than at ND's.

I tend to be a pretty frugal person, and I don't want to go overboard and decide JUST based on money, but I also know I'll get more out of my education if I'm not freaking out about money all the time. Thoughts? Anyone in a similar situation? Anyone have advice or suggestions?

[Phenomenologist]

Now, if we had jubilee years for grad students...! (yes yes, terrible attempt at a theology joke, my apologies in advance)

+1

Actually, my advice is a combo of the two above. If the two programs are both good, then go with the cheaper one -- no doubt about it. And besides, it's Notre Dame for goodness' sakes, one of the best schools ever.

On the other hand, if it's only $10,000 in debt to do a program that you know you'll be SIGNIFICANTLY happier with and is your absolute dream program or something, I'd say that's a no-brainer as well (key word: "significantly"). You can pay that off in the future, but you can never go back and get your time/experience back to do what you would'a/could'a/should'a.

[11Q13]

I hope not to throw a wrench into your decision, but I know one of the Emory PhD's that was accepted 1 or 2 years ago. I know her because she dropped out after finding the level of scholarship unchallenging and came here to Harvard to do an MTS...

That said, I know Emory is a top school, but I felt like it was a sentiment worth passing along.

EDIT: btw, you must have some fantastic stats to be accepted to both. If you're comfortable sharing them I'd love to hear, I'll be applying in the next round.

Edited March 19, 2011 by 11Q13

[vega maudlin]

I very much appreciate you passing the sentiment along! I'm visiting ND in about a week anyway, and I think that will help me decide. (Also, wow -- dropped out of a PhD program to do an MTS program?? What field was she in?)

I'd give you my stats, but I suspect you mean you're applying for PhD programs next year? I'm only applying for my MTS, actually (ergo the smallish stipends, comparatively).

I hope not to throw a wrench into your decision, but I know one of the Emory PhD's that was accepted 1 or 2 years ago. I know her because she dropped out after finding the level of scholarship unchallenging and came here to Harvard to do an MTS...

That said, I know Emory is a top school, but I felt like it was a sentiment worth passing along.

EDIT: btw, you must have some fantastic stats to be accepted to both. If you're comfortable sharing them I'd love to hear, I'll be applying in the next round.

[vega maudlin]

Fair enough

I'm sort of realizing that any of these programs will give me an excellent education and will open all kinds of interesting doors -- just a *different* kind of excellent education and different *sorts* of doors. Which is fine. And thank you everyone for the advice!

+1

Actually, my advice is a combo of the two above. If the two programs are both good, then go with the cheaper one -- no doubt about it. And besides, it's Notre Dame for goodness' sakes, one of the best schools ever.

On the other hand, if it's only $10,000 in debt to do a program that you know you'll be SIGNIFICANTLY happier with and is your absolute dream program or something, I'd say that's a no-brainer as well (key word: "significantly"). You can pay that off in the future, but you can never go back and get your time/experience back to do what you would'a/could'a/should'a.