Financial Aid? or Good School?

[arod107]

I am getting my masters in statistics. I got into the University of Chicago with only 25% off tuition. I also got into University of Delaware with a full ride and TA with stipend. Should I go to Chicago and pay because it's such a good school or take the free ride?

[mature(?)student]

Chicago. Definitely Chicago. The worldwide respect, instant name recognition and networking opportunities are worth the cost.

[Comfect]

A lot of this depends on your personal situation. Why are you getting the masters? If you're getting it (as some of my current coworkers are) to get a promotion at a place where you already are, then go to Delaware, avoid paying crazy money at Chicago, and come back with your newfound knowledge to your place of work. If you're getting it (as some of my friends are) to find a job later, then weigh whether you could afford Chicago, whether you'd work yourself to death to pay that 75% of tuition + living expenses, and whether you actually like the Chicago program. After all, name recognition is great, but staying sane and happy in grad school is more important.

[frankdux]

if its just a one year program, then definitely chicago.

but 2 years, then you seriously have to way the cost versus benefits. you're talking about $100,000. if you're just getting a masters, i take it you are doing it to get a specific job and NOT because you want to go into academica. then the money issue is probably an important one to you.

[TulipOHare]

Caveat: I am not a mathematician or in the math field at all. I took one term of stat. :mrgreen: But I would say it depends on what you want to do with your Masters. What would the name recognition do for you? How far would it take you?

If you're planning to go on to a PhD and do the whole traditional academic track, I would say go ahead and shell out for Chicago, with two exceptions:

- you want to study something esoteric that someone does at Delaware and no one does at Chicago

- you think the peace of mind of having full funding would enable you to become the most brilliant stat grad student in the Mid-Atlantic (so that when you go to conferences people say "Ooh, that's arod17, what a promising young scholar" and it kicks open doors the same way the Chicago name would)

I would also be OK with Chicago if I were sure I'd get a well-paying job straight out of grad school. Otherwise, I would lean heavily toward Delaware. There's my two cents.

[Inspekt]

Are you doing PhD or not? Where is the best match for your research interest? What are your career goals?

[linden]

Chicago. People are going to tell you that the name of the school does not matter, that it's what you do with your degree, that after you get your first job it all loses importance, etc...

BS. I can't tell you how many times I have heard my co-workers say things such as, "Yes, Suzy is a suicidal maniac who cannot complete a simple task. But, cut her some slack; she went to Brown."

[rising_star]

It really all depends on what your post-degree plans are. Until you tell us, we're all just guessing.

[GraduateSchoolNut]

I voted for Chicago but then I changed my mind. Delaware.

But I would try to renegotiate with Chicago first. 25% off of their tuition is still insane.

[peppermint.beatnik]

If it's a 2 year, MA, definitely Chicago if you plan on doing a PhD.

[sparkle456]

I voted for Delaware. However, I'm waiting for more info as well.

If it's for a job, go to Delaware. Even if it's for academics, I'd go to where they are paying AND offering the TAship. Sure, it isn't U of Chicago's name...but really...who cares? Unless you want to go on to another top named school, why does it matter?

I truly believe it's all what you do with a degree at a decent/respectable college. If it were a toss up btwn Clown college or Monkey U than sure, I'd say pay out your ass for the name.

But Delaware doesn't sound like a bad program...is it?

[liszt85]

1) Delaware isn't bad

2) Chicago is obviously famous

3) You wouldn't have asked this question had you been unable to afford to pay that 75%.

4) You could always do your MA at Delaware and go do your PhD at Chicago or some reputed place later if you wish to.

5) If its to do an MA and go back to working a job, Chicago might be the better choice as you should be able to repay your loan if any sooner than if you would go on to do a PhD.

Therefore, if you do not have a PhD in mind and if you want to go right back to work after the MA, I say go to Chicago.

If your intention is to go on to do a PhD after this MA, take the free ride, do it in Delaware and work hard to build a solid research based resume which will possibly get you into an even better place than Chicago for your PhD!

[ec86]

I voted for U Chicago. If you look hard enough, there will always be opportunities for funding. Perhaps get in touch with a prof. for an RAship?

