IIT io phd program-nightmare?

[io13]

I've been researching iit more in depth since I was accepted on the 5th, and it really seems like it may not be worth it. I did research the program prior to applying, but I just didn't know where to look apparently. The phd program is 96 credit hours, each credit hour is $1140, talking about 110,000 prior to insurance, fees, books, cost of living, etc. It looks like there's no funding. For those of you that know anything about IIT, could you tell me if it is a correct summation to say that this is a school for applicants who don't have strong apps and thus have to resort to paying for their phd?

I was also accepted into a masters io program where I live now, however I would only receive half tuition waiver, still end up paying about 16k for my masters, would it be worth it? If I did get my masters first, is it correct that I wouldn't be able to transfer any of those credits into whichever phd program I was accepted into afterwards?

[Lisa44201]

I don't know much about IIT specifically, but the phrase "tech school" makes me wary. I would go for the Master's program if I were you, provided you can get research experience in the form of a Master's Thesis and/or your name on a few publications, both of which will help you if you decide to apply for a PhD again; 110K before CoL & etc. is a lot of money. Schools vary as far as transferring credits from a Master's degree to a PhD; from what I've seen, most places will transfer in at least some credits. You may have to do a second Master's thesis in a future PhD program, as some schools will transfer in the course credits, but not the degree; this varies by program. I would still go for the Master's degree.

[midwestgirl]

I applied to the program as well.  I also had some reservations about it.  I did email with a current student who had nothing but good things to say about the program and it sounds like it is more applied based, offering a number of paid internship opportunities which can make up for the lack of funding if you are responsible enough to use the money to turn around and pay for school. But if i get accepted to any of the other programs I applied to, I'll be going to them........ 

[IOPsych3927]

Hi,

 

IIT has good faculty, so I can't say anything about the quality of the training you will receive there. However, the ability to provide funding is very indicative of the overall "health" of a program, and the fact that IIT requires you to pay $110k+ in tuition alone is a huge red flag. Given the high living expenses in Chicago for the next 5 or so years, I would guess that you would graduate with close to $200,000 in debt. Even if you are able to get an awesome applied job, most do not start earning six figures until at least 10-15 years in the workforce. The 2009 APA report has the mean income for applied I/O psychologists (PhD level) in business, government, or consulting positions as $104,000 (average work experience= 12 years). The median (which is a better measure of income, since it is far less skewed), is $91,500. So paying off $200k in debt will likely take decades and be an enormous burden for you.

 

Given these numbers-- and the fact that you will be graduating with a medical student's debt, without the same earning power-- I would recommend attending the Masters' program and then applying to a Ph.D. program . I know 3 students who transferred to a "top 10" I/O program with their Masters' degree. Not all of their courses transferred, but their Master's thesis always did. So that will take off a huge amount of time after you transfer, and you will graduate with closer to $20,000 (rather than $200,000!) in debt.

 

You know your own situation best obviously, but hopefully my two cents helps you make a more informed decision. Good luck!