Is 100K of Debt Not Insane?

[senatorsmith85]

I've always thought it insane to take 100k in debt to pursue a MPA and MPP. I think a lot of people on this board agree. I've been doing some thinking about it however and my brain thinks it could be a good idea for some while my gut is telling me "hell no." I'd be curious to know why my brain is wrong.

Say you're making 45k two years out of college--standard pay for a research assistant or lower-level advocate at a non-profit (at least in DC). You get into HKS's MPP program, taking on 100k in debt, which according to this student loan calculator comes to $138,000 with an annual payment of $13,800 ($1,150 per month).

The median salaries for a first year HKS MPP grad are 60-65k for federal government, 80-85k for local government, 55-65k for international organizations, 50-55k for non-profits, and 95-100k for private sector. Someone with 100k of debt clearly couldn't take the below median non-profit jobs, but the federal government, local government, international organization, and private sector medians all seem perfectly OK.

Given that many of the career paths MPPs pursue become kind of dead end without a masters degree (a research assistant at the Urban Institute isn't going to get far with a BA), doesn't paying 14k a year for a salary that's at least as high make sense?

It's also quite possible that right after grad school is the low point of the wage premium a MPP would enjoy--that five years down the line a MPP could help you earn a lot more--I have no idea. It's obviously hard to compare the economics of going versus not going ten years down the line, but it now seems not insane to me.

Now, tell me why I'm wrong!

[Cossack]

Fellowships and scholarships should cover some portion of the debt.

[maeisenb]

Fellowships and scholarships should cover some portion of the debt.

I think you missed the point the OP was trying to make. While fellowships and scholarships would reduce the amount borrowed in the front end, they don't change the amount owed post graduate school. The 100k figure is probably too low anyway since it's tuition alone without cost of living, which could be low each year depending in how frugally you are ok living, but probably brings up the overall debt to around 140k. So say you get 40k in grants in fellowships then, you still owe 100k and the numbers are correct.

But back to the real question: how much of this is self reported from HKS? Like all the law school stats that say you will make 140k your first year out and will definitely get a job, only those people who have a job and make that much report. (HKS breakdown says "those reporting employment.") So what is the "real" number? Plus your number would then seem to indicate that a "typical" HKS student who has the full debt requires employment at least at the federal government level to break even. Thus, it's probably not a good bet for someone who wants to work at a non-profit as the poster said.

Two questions then:

1. Does an HKS degree require you to basically work in a coastal city (plus Chicago) or a state capital at minimum to break even?

2. How do these debt numbers compare to problems currently facing law school students (which the NY Times has brilliantly cataloged recently)? Better, worse, the same? Why or why not?

[bythesea]

The median salaries for a first year HKS MPP grad are 60-65k for federal government, 80-85k for local government, 55-65k for international organizations, 50-55k for non-profits, and 95-100k for private sector. Someone with 100k of debt clearly couldn't take the below median non-profit jobs, but the federal government, local government, international organization, and private sector medians all seem perfectly OK.

Now, tell me why I'm wrong!

wow - lot of nice-looking stats there - but, in contrast to HGSE's info put out for the M.Ed. programs (total cost around $60K), HKS never tells you what percentage of the graduates have found employment. Perhaps this is elsewhere on the HKS site, but if not, my brain would be ringing little alarm bells.

Added:

The assumption would be that anyone with a Harvard degree can get a job, but for the M.Ed., about 25% of respondents were still searching for a job a few months after graduation.

Edited February 8, 2012 by bythesea

[adollarninetynine]

i think you always have to be careful of employment stats no matter how well regarded a school is. i looked at the HKS stats and they seem too good to be true to be honest. you always have to beware that HKS's numbers are a bit misleading because there are a ton of dual degree candidates that boost up those numbers since they also attend the law school and business school. of course there are many who are successful out of HKS, but there are a lot who regret their decisions to attend HKS at 100K since they go back to their old jobs or another job that paid the same amount as their old job.

[MYRNIST]

In addition to the fine thoughts already posted (don't know % employed; cherry-picked self-reported HKS stats; etc.) I have a few more objections.

