The big question: funding?

[annapanna]

Hi everyone

By now most of us have heard from the schools that we applied for. I was recently accepted to two different schools, one for a MA program, and another for a Phd program. So now the big question, what school should I pick? Well, it all comes down to funding. Neither of the schools has come to a decision on my funding yet, however, I know both schools offer them (even for just the MA). After undergraduate loans, taking more loans for grad school is next to impossible for me, so it has to be the very last resort. Does anyone have any suggestions on where to look for outside funding for either an MA or a Phd in Poli Sci, or just have some general suggestions on how to survive financially, especially during the first two years of the MA? If you were not offered funding as of yet, what are your plans?

[Mal83]

See I know that the word loans tends to make students cringe, but for me, since I will have no funding whatsoever, it's my only resort. I'm not thrilled about it, but I am thrilled that they will allow me to move on to the next stage of my life. Applying for other types aid is uncertain, how could anyone be sure if they would get a fellowship or other scholarships? So unless you have some major blemish on your record or have borrowed the absolute max as an undergrad at the very least you know you'll have the Stafford and Grad Plus loans as a safety net. And you can also cancel the loans at any time should you acquire other sources of funding. Maybe there are links to other scholarships on your schools financial aid website. When I relocate for school finding a job will be at the very top of the priority list.

[Polk011]

See I know that the word loans tends to make students cringe, but for me, since I will have no funding whatsoever, it's my only resort. I'm not thrilled about it, but I am thrilled that they will allow me to move on to the next stage of my life. Applying for other types aid is uncertain, how could anyone be sure if they would get a fellowship or other scholarships? So unless you have some major blemish on your record or have borrowed the absolute max as an undergrad at the very least you know you'll have the Stafford and Grad Plus loans as a safety net. And you can also cancel the loans at any time should you acquire other sources of funding. Maybe there are links to other scholarships on your schools financial aid website. When I relocate for school finding a job will be at the very top of the priority list.

To add my two cents, I think for most MA schools its extremely hard to get a fellowship offer for your first year. I know some schools like Princeton are good about funding their MA students, but others, like SIPA (where I went) basically assume you'll take out loans to pay your way. With that said, a lot (again like SIPA) do say that while they give very few fellowships to first year students, they do give a large amount to students in their second year. I'd check with your MA program about that and see the sort of percentage of 2nd year students they fund, and importantly, what is required so you can factor that into your decision.

I'm no expert on this, but I think outside funding for MA programs is pretty hard since a lot of them are policy schools and not research programs, the latter of which are more appealing for fellowships. I could be wrong though and you should definitely look into options, but sadly I think MA funding is sort of the neglected middle child between BA and PhD.

Good luck!

[flyers29]

To add my two cents, I think for most MA schools its extremely hard to get a fellowship offer for your first year. I know some schools like Princeton are good about funding their MA students, but others, like SIPA (where I went) basically assume you'll take out loans to pay your way. With that said, a lot (again like SIPA) do say that while they give very few fellowships to first year students, they do give a large amount to students in their second year. I'd check with your MA program about that and see the sort of percentage of 2nd year students they fund, and importantly, what is required so you can factor that into your decision.

I'm no expert on this, but I think outside funding for MA programs is pretty hard since a lot of them are policy schools and not research programs, the latter of which are more appealing for fellowships. I could be wrong though and you should definitely look into options, but sadly I think MA funding is sort of the neglected middle child between BA and PhD.

Good luck!

I'd have to agree--funding is not as common for MAs on the whole. Maybe you should wait until you get a final decision on the funding before making your choice?

[annapanna]

I'd have to agree--funding is not as common for MAs on the whole. Maybe you should wait until you get a final decision on the funding before making your choice?

I just found out I will not be offered funding for the Phd program still waiting to hear about the MA program. At this point I feel better about choosing the MA program even if I dont get funding because taking out loans for a year or two is not as bad as for an entire Phd. I will still apply for a Phd program after im done my MA, and hopefully I will get more funding at that point.

[Zack]

So you will have undergrad debt, MA debt, and then go to a PhD program?

Let's say you get funding to do a PhD program, the ideal situation. That's great, but it means you're lowly paid while you have six figures of debt over your head. That's not a good place to be in. You'll be paying that debt back forever, which is not a good feeling.

Let's say you don't get funding to a PhD program but still go. That's not so great, and now you'll have undergrad, MA, and PhD debt when you graduate. I don't know how much undergrad debt you have, but you're looking at at least 7 years of debt for your graduate degrees. This is real money for someone working on Wall Street or in corporate law, much less someone on a tenure track wage. I just don't know see how the debt is sustainable in that situation.

It really seems like getting a job after the MA is the best course of action.

Student loans are not dischargeable in bankruptcy court.

[GopherGrad]

Minimizing your student loan debt balance is crucial and requires (1) open, frank appraisals of future earning capacity against debt loads and (2) academic performance and networking strategies that afford the graduate a broad range of choices to evaluate at the end of each stage of education. It is easier to ask these questions in a systematic way than you might think.

Before you choose, do two things:

I. Understand your costs.

You are essentially wrestling with four distinct tiers of costs: UG, UG+PHD, UG+MA, UG+MA+PHD. ("UG+MA" could mean either working after the MA or continuing to a funded PhD.)

It should be easy to get a handle on these costs. Create a sample budget (SB), add the costs of tuition at the average target institution (T), multiply by the number of years you plan to spend unfunded (Y) and add 30% for inflation and inevitable cost overruns. Y(SB + T) * 1.3

This provides a worst case scenario of your total exposure. You may win scholarships, get jobs or get late funding, but deal with that once you've chosen a path. You should use this number to estimate your monthly payments in each potential future, which will give you and understanding of what type of wage you need to pull down to service the debt and stay comfortable.

II. Examine your opportunities.

The OP's opportunity tiers are much the same, with two major exceptions. One, at any point she could decide between academic careers or professional careers. Second, assuming she chooses an academic path after the MA, her PhD maybe funded or unfunded. Using these pivot points as a guide, map and evaluate your available outcomes, discounting less likely alternatives. You should gather information on these outcomes from two places.

First, examine the target school's placement record and ask faculty and students about the range of occupations graduates aim for and achieve. For MAs, look at percentages that get funded offers.

Second, research the futures revealed by your investigations into placement. Network aggressively with people that hold the jobs you discovered during step one. Find out what those career paths look like financially.

Now you have the information you need to link each cost point with a set of tangible outcomes. How much income will you make? When will you start making it? What opportunities stay open down each path and which close off?

While you will like some outcomes better that others for non-financial reasons, don't count any of them out unless they are clearly not financially viable. Keep an open mind to a wide variety of careers after you:

III. Make your choice and plan for success.

Whether you choose academic or professional life right off the bat, keep in mind that quantitative performance is only half the battle. Networking is extremely important to later success. I will tailor my advice for academic paths, but there are obvious corollaries in the professional world.

Remember all that networking and investigation you did about possible career paths? While you were investigating the financials, you should also have asked about what skills and achievements those employers look for in potential hires. Develop those skills. As many as you can. Give yourself the opportunity to to appeal to a diverse set of employers and don't give that up until success is really assured in one arena or another.

Make and maintain relationships with people that can help you. Professors can and do network eager students in both academia and industry. Your classmates will disperse and work places that will be of interest to your career. The professionals who told you about their careers can continue to advise you and might one day be the hiring manager or internal champion you need to get your foot in the door and firmly planted.