[nandelle]

I also applied for a master's in stats. Congratulations on your acceptance to Chicago! that's a fantastic department.

I would say it depends where you want to go. I think sometimes people here put a little too much weight on the prestige of a program...in the business world oftentimes it's not as big a deal as in academia. So if you're looking at getting a master's degree so you can work in industry or government, I'd say Delaware. If you are interested in going on to a phD afterwards, then definitely Chicago.

best of luck with your decision!

noelle

[fortiesgirl]

I voted for Delaware. I do, however, have some follow-up questions.

Will this be a terminal M.A. to advance your current career? If so, then DO NOT go into debt for the sake of a Master's. Not worth it regardless of prestige.

Are you planning to pursue a Ph.D.? If so, then I might consider changing my vote (even though Delaware is not a bad program, but obviously not as prestigious as Chicago). Still, I think Chicago should give you more $$$.

[brosenth1984]

I will start this by saying I am definitely not a statistics person, but I am currently accepted to the University of Chicago in Visual arts and awaiting funding info...which is tremendously important. I also applied to the University of Delaware (which I will turn down if accepted) but that is a unique situation and it would be a really weak program for me.

I understand the complex situation you are in (and I am negotiating this prestige vs. $$$$ issue myself), but i do not think a masters degree is worth that kind of debt load. If you are a strong, independently-motivated candidate (which you must be if you were accepted to the U of Chicago), and have opportunities at Delaware that Chicago won't offer, then I say go with the funding! And since you are so good in the statistical Arena, you know, that in this economy the chance of paying those loans off and that tuition being worthwhile is slim at best. I work in a school that grants Ph.D.'s, and while we are keen on fancy name degrees (and there are some schools we have little respect for and will not accept students from) we always look and interview very strong candidates from less "presitigious" schools. If you are smart and talented in your area, you will do well REGARDLESS of where you go to. Lets be honest here, it isn't exactly a community college you are considering, its also an excellent school.

now maybe someone else can knock some sense into me and make me choose the better financial situation myself!

[arod107]

First, thank you to everyone with all the points of view.

To answer a few questions. . . I am going for my masters so I can get a better job in a field I enjoy. I do not plan on getting my PhD and working in academia. I am leaving my current position (in debt ridden Providence) and moving to where school takes me.

I do like both the programs at Chicago (1 - 1.5 years) and Delaware (2 years), and it's not that I CAN afford Chicago. I would take out a loan for everything. . . so my question is: Is Chicago worth a $120,000 loan?

Both programs fit exactly what I want to do as well. . .

[Reinventing]

If someone else asked you that question, what would you say? (Just thinking it might help to look at the question objectively, but putting your own knowledge to work.)

I'd start by looking at the jobs you could get with the master's, and the salary info. Then consider your debt with respect to the number of years you'd be working. Are you comfortable with those numbers?

Also, is $120,000 just the present value of the debt you would take out? Or by the time you pay it off, will it look like more like $180,000?

[Tritonetelephone]

Delaware just got a new president who is putting MUCH more focus on graduate students. He/she is making changes that will surely benefit the school's reputation. Even if they don't end up as prestigious as Chicago, your career won't suffer.

Visit both if you're still confused. Then go to Delaware.

FUNDING = GOOD! DEBT = BAD!

[arod107]

If someone else asked you that question, what would you say? (Just thinking it might help to look at the question objectively, but putting your own knowledge to work.)

I'd start by looking at the jobs you could get with the master's, and the salary info. Then consider your debt with respect to the number of years you'd be working. Are you comfortable with those numbers?

Also, is $120,000 just the present value of the debt you would take out? Or by the time you pay it off, will it look like more like $180,000?

It would be $120,000 with the interest included. . .

[Reinventing]

I, too, am magnetized by full funding.

(Tritonetelephone, I like your thinking--if you have thoughts about when to shell out dough for a campus visit, I have a post currently located a few rows below this one.)

[nandelle]

(out of sheer curiosity, what type of statistics are you looking at going into?)

Let us know what you decide!!