1) 100k of debt for a Harvard professional degree (be it a MPP, JD, MBA, whatever) is probably not crazy. It's a bit of a calculated risk, but the sheer prestige, networks, and quality of education it grants are very real, and should fast-track your career. But 100k of debt for a non-elite MPP/MPA, which apparently many people are willing to do, is absolutely insane. It's taking a massive gamble that a degree not known for large financial rewards will somehow do just that. I mean, I personally probably wouldn't even take that risk even for a Harvard degree; doing it for an American or Syracuse (or wherever, not picking on them) degree without that prestige/networks/quality is really pushing it.

2) It's easy to optimistically plan repaying 100k of student debt when you are sitting behind a computer screen as a very young (<25), unmarried, childless, and house-less person (which I am guessing applies to many posters here). Hey, I only have basic living expenses, a cheap lease, and an internet connection to pay for! But if you want to get married, buy a house, have a kid, take care of your parents as they get old and sick, or assume any other "grown up" financial duties as you get older, that 100k of debt could become a millstone around your neck. It could financially force you to maintain a student-esque lifestyle of small apartments and no family long after it stops seeming free and liberating, and starts to feel like your life is on hold.

3) Getting that much debt could, for a lot of people, actually destroy the dream career they went to grad school to pursue. Specifically, heavy debt is one of the most common reasons for denial of U.S. government security clearance, which is necessary to do many of the cool IR-related jobs in the federal government. The vast majority of spies, traitors, etc. in the USG have done it not out of ideology or family connections, but for cold hard $$$. Struggling to meet a massive monthly student loan bill (or credit card debt, or whatever) makes you a much larger risk to betray secrets for money, and hence not a good target for TS or TS-SCI. How much of a double nut punch would it be to take on 100k of debt just to definitively close off your desired career path?

Edited February 9, 2012 by MYRNIST

[renmen]

I actually contacted HKS awhile ago asking about the employment rate for graduates of their programs and I never heard anything back. I don't know why I thought they would have and share that information but it seems like an important piece. My biggest fear is graduating and being unemployed/underemployed. Of course I would first need to be accepted ; )

[adollarninetynine]

it is crazy to go to HKS without significant scholarships especially if you do not have extraordinary work experiences.

[hgd12]

1) 100k of debt for a Harvard professional degree (be it a MPP, JD, MBA, whatever) is probably not crazy. It's a bit of a calculated risk, but the sheer prestige, networks, and quality of education it grants are very real, and should fast-track your career. But 100k of debt for a non-elite MPP/MPA, which apparently many people are willing to do, is absolutely insane. It's taking a massive gamble that a degree not known for large financial rewards will somehow do just that. I mean, I personally probably wouldn't even take that risk even for a Harvard degree; doing it for an American or Syracuse (or wherever, not picking on them) degree without that prestige/networks/quality is really pushing it.

MYRNIST, I'm curious to know where else besides Harvard you think would be worth the astronomical debt. I've applied to a lot of the same schools you have (SAIS, Georgetown, Fletcher, and SIPA), though for international affairs related masters, not an MPP. If anything, you could argue that an advanced degree in IR reduces your scope of employment relative to the more broadly applicable MPP.

I think financing my degree is my biggest worry, which is why SIPA will probably be just a distant dream. I've saved up quite a bit of money over the past few years, so I don't think I'll break into a 6 figure debt, but 80k is still nothing to laugh about.

[senatorsmith85]

Lots of good points here. I think it's definitely quite possible there's some bookcooking on HKS's part especially with the self-reporting and dual degree issues. MYRNIST also makes a good point about it seeming easy to pay $14k per year while youre single and childless. Nevertheless, I think it's important to distinguish between a mortgage and a graduate degree.

While a MPP certainly doesn't deliver the earning power of a JD or MD, it certainly does deliver SOME earning gains. The question is if they're high enough to justify the annual debt payments. If the gains were high enough, they would even make it easier to have children and a mortgage (as is the case for a MD).

Are the earning gains from an MPP (or IR degree, dont think it matters here) less than 138k or 14k per year for ten years? I think in most cases it does deliver those kinds of earning gains especially when you remember that BAs working in public policy or IR often have very little upward mobility.

I think the real issues are:

1. Risk. I think that on average, you can earn $14k more per year with a MPP than without one. The problem is that average=/everyone and you're definitely risking that you may be one of those folks.

2. Often if you get into a HKS, you couldve gotten into a lower ranked school that would throw some money your way. Then you have to start weighing whether HKS or whatever is worth paying say 5k a year more for ten years than Duke's Sanford School. I think that's really a case by case basis.

