How much debt is too much?

[SLP1129]

I'm trying to decide what school to attend for a masters in speech-language pathology. I have my heart set on UOregon but it is by far the most expensive of my options. I'm already coming out of my undergrad with $33,000 in debt and don't know if it is responsible of me to add much more. How much do you think is a reasonable amount of debt to graduate with? If money did not matter, I would choose University of Oregon in a second. Should I go where I really want to go or suck it up and attend a school that I'm not very excited about that is almost half the price?

[cafeaulaitgirl]

Have you talked to anyone at Oregon about funding options? Maybe they can help with some of the financial burden. With all things being equal, I would chose a cheaper school.

[TropicalCharlie]

Before you sign up for more debt, think about job prospects and potential earnings with the MS. Your earnings should allow you to pay down your debt in a reasonable amount of time while living comfortably.

[obsessovernothing]

thanks for your post, slp1129. i ask myself the same question as i'm in a very similar situation.

i'm looking forward to hearing what others have to say on this issue because i could use advice on this matter too!

thanks!

[juilletmercredi]

Depends on how much you think you can make. The Occupational Outlook Handbook says that the 2010 median pay for SLPs was $66,920 per year, and the job outlook is faster than the average. Most likely you will find a decently-paying job after graduate school. It's generally recommended that you don't borrow more than your first year earnings, so I would say no more than $70,000? There's probably some leeway in that if you live frugally in your first years and pay down your loan quickly, so you may be able to reasonably borrow a little more than that. (Also may be difficult to keep the costs down below $70K if you are already $33K in debt - means you can only borrow $47K, which may only be enough to afford one year. You have to be realistic, too.)

[yoshiko]

Please put into account that interest accumulates during graduate school (even though you defer). Your loans might accumulating over $300 in interest each month...then it can capitlize....my student loans have severely increased now that I am in my gap year after my Master's. I don't think many students realize how interest adds up...and now you cannot subsidize ANY interest for a graduate student loan...not even for a IBR. This is heartbreaking. I was talking with the Dept of Education and they pretty much told me that I'm screwed if I cannot make $500 payments a month and I have less student loans than you....

Just be mindful of the aftermath of student loans. They are ugly.

[OregonGal]

I am a little surprised, as a UO alum, that it's the most expensive of your options. If it's a 2-year program, do you know if you can qualify for in-state tuition your second year?

Alternatively, I'd be happy to answer any questions about UO campus/facilities/Eugene... graduated 3 years ago in a liberal arts program.