Take out loan? or reapply next year? advice?

[imwalkingwest]

Greetings all,

 

So here's my situation: I applied to several schools and was accepted to 3, but none of which offer funding (one does in a small way, but the cost is still astronomical, and not worth it), and rejected from those that do fund fully. Of those I was accepted to, my top choice is present, but without the ability to fund. They were very apologetic about this, and regretted that this year was an anomalous year in which they were unable to offer ANY incoming students funding, which is out of the ordinary. They are usually able to fund around 4 incoming, one per subfield (anthropology) per year. 

 

So here's my decision. It is my top choice, very good school with excellent professors and reputation in the field, and perfect theoretical match. They have said most students come unfunded and usually (UGH) roll into GAs in their second  year (sometimes third). However, I am not sure if it's worth it to borrow so much for one year, even though the chances are high it'll only be for one year. Obviously this varies from person to person, but should I take the sign that I'm worrying about it as one that I shouldn't go? I hate the thought of not attending a grad school I was accepted to and sitting around (not really, i'd be doing something) waiting until next year to reapply. 

 

Does anyone have any experience on this? Any useful advice? Everywhere I read says if you're in social science, don't pay for your PhD (I do not have a masters), they should be paying for it. But my family/friends/everyone-in-real-life says to go and take the hit for the first year. 

 

You guys are great!

[iExcelAtMicrosoftPuns]

Does anyone have any experience on this? Any useful advice? Everywhere I read says if you're in social science, don't pay for your PhD (I do not have a masters), they should be paying for it. But my family/friends/everyone-in-real-life says to go and take the hit for the first year. 

 

I've got no experience on this, and I'm certain my advice is useless. Sooo that's your caveat.

I say option 3. (There is not enough information to answer this question). What would you be doing on your year off? How would a year off impact existing loans? Would taking time off depress you? Why do you want the PhD? Etc.

I say do not pay for a PhD- if you can do something really cool on this year off. Travel, Research, Teach,  anything. Not only will it help you grow as a person (touchy feely stuff there) but it'll make you more competitive for funding next year.

[selecttext]

ask yourself if you really think that applying next year will make a difference. next time you should research funding packages before applying - most departments have minimum guarantees on their websites. you should also ask your POI or graduate secretary what you can expect.

[n_psych]

I don't think you should pay for your PhD. Taking a year off might seem scary at first, but there are so many things you can do to not only to improve your applications (to be more competitive for the programs that offer funding) but also grow as a person. Best of luck on what you decide. 

[imwalkingwest]

ask yourself if you really think that applying next year will make a difference. next time you should research funding packages before applying - most departments have minimum guarantees on their websites. you should also ask your POI or graduate secretary what you can expect.

 

Thanks for the responses! I actually did do this, and they do usually fund 4 incoming students a year. However, this year my POI regretting that they were unable to, but she assured me the capability would return next year. So, there is a possibility of both being funded incoming next year AND not being offered it again. 

 

I would like to think I would take the time off strengthening my CV for reapplication. However, it would present some challenges for the next round, being out of the academic world for a year, LORs, etc. So i'm trying to assess if it would be worth it.

 

My POI said I was very competitive for the funding offer, but that the funds simply weren't there, but that they are very supportive of their continuing students. 

 

This will be a tough call either way. 

[VBD]

So.. I have no idea about the humanities, feel free to disregard this entire post.

Question: How can they KNOW that they'll have money next year..? That just seems odd to me.. Like why couldn't THIS year be prevented?
 

However, to me it seems like they are essentially asking for you to "be" like an unfunded masters student for a year. I know people in Anthro now (both girls one interested in physical and one in cultural) who paid for their masters and are now in good PhD programs on the west coast (I'm not good at the Facebooking). So it's a path others have taken before. Except, you have a high chance of getting funding the next year AND you are in the PhD program. I'm wondering if you apply again next year they'd be like "Oh, it's the same student again! And s/he's trying for exactly the same thing!" Or are you planning to apply to different programs?

Alternatively, can you accept and  try for external funding during the summer, etc?