If you all think that 100k is too much debt, what do you think the acceptable cutoff is? I find it more helpful not to think in terms of the big number but the annual payment and then work backward from there.

Edited February 9, 2012 by senatorsmith85

[MYRNIST]

I'm curious to know where else besides Harvard you think would be worth the astronomical debt.

For me personally? No school is worth that much debt. I am going for a IR-related masters that's really only an employable degree within the federal government and its contractors. That means my list of potential employers is fairly small, and future earnings not particularly lucrative, and security clearances an issue to keep in mind. So, 100k of debt would be an extremely poor decision in multiple ways. If I don't get the grants/scholarships I need to hit my magic number, I'll work to improve my resume and re-apply next year. I also only applied to schools that either A: have a strong track record of placing people in the careers I want

B: give great scholarships

C: both.

For others? Depends on your situation. If you want to work in the private sector or for a big-time NGO, and plan on getting a very employable degree from a good school (MPP? MPA-ID? etc.), taking out a lot of money in the hope of increasing your future earnings can be a good move. I guess my big issue is people are ludicrously optimistic in forecasting their future careers - hey, once I get that MBB consulting gig/World Bank position/HF political risk advisor, I'll have no trouble paying off student loans! Surprise, all these jobs are very competitive and difficult to get - even if you do get one eventually, it might take a few post-graduation years to get there. Think paying off your 100k of loans is going to be fun then?

SenatorSmith is completely right in saying it's all about a managed risk. Fundamentally all of us are making a bet that taking out some debt for education will get us the career and salary we desire. I just think a lot of people are not very cold-headed about assessing the nature of that risk. If your financial plan involves immediately getting your dream job, it's not a very good plan. If you haven't assessed your skills and experience and likely employment outcome relative to how much debt you're taking on, you're not doing due diligence.

I'm not saying if you go to school X you only should take out Y amount of debt, I'm arguing in general for people to actually do some research and self-evaluation before loading up on debt (the first post in this thread is a great example). This seems obvious, but judging from the naivete and optimism of a lot of GradCafe posters, it isn't.

Edited February 10, 2012 by MYRNIST

[Fell4Ever]

On the last day of my undergrad, a week before I left Japan to go back to the United States, my professor, who had written me a letter of Reccomendation for grad school, pulled me aside. He told me he really hoped I went on to get my Masters, that I really showed great Graduate School potential, and to not let my mind or passion go to waste. I laughed and said "All I have to do is find a way to afford it, and make it worthwhile." He talked to be a bit more and then said something alone these lines: "When I was young, just graduating from undergrad, I told my friends I was going for my PhD (masters first)in Sociology. They all laughed at me and said "what are you going to do with that? YOU'LL never find a job with that. I replied: "Exactly. YOU'LL never find a job with that. I WILL!"

His point was that if its something that you want - something you're willing to sacrifice for and willingly take on the debt for, and have no other important obligation like a child or sick parent to take care of - then do it.

[adollarninetynine]

his situation is slightly different in that a master's and phD in sociology is not a "professional degree". at the end of the day, you pursue a professional degree for career advancement more so than intellectual stimulation. it is easy for him to say that since it worked out for him, but it is really foolish to take on a six figure debt with that mentality. it frustrates me sometimes how some ppl really do not comprehend how much of a burden a debt to that degree will enslave you if you do not have the income and job to pay it off somewhat comfortably. more important, the age in which your professor lived in and we live in are completely different.

i think there is really no place that is worth 100K+ of debt for an MPA/MPP. just do some time calculating your monthly payments based on a 10 and 20 year repayment plan and realistically look at how much income you will probably earn after graduation. it is a different story if you have money saved up, have relatives help you, or get some financial help from the school. there are so many ppl out there (even HKS graduates) who regret their decisions to go to a school at the sticker price because they never took the time to realistically analyze their financial outlook and just focused on the excitement of the school experience.

[lbjane]

I don't think that 100k of debt for an MPP or MA in IR is necessary or a very good idea. After I got my MPAff from LBJ, I was hired by the federal government at a standard/common salary for employees with masters but not a lot of significant work experience. My take home pay after taxes, Social Security, insurance, and whatnot was about 40,000 and I was living in DC. I managed fine with that, especially as a single person, but if I'd had an extra $14,000 taken out of that, that would have left me with $26,000/year to live in a rather expensive city. If I'd had a family or another significant debt, $26k a year in DC would have been tough. Yes, my income has gone up a little since I started work a couple of years ago, but it might still be tough if I had a family, wanted to buy a house, or had other debt.

