HGSE Fall 2013

[CQE]

I feel you. I thought the loans would be worth it, but I've been poring over loan repayment calculators and I feel like it's definitely going to be a struggle to pay back 60k in loans in a reasonable amount of time (5-10 years was my goal). That is, unless HGSE leads me to an amazing, relatively well-paid job...   I'm also going to be pursuing a PhD within that time frame, too, so this is quite complicated. Right now it's between UCLA and HGSE for me. Help, anyone! help!!

 

I said the following in a post a few pages back:

 

"Lastly, don't forget about things like the Public Service Loan Forgiveness Program and Income-Based Repayment Plan (IBR). I believe these two things will make you feel more at ease about taking on this seemingly insurmountable amount of debt.

 

I hope that helps!"

 

I truly hope that helps because I felt the same way as you not too long ago.

[edstudies]

Correction:  I got a 7.6k "impact" award, not a merit award.  My mail gets sent to parents' house, so I didn't actually see the letter.  Does anyone know what an impact award is?

Also trying to figure out what an impact award is, as there doesn't seem to be any information available online.

[nm16]

I said the following in a post a few pages back:

 

"Lastly, don't forget about things like the Public Service Loan Forgiveness Program and Income-Based Repayment Plan (IBR). I believe these two things will make you feel more at ease about taking on this seemingly insurmountable amount of debt.

 

I hope that helps!"

 

I truly hope that helps because I felt the same way as you not too long ago.

 

Thanks! You are loads of help lately. I did know about the loan forgiveness program but IBR is new to me. This does make me feel quite a bit better! This is my first encounter with loans of any kind, so please forgive my ignorance.

[Sunshinegrl456]

My boss just told me I better chose Harvard no matter what because she wants to be able to wear a Harvard hoodie next year and tell people she knows someone there. Lol, ok boss, you got it! 

[EdYouKateOr]

Just got a response on the transcripts. Tom, the Assoc. Dir. Of Admissions said they will be posting this info on our application status page in a few weeks and to contact them back if we don't see it by mid-April.

[EdYouKateOr]

My boss just told me I better chose Harvard no matter what because she wants to be able to wear a Harvard hoodie next year and tell people she knows someone there. Lol, ok boss, you got it! 

My friend said the same thing! She wants to be able to tell people, my friend is smarter than your friend! Lol

[Sunshinegrl456]

FYI I just had a nice long half hour chat with a financial aid counselor and got confirmation that restricted scholarships would have been indicated in our financial aid letters yesterday. He also mentioned that less than 1% of HGSE applicants are awarded one of these. 

 

I also learned that:

1) your EFC really is only taken into consideration in terms of your eligibility for subsidized loans (Perkins). 

2) the key basis for determination for need-based grants and unsubsidized loans is your first, tax return, and second HGSE fin aid application. 

3) our current income and debt levels are taken into account, however, the DURATION of our current income levels (eg # years) is NOT taken into account, nor is our PRIOR debt (aka the extreme amount I've paid down my debt in the last year and it's consequent impact on my ability to save for school wasn't factored in at all, only the little bit of loans I have left was looked at) 

4) the reason our income is such a big deal isn't just to gauge our ability to save, it's also looked at as a prediction of our future earning ability (and consequently, our ability to shoulder debt). When I asked about kids coming straight out of school, who have the same future earnings potential as me but just haven't gotten a job like mine to prove it, the response I got was, "this is why it's a messy and often discretionary process" 

5) "asking for more money" (slash kindly asking for consideration of the broader context of my tax return) can only be done through a formal appeals process, which can only be initiated after both your offer of admission and your offer of financial aid have been accepted. And even then, the cited types of circumstances appropriate for an appeal are things like your house burning down or severe medical costs. 

 

Back to my cynical cave......

[DNguyen]

Thank you so much for that, SunshineGrl456! Does not make me feel any better, but at least now I know HOW they decided. 

[HigherEd2013]

Gosh.. has anyone else not received their fin aid package yet? My mail is SO SLOW. This happens every time. I always get mail days after everyone else. I really would like to see what my package looks like before I go so I can ask the correct questions at the financial aid session on Friday. Anyone know if they can email you the information or pick it up in person? My request to have an individual financial aid meeting was denied so I'm pretty frustrated.

[EdYouKateOr]

Great info Sunshine!

[EDison78]

Any idea if there is a suggested dress code for the Open House? Aside from my soon-to-be purchased HGSE sweatshirt, of course.

[Fleet23]

I don't know about Harvard specifically, but I think most are generally business casual.  I'd err on the business side.

[Sunshinegrl456]

TOTALLY FORGOT ABOUT THE MEETUP! Sorry!!

 

Ok, the doodle says Saturday lunch is best. I called a couple places and Border Cafe seemed most optimistic about being able to accommodate a large group on a Saturday afternoon during admit season. They said 2pm is probably our best bet. 

 

 

Saturday, 2pm, Border Cafe! 

 

See you all there!!

[ASzofer]

I said the following in a post a few pages back:

 

"Lastly, don't forget about things like the Public Service Loan Forgiveness Program and Income-Based Repayment Plan (IBR). I believe these two things will make you feel more at ease about taking on this seemingly insurmountable amount of debt.

 

I hope that helps!"

 

I truly hope that helps because I felt the same way as you not too long ago.

 

 

I am confused by the Public Service Loan Forgiveness Program. It only starts forgiving once you've already paid the loans off for 10 years. So you've already paid almost all of them off.  And who knows what job you may have in ten years.   Grrrrrrr loans.  Grrrr school.  Someone just give me 40K.  