Edited February 25, 2013 by VBD

[ridofme]

I would wait and reapply. You already know that you are competitive for unfunded programs, so worst case scenario you would probably be readmitted to those programs, but with a year's extra savings and more experience and perspective that one can only gain outside of academia. It's one thing to go into an unfunded master's with your eyes wide open, but an unfunded PhD is ludicrous. There's going to be so much uncertainty, so much pressure to secure funding, wheras that could potentially all be avoided if you wait a year. Plus, even if you do secure funding, interest will accumulate during the rest of your PhD, and you might end up paying back 3x the original principal balance.

[RandiZ]

The advise I give to my kids and myself: follow the money. If they accept you without offering anyhing, that's not a real acceptance. They are really asking you to borrow money to fund someone else's tuition. I may not go to grad school myself if my acceptances don't include funding.

[DarwinsBones]

Yeah, I would be hesitant because it is a PhD program I got accepted to a masters program and I know you usually pay for a masters more often then not, but they at least offered me a year of funding to take some of the burden off and even the prospect of just 1 year of student loans terrifies me.

[selecttext]

if they are going to fund you next year than you can defer your admission or you could ask if you could start taking classes this year on a part time basis while you work full time. 

[DeMoomin]

I would say defer a year. Go do something adventurous that relates to your chosen topic. Maybe even attempt to publish? The experience you gain will be invaluable. On the other hand, taking on even a year's worth of fees sounds frightening to me. Those loans aren't going to go away quickly - you'll be paying them back for ages. And you're not even guaranteed to be funded for any of the following years.

[dunkeaters]

Just to give the opposite opinion, I'd borrow the money. I don't agree at all with the rule "never pay for a Phd". Why not? Anytime there's a rule with no exceptions, you know it can't apply to every case. 

 

So, here's how I'd look at it: how much better are your chances next year to get accepted with funding? If you don't accept now, you are taking a gamble with your life-you may not get in next year, you might get in without funding again, or you might get in with funding. In two of those three situations, you make yourself worse off by waiting. 

 

This reminds me of the phrase "a bird in the hand is worth two in the bush". You have an acceptance now, to a school you love. If this is a subject you really want to spend the rest of your life studying, why wouldn't you want to start now? The loans may hurt you financially for some years, but humanities Phd's generally aren't done for money.

[selecttext]

good thing he's not doing a PhD in the humanities...there is absolutely no point in taking on thousands of dollars in loans unless you have to..

Edited February 25, 2013 by selecttext

[rising_star]

How much money would you have to borrow to go for a year unfunded? What will the monthly payments be? How much money are you likely to make after earning your PhD? Will the required monthly payments make it difficult to live, restrict where you can get a job, etc.?

 

FWIW, I wouldn't do it. I would wait a year and reapply while asking top school if you can defer and be considered for funding next year.

[compiler_guy]

I would say defer a year. Go do something adventurous that relates to your chosen topic. Maybe even attempt to publish? The experience you gain will be invaluable. On the other hand, taking on even a year's worth of fees sounds frightening to me. Those loans aren't going to go away quickly - you'll be paying them back for ages. And you're not even guaranteed to be funded for any of the following years.

 

I agree. Deferring is the way to go. Beware of getting into debt.

[zapster]

Am normally an optimist, but one ay to evaluate such situations might be to think about worst case scenarion with either decision - what if you decide to wait a year, and (hopefully not) do not get admitted to your top choice for whatever reason, or get admitted without any funding again; vs what happens if you take up the admission now, and find it difficult to get funding even in the second year - which situation seems worse and how might you handle it?

 

Also, in case you do not take up the offer, do you have a strong backup plan - especially one that maybe helps you save up a bit of money in case you face a funding situation the next time as well ?

[juilletmercredi]

NOPE.

I'm in the social sciences.  Don't pay for a PhD.  They should be funding you.  The ROI is not big enough to pay off those loans.  Especially if this is a private school - one year's cost could be $60,000, so if you have to borrow for two years, that's $120K plus whatever you have from undergrad.

I don't think a bird in the hand is worth anything when it's an unfunded PhD program.  I'm a never-say-never type, too, but I say in 95% of situations PhD students shouldn't be paying for their own programs, especially when the program says they will have money next year.  If they will, you can begin next year when they have money.  A program that really wants you as a student will readmit you next year, and will understand that you declined because they couldn't pay you!

No, PhDs aren't done for the money, but that doesn't mean you shouldn't keep your head above water if you can.

[MPPgal]

You want to be an anthropologist, go abroad and re apply, seriously why not go and work on somewhere close to your research area....