Unless you really want to go in to consulting, like at Booz Allen, Deloitte, or whatever, the name attached to your degree doesn't matter as much as it would for an MBA or JD, especially in government. Your salary in the federal government will not be higher if you go to Harvard instead of State U. It might make enough of a difference in salary with a consulting company and maybe make a small difference with a non-profit, but certainly not $14k/year more for a Harvard degree than a State U degree at a non-profit. If you can get in to Harvard, chances are you can get in to another decent school that would offer at least some financial aid and ease the debt burden.

Like others have said, it is about your tolerance for risk. The degree might pay off, but you might change your mind about your career track and decide that you want to work in non-profits instead of the government, or whatever. You might decide to get married, start a family, or have some other large expense come up. How will the $14k a year debt payment affect you then? Will it force you to take a job you don't want? Will it force you to take the first job that comes up because you have loans due? I think that there are enough other options out there that you shouldn't have to take out $100k in debt for an MPP or MA/IR.

Also, ask a lot of questions about how any school determines the average starting salary. How many of the students are there with their employer (military, civil service, private sector) paying for it and who will go back to a mid-career salary? How many students are there as other types of mid-career students who will start with a higher salary when graduating based on their experience? Those stats can skew the average salary of graduates higher than what a graduate without any or much experience might make.

So, I don't really think that $100k of debt for an MPP or MA/IR is a good idea and/or worth it.

Edited February 11, 2012 by lbjane

[Fell4Ever]

his situation is slightly different in that a master's and phD in sociology is not a "professional degree". at the end of the day, you pursue a professional degree for career advancement more so than intellectual stimulation. it is easy for him to say that since it worked out for him, but it is really foolish to take on a six figure debt with that mentality. it frustrates me sometimes how some ppl really do not comprehend how much of a burden a debt to that degree will enslave you if you do not have the income and job to pay it off somewhat comfortably. more important, the age in which your professor lived in and we live in are completely different.

i think there is really no place that is worth 100K+ of debt for an MPA/MPP. just do some time calculating your monthly payments based on a 10 and 20 year repayment plan and realistically look at how much income you will probably earn after graduation. it is a different story if you have money saved up, have relatives help you, or get some financial help from the school. there are so many ppl out there (even HKS graduates) who regret their decisions to go to a school at the sticker price because they never took the time to realistically analyze their financial outlook and just focused on the excitement of the school experience.

He asked for opinions and thoughts and I gave him some, and yes they may be different then yours or his, but I don't think its worthy of the -1 I recieved on my post haha. Would I take on 100K of debt for my MPA? Probably not. But he asked for thoughts so I gave him some (and obviously most of these posts are negative 'no', so I gave him a positive 'yes' idea). Again, if you live for non-profit work or you really feel inspired to serve your country within its bureaucracy, then take on the debt. Will your life be harder? Perhaps. Probably even. But as an adult you have to make certain decisions and live with them. You (the origional poster) would have to ask your self, if I am given the option of taking on 100K of debt but getting my degree and pushing my career to the level that I really want or just the option of never getting my MPA, which would you prefer. Will you look back 20 years from now and be upset about what could have happened?

[MYRNIST]

Let me preface this by saying I didn't down-vote you...

...but that argument is pretty weak. You acknowledge that taking on a massive debt load to jump-start a career with poor ROI (no matter how personally rewarding one may find it) will make your life harder and close off many life doors, but assert that if it's "really what you want" that it will be "worth it." I would argue that just because you "want" something doesn't mean it's a good decision. People often want things they later end up regretting or changing their mind on - tattoos, cars, spouses. Part of being an adult (or at least a functioning one) is the ability to weigh your personal, often emotionally-driven desires with cold hard reality. That's true with things as relatively minor as what car you buy (yeah, you want the Bugatti, but you're going to get the Camry), and even more so for humongous life decisions.