[HigherEd2013]

Got my letter... all loans

[CQE]

I am confused by the Public Service Loan Forgiveness Program. It only starts forgiving once you've already paid the loans off for 10 years. So you've already paid almost all of them off.  And who knows what job you may have in ten years.   Grrrrrrr loans.  Grrrr school.  Someone just give me 40K.  

 

Right, but if you qualify for IBR (which you likely will), then you could be paying significantly less per month than you would if you didn't qualify for IBR.

 

For instance, I plugged in some rough numbers based off of what I expect to have in debt, and I was told that 1) it's a strong possibility I'd get IBR and 2) I'd be paying only $180 a month versus, say, $700 a month (which is what the following link puts me at, roughly: http://www.finaid.org/calculators/loanpayments.phtml ).

 

Therefore, while I would still be making payments for 10 years, those payments would be FAR less than what I'd be paying without IBR. Obviously, this results in a total much less than what the overall sticker price of HGSE is.

[sshopeful]

IBR is not granted to everyone. I had undergraduate loans and an income that should have been on an IBR plan. I did not get approved. Be very careful about taking on debt. Avoid it at all costs because it will not be easy at all. Most people in public service end up paying their loans in ten years and the forgiveness ends up being for very little money. Please read up on debt management and reasonable amounts of debt. No aspiring teacher should acquire all this debt since in most parts of the country the salary is very low. It looks all nice and glossy now, but don't set yourself up for somethig that could become the biggest financial burden you have.

[Sunshinegrl456]

IBR is not granted to everyone. I had undergraduate loans and an income that should have been on an IBR plan. I did not get approved. Be very careful about taking on debt. Avoid it at all costs because it will not be easy at all. Most people in public service end up paying their loans in ten years and the forgiveness ends up being for very little money. Please read up on debt management and reasonable amounts of debt. No aspiring teacher should acquire all this debt since in most parts of the country the salary is very low. It looks all nice and glossy now, but don't set yourself up for somethig that could become the biggest financial burden you have.

 

It's hearing this from multiple sources over and over and over again that's making me question getting a master's at all, regardless of how bad I want it. 

 

Maybe I should have gone straight for the PhD after all, even if I would have/potentially will get into a less competitive program due to having less experience and no prior graduate work........

 

As a counterpoint, one of my friends just got a full-ride to Georgetown Law, and another got a full fellowship and hefty stipend for her PhD program. Super happy for them, but it has me wondering if I'm going about furthering my education the wrong way. Or I'm just dumb, which I guess will cost me more no matter what. 

Edited April 3, 2013 by Sunshinegrl456

[CQE]

IBR is not granted to everyone. I had undergraduate loans and an income that should have been on an IBR plan. I did not get approved. Be very careful about taking on debt. Avoid it at all costs because it will not be easy at all. Most people in public service end up paying their loans in ten years and the forgiveness ends up being for very little money. Please read up on debt management and reasonable amounts of debt. No aspiring teacher should acquire all this debt since in most parts of the country the salary is very low. It looks all nice and glossy now, but don't set yourself up for somethig that could become the biggest financial burden you have.

 

Yeah, the fact that it is not definitive certainly makes it risky. That's why everyone should look at best and worst-case scenarios.

 

If you're still comfortable with the worst-case scenario - not getting IBR, for instance - then that's one thing. It's entirely another to walk into the debt without having a clue as to what you could potentially be getting yourself into.

 

I'm sure most of us have done that, but good post, ss. I certainly didn't want to make it seem like IBR is a sure thing.

[CQE]

Another thing about IBR:

 

You have to reapply annually, even if you receive it the first time around. Theoretically, I suppose this means you can get it one year and not another. Moreover, if you are granted it year-by-year, which is the best-case scenario, it will be adjusted accordingly based off of changes in income. So, if you receive a raise or change jobs and end up having a higher salary, I imagine it's going to be offset by your new, higher IBR payment to some degree (assuming you're granted it again).

Edited April 3, 2013 by CQE

[nm16]

^ Yep. Without IBR I think I've calculated that my monthly student loan payments would be at least around $750-800. That sounds about right, right? Using this right now to figure out whether my master's degree at HGSE would be worth it... 

This is scary.

 

On the other hand, I can't wait to meet all of you this weekend so that we can commiserate in person, you know 

[EdYouKateOr]

Really scaring me...oh to go back to the days of waiting to hear!

[Sunshinegrl456]

I may or may not have just packed like six potential outfits for Friday. Clearly what I'm going to end up interpreting as "business casual" will be a surprise, for even me! 

[HigherEd2013]

In Boston! Can't wait to meet other higher Ed people tomorrow and the other awesome Ed school people on Friday!

[jortin10]

It's hearing this from multiple sources over and over and over again that's making me question getting a master's at all, regardless of how bad I want it.    Maybe I should have gone straight for the PhD after all, even if I would have/potentially will get into a less competitive program due to having less experience and no prior graduate work........   As a counterpoint, one of my friends just got a full-ride to Georgetown Law, and another got a full fellowship and hefty stipend for her PhD program. Super happy for them, but it has me wondering if I'm going about furthering my education the wrong way. Or I'm just dumb, which I guess will cost me more no matter what. 

Those who were/are accepted into Harvard for a doctoral degree can apply for a Master's degree after the first year of studies. I was told this a few years back at an open house. The reasoning behind it is that the student completed one year of study that is equivalent to Masters degree. If you look at the page that has doctoral students dissertation title, you'll notice that they all have masters degrees from Harvard as well (some 3 years prior to completion of the dissertation year).