How Much Debt is Do-Able?

[Sassafrass2]

I recently was accepted into my top-choice program with a merit scholarship of 28K (14K a year). My issue is that this program really isn't really highly ranked, is a private institution with a 36K a year tuition price tag, and is only offering me about 20K a year in loans. I really love one concentration that is unique to the school - but really it is only a certificate program (so there is a possibility I could get my MSW elsewhere and get a certificate from this school in the specific concentration that I was looking for - of course this is just longer in school and more money out overall).

Basically, best case scenario is I'll be paying a few thousand out of pocket each year (not including all the fees, books, and living expenses), tacking on 40K in education loans to the 50K I already have from a previous degree, and STILL having to cough up all my living expenses (luckily my partner makes decent money as an engineer and will be coming with me).

My question is... in your opinion, is it really worth it!?! I know that I want to be a LCSW... but I'm also realistic in knowing that I will not being making a ton of cash when I graduate. Also, I'm lucky to have a partner that is willing to help cover living costs; however, we’re not married and I want to do this as much on my own as possible.

Is it worth it to sacrifice my school of choice to stay at a cheaper, higher ranked and more prestigious, in-state program – but doesn’t have any professors in that small niche concentration I’m looking for?

As I’m coming down to the wire in decisions… any advice or information is greatly appreciated!

[jamient]

I completely understand your dilemma! Personally I think you should call or email some lower tuition schools and find out about their Alumni network, ask how their graduates are doing job wise and compare field assignments. If the the job statistics are the similar and the field work is the same, why play more money? From my understanding students at USC, UCLA, and CSULA all do the same fieldwork yet CSULA costs signaifcally less money.

Also in my experience I've found state schools typically have professors who have actually worked in the field they are teaching, while more experience schools hired people right out their PHD programs and they focused more on theory and research and don't have as much real world experience.

Personally I think it's unwise to leave school with 90K plus debt just to have a name brand college on your resume. I think you need to ask yourself are you planning to have kids? Do you want to buy a house one day? If so that much debt will make it hard to afford those things. However if you do decide to go a higher paying school keep in mind that some social workers are able to get debt forgiveness and you can join the military to have them pay some of that back.

Edited March 29, 2011 by jamient

[Devyn]

In the same boat... if you figure it out let me know!

[mellowfe]

I recently was accepted into my top-choice program with a merit scholarship of 28K (14K a year). My issue is that this program really isn't really highly ranked, is a private institution with a 36K a year tuition price tag, and is only offering me about 20K a year in loans. I really love one concentration that is unique to the school - but really it is only a certificate program (so there is a possibility I could get my MSW elsewhere and get a certificate from this school in the specific concentration that I was looking for - of course this is just longer in school and more money out overall).

Basically, best case scenario is I'll be paying a few thousand out of pocket each year (not including all the fees, books, and living expenses), tacking on 40K in education loans to the 50K I already have from a previous degree, and STILL having to cough up all my living expenses (luckily my partner makes decent money as an engineer and will be coming with me).

My question is... in your opinion, is it really worth it!?! I know that I want to be a LCSW... but I'm also realistic in knowing that I will not being making a ton of cash when I graduate. Also, I'm lucky to have a partner that is willing to help cover living costs; however, we’re not married and I want to do this as much on my own as possible.

Is it worth it to sacrifice my school of choice to stay at a cheaper, higher ranked and more prestigious, in-state program – but doesn’t have any professors in that small niche concentration I’m looking for?

As I’m coming down to the wire in decisions… any advice or information is greatly appreciated!

NO WAY man. From what you wrote you'll looking at about 90k in debt! Thats crazy, you want to be a social worker not a doctor. To help put this in perspective, it would take about 17 YEARS at 500 dollars a month just to pay off the principal of the debt at NO interest. Since of course you will have interest on your loans you are looking at 20+ something years of loan payments! Since this is a really rough estimation, it would be probably be much longer than this! You do not want this live like this your whole life, debt sucks, its depressing, and it limits your life choices greatly. You will be much happier with at little debt as possible.

Unless you plan on joining the military as a social worker officer (they get paid quite good) I would be looking into trying to get through school with as little debt as possible. In my experience all that matters is that you get the degree, not what school you got it from. If the small niche you are looking to work in is what you really really really want (i assume you must really be interested in it to be considering another 40k in debt for it) I would just try to get that knowledge on my own through other sources, say as a volunteer. People might look down on volunteering since your not getting paid, but I see it as a way to get knowledge and experience at something for free. In the end I think you will be just as successful going a cheaper route and entering the work force sooner, rather than later. This is just my 2 cents through, since I'm sure there are other factors you will have to consider. I hope things work out for you! good luck