Using the logic of "I want to" can justify any decision. Let's weigh out the pros and cons of developing a 20-year long serious drug addiction. Yes, I know I will be giving away tons of my income for the next 20 years. Yeah, it will stop me from owning a home or even a decent apartment. Sure, I can't start a family, and none of my loved ones can ever depend on me for help. OK, I will be saddled with near-constant stress for the next few decades from juggling finances to feed an ever-hungry black hole. Fine, my life possibilities are incredibly narrowed. But it's what I want! ...until a emotionally satisfactory job isn't enough to compensate for all the other aspects of your life being total shit. (any of the above sound applicable to the debt situation, btw?)

I'd like to note I'm not saying give up on your dream, just saying that massive debt isn't a very smart way to achieve it. You can find ways to get where you want without financially shooting yourself in the face.

Edited February 14, 2012 by MYRNIST

[Rummy]

For me, personally, it's simply not worth it. I already hold an MBA from India - and from the most prestigious business school that the country has to offer. I worked in consulting with one of the Big Four for close to four years, and have had offers from the more boutique consulting firms too. But I don't want to work in the private sector anymore. I want to work in an international organization for a couple of years (World Bank, ADB, UN etc.) and eventually work directly with my government as a consultant, ideally in the education sector.

So taking on 100K plus of debt would mean that I HAVE to live in the US and earn a dollar salary to pay off the debt. Which pretty much undermines the point of doing an MPP for me. There is no way I can immediately come back to India and work, because I won't be able to pay my debt on a rupee salary. Unless I take up an offer from the private sector - which again is pointless because I already am in that place right now.

Which is why its Princeton or nothing for me. I don't mind taking on a small loan which I can pay off without too much stress even if I am working in India. And given all of this, Princeton is the most attractive to me because of its generous funding. I wouldn't even be considering an MPP if it meant a 100k debt.

[HDPFDan]

All the points arguing against taking on that level of debt are well-made, but I'll throw in my 2 cents arguing the other side.

Right now I'm in the SIPA MIA or nothing mentality, and I didn't ask for funding from the school because I've been hoping that it would increase my chances of admission. Also, given the makeup of the student body there, I don't think they reserve much funding for white American men (not a complaint at all.) I'm hoping to get much more for the 2nd year - hopefully an assistantship. But I'm pretty resigned to the idea of graduating with 6 figures of debt.

I'm OK with it for a few reasons.

First, I do not see many advancement opportunities without an elite graduate degree from where I am. I've spent 3 years working as a research assistant at a fairly prominent think tank in NYC, which has been a great experience, but there are really no doors open to me from here without a graduate degree. And I'm not interested in an MBA, JD or PhD - those feel more restriciting in a way, and the education itself doesn't exite me the way the MIA program does.

Second is simply mentality, but my dad (who borrowed and worked off debt for both his MD and MPH) is the one who got me into this line of thinking. Debt for graduate school, or education in general, isn't simply debt. It is an investment in yourself. I hate the idea of living with all that money to pay off, but again, I think so many more doors will be open to me with a graduate degree (call me an optimist) that it is worthwhile.

Part of it is long-term. The jobs and salaries right out of grad school might not be ideal, but it's putting myself on a trajectory for greater success and earnings in the future. I know that my organization, and just about all similar ones, wouldn't dream of hiring and/or promoting anyone past my level without some sort of advanced degree.

That said, I am considering pursuing consulting out of school, which is a more lucrative path (and I am well aware of how competitive it is; it won't just happen. But I'm going to make it work. Again, optimist.) Based on the work I've done in the past 3 years, my natural abilities and skill set, and the nature of the industry, it seems like a good direction.

Finally, although MYRNIST made a very astute point about one's "wants" not necessarily being an adult/wise basis for making major decisions, when I first learned about the MIA program a few years back, it just immediately clicked in my head that it is the one for me, and that never changed despite learning all about all of the other top/simliar programs. It just feels right, and I can see several paths forward that will work for me.

So consider this the dreaming optimist post of the thread

[adollarninetynine]

lol optimism to such a degree has no place in a situation where things are so out of your control and where the odds are crushingly against you. you are comparing a MD/MPH to a MIA from SIPA? seriously? it is not a good investment in yourself if you can't make up for the opportunity costs and come out with a positive return on your money. you think more doors will be open to you? if you are going to spend six figures you better be pretty sure you will be in a better spot. you are just going to make it work? just because you think you will does not mean consulting firms will just magically hire you. why is it that so many people on these boards look to consulting to be there lifeline when it is actually one of the most competive jobs out of school. also i don't even think MBB comes to recruit at SIPA. why would you go to a cash cow program at SIPA when you could get funding from other schools and still be well off? it is seriously disturbing so see someone who has work experience willing to take out six figure debt just because of optimism.

