To take on debt, or to not take on debt???

[ms_kathi]

Hey there,

I got accepted into my first choice school, Pratt Institute, with a scholarship of $6000. Yay, but the tuition alone is 16 grand per semester. Not including books, living ect. Right now I'm looking at $60-90,000 of debt to attend Pratt.

I made it through my undergrad debt free.

I attended Cleveland State Uni. for my undergrad- good urban planning school, but I don't feel challenged & I don't want to be stuck in Cleveland. I have the option to go to CSU for the Fall semester at a way cheaper rate (like 6g per semester), but should I just take the debt on?

I plan on working in the private sector after graduating, so should I spend money to make money? It is an investment- I suppose. It's just hard to say yeah I want that much debt. Any suggestions- anyone else in this situation?

Thanks!

[rising_star]

How are you ever going to make enough money to pay off $90K in debt?

[ms_kathi]

I have no idea! haha Realistically it'll be like 60,000. I probably won't do a double master, as they suggested.

But still 60,000 is a lot of money. Sigh, any ideas- anyone?

How are you ever going to make enough money to pay off $90K in debt?

[rising_star]

If you don't know how you'll pay it off, don't take it on. It's really that simple.

[hejduk]

I think there are those with significantly more debt than that, but they are pursuing and finishing PhDs. Yes, it's a crazy load of debt, but one should be able to pay it off with a PhD.

[switch]

YOu might want to switch to medicine and nursing.

Those are the only jobs that are hiring right now.

[juilletmercredi]

No, realistically, it will be much more than $60K. If the schook is $32K per year and you only have a $6K scholarship, you're looking at $26K per year or $52K for a two-year program. But you haven't factored in living expenses. If you borrow $25K per year for two years to live on, then you're looking at $102K, plus interest. Even if you scrape by on $20K per year, that's still $92K overall.

How will you pay off $92,000? Will your salary look anything like that with a master's in urban planning? I'm guessing no.

[ms_kathi]

They are willing to give me credits for studio work, as I have some experience in the field, which could also minimize some of the degree costs.

Also FM degree usually pays out with 60-70,000 as a starting salary.

I was also thinking of doing a paid internship, and maybe a waitressing gig to pay for c.o.l

I mean I know it's expensive- that's my concern. But don't other people take out loans for school?

No, realistically, it will be much more than $60K. If the schook is $32K per year and you only have a $6K scholarship, you're looking at $26K per year or $52K for a two-year program. But you haven't factored in living expenses. If you borrow $25K per year for two years to live on, then you're looking at $102K, plus interest. Even if you scrape by on $20K per year, that's still $92K overall.

How will you pay off $92,000? Will your salary look anything like that with a master's in urban planning? I'm guessing no.

[rising_star]

Sure, other people take out loans. But, they aren't the ones that will be paying for your loans and they won't be the ones eating ramen to afford the $800/month loan payments. That would be you.

[latte thunder]

Is Facilities Management a part of Urban Planning? I see that the Pratt institute offers this program not as a specilization under Urban planning but as its own major.

Are you doing the MS in Facilities Management? If so then you should probably check with the school to see how much their alumni actually make and how many get employeed in the field. Then really look hard at the numbers. Take their average alumns first year salary, divide by 26 then multiply by 2. This is what you'll be making most months (slightly less than dividing by 12 as you'll be getting a couple 3 pay check months) unless you work for a bank or something and actually get paid on set days of the month. Take away about 30 percent for taxes/health insurance/retirement deductions, then take away rent for the area in which you'd like to live (probably 1500+ in NYC), a few hundred for utilities (if you live alone this is very possible), the cost of transportation, any credit card or other payments you may have, another few hundred for food, how ever much you'd like to spend on entertainment, and about 10-15 percent of your gross for savings (at the least and this is very important). Of course theres room to play with these numbers, but be realistic and give yourself plenty of leeway when making a budget. How much do you have left? Figure it costs about 100 a month per every 10 thousand you take out in loans. How much can you afford to borrow?

If you're doing the Urban Planning program with a minor in Facilities Management then I would not take out 60 thousand to go there. Remember, you'll have to compete with the actual FM students when you start job hunting and an Urban Planning degree is definitely not going to guarantee you a salary to pay that type of debt off (not many degrees would), especially without a lot of relevant work experience (assuming since you're going straight from undergrad). It also won't guarantee you a facilities management position.

Perhaps you should check with the pratt graduate school to see if there are GA positions outside of the department. If it's really what you want to do and where you want to be, then try to find a way to pay it outside of loans. Maybe defer a year and save up and apply to more outside scholarships? Also, have you considered doing an MBA and/or getting a certificate in Facilities management? Possibly cheaper options and If you just want to go directly into the work force anyhow, this probably won't limit your career aspirations.

[mistborn]

YOu might want to switch to medicine and nursing.

Those are the only jobs that are hiring right now.

errrrr..........not really, engineering and technology jobs are always going to be there. especially with a graduate degree from a top school, you are almost guaranteed a job.