[HDPFDan]

Well, being disturbed by my position is your problem, not mine. Your points are all valid, but you ought to check the tone of that last post.

I already acknowledged your points about the odds against it "just working out." I have no illusions, but I believe in approaching things with a positive outlook. And I'm not counting on consulting as a lifeline, it's just something I'm looking into and possibly going to work towards. That's why I used the word "considering." There are several avenues I'm open to, which is one aspect that I like about the program

I'm also not incurring the debt "just because of optimism." As I clearly outlined, at my current position and with similar employers, there is no way up without an advanced degree. I also tried the job market in a range of industries about half a year ago, as well as looking at fellowships. The responses I received all advised pursuing a degree. You yourself said half a page up that "you pursue a professional degree for career advancement".

At no point did I compare an MD/MPH to the MIA. Just explaining that the attitude towards educational debt is based off the experience of someone who has been through the experience, and I provided the context. Nice critical reading skills you have there.

I think measured expectations, understanding the debt burden and odds against you are all very important considerations, which is why I've weighed this against other avenues. I think this is the best path for me at this time.

Edited February 16, 2012 by HDPFDan

[adollarninetynine]

you basing your attitude off of someone who has had the completely different experience of taking out debt for a MD is a bit naive. i never said you compated the actual degrees to each other, you compared them both as degrees both worth massive debt. of course they are going to say it is ok because it worked out for them. why don't you ask one of the unemployed SIPA grads what they think and i bet they will tell you the opposite. there is a reason why the employment stats for MIAs are not very detailed at some schools.

i am sorry about the apparent harshness of my tone. my purpose is not to offend you but to discuss with you since i am interested in your predicament. i understand you need an advanced degree to advance, and i am not bashing the fact you are pursuing an MIA. there are great MIA programs out there for sure. i am just questioning why you would resign yourself to attending SIPA for full price when you could probably get funding from other schools if you tried. SIPA is notorious for attracting ppl just after the Columbia name and for not giving any funding as a cash cow program. also, that name does not take you very far since it will still be your work experience that is your main asset.

[HDPFDan]

Appreciate the response (and it's the internet - intended and perceived tone are often not the same ). Your points are all again quite valid. I'll admit that the name is a big part of the attraction (partly based off of family history with the school). I am also planning to continue working while in school, so I would need to stay in NYC - that would also hopefully offset a little of the cost.

I also have to believe that, at least a certain extent, the name and resources of a big program like SIPA count for something. Maybe I'm setting myself up for disappointment, but I'm trying to be realistic about the work/challenges that it entails, and be upbeat and motivated.

[adollarninetynine]

well i can't blame you for being attracted to prestigious names since i have done so myself in the past. i can see now why you would want sipa since you plan on continuing your current job. makes sense now and im sure sipa does have fantastic resources. did you just apply to that one school?

[HDPFDan]

Yeah, just this one. I had been planning on waiting another year, but around August of last year it occurred to me that I had built up solid experience, had a better idea of what I'd like to do with the degree, etc, and it made sense to apply. I figured that if I didn't get in, it would indicate that I needed to add some more experience/courses, which I'll work to do and then apply to many more programs this fall. So my thinking was that if I didn't get in, no sweat, I'd figure it out. And naturally now it feels like everything in my life depends on getting into this one program, hahaha. But a number of my superiors, including the guy who wrote my best LOR, said they only applied to one program when they knew it was the one they wanted, and it obviously worked out for them. Fingers crossed.

[mlerette]

For those worried about loans, I advise looking at the the career services at the schools you are accepted into. It was something I overlooked prior to accepting my school offers. Some schools take great pride in their ability to place graduates into careers and others tend to believe their name on your resume will get you where you want to be. I was lucky to find a great school with amazing career services.

Additionally, it has been my experience that scholarship opportunities are more readily available for second year grad students. (insert government agency here) will pay the tuition costs for the students second year in return for X-years of service upon graduation.

I am funding my own education and watching my back account shrink while the student loans pile up stinks. However, I enjoy my program more than I miss my savings. My humble advice is to go where you will be happy and let the cards fall where they will. 2-years of suck to save 40K is likely not worth it.