Pros and Cons

[hlove]

So most of the grad school selections are out and I thought I'd start this thread help me (and others) work through the decision process. It'd be interesting to hear other peoples views on the pros and cons of the schools they are deciding between. Surprisingly I've actually been admitted into all the schools I've heard back from  and more choices just make it that much harder to decide.

 

MA International Relations Programs

I've been admitted to : Denver Korbel (12k), America SIS (no funding), GWU Elliott (no funding), SAIS Bologna (Funding unknown), and waiting on Georgetown.

 

SIS is a pretty much out of it for me. I didn't get any funding, and it just never got that great a feeling about it.

 

Between Denver and GW, if I wasn't considering the financial aspect I'd choose GW. I really like the courses, location and overall feeling I got when I talked to former students and admission people but Korbel gave me a little money and the cost of living is about a third of DC's cost of living. I did go to DU as a undergrad so I'm familiar with the school, area and program. Obviously DC as the benefit of location but how much of Denver's location would be a disadvantage when it came to getting internships and Jobs after graduation?

 

SAIS and Georgetown: Are my top schools, not sure if I've gotten into Georgetown but I'm also not sure if I'd choose Georgetown over SAIS in any case  SAIS's economic focus scares me a bit but I'm taking Micro and Macro right now and I'm really enjoying it. I did fine in math during High School but that's a long time ago and my quantitative skills are very rusty (got a 150 Verbal score). Alumni network at SAIS is a big plus for me. It's hard to fake the level of enthusiasm Alum have about the school or the sheer abundance of them around the world. Also Bologna program is one of the main reasons I choose it.  If the trend from all the other schools continue I won't get any funding which means I'd be going into about $100,000 of debt which again is incredibly scary specially in this job market. I eventually want to go into the Foreign Service and as with any gov' job they do have loan forgiveness programs but it will still take a large portion of my hypothetical salary. I'm also fairly certain (or at least hopeful  I can get fellowships and outside scholarships my second year. 

 

Is anyone else debating this problem? In any of the programs I'll be in debt but at least at Denver it will only be about $70,000 as opposed to the DC schools 100,000+.  What are your guys pros and cons for the schools you've been admitted into? Reasons you choose a specific program if you have already decided? Any input into the programs I've listed?  

[dyavrom]

id like to know too.  i basically need to decided whether to drop $120k for SAIS, or around $40k for USC.  

[leon32]

In at UCSD MPIA, GWU Elliott for Security Studies, Korbel with $10,000 a year, and Fletcher with $5,000 a year. I am not really considering Korbel. I haven't heard about funding from USCD, and I would love to live in San Diego. I'm worried their program is too business focused, plus not well known/ranked. Unless they offer lots of money, not sure I can justify going there. Gwu is Washington, so I could work and internship while I study, but not sure I want to always be involved in the DC internship scene and taking evening classes, plus it's expensive and they didn't offer any money. Fletcher is my top choice, but with only $5,000 offered I'm nervous about taking out huge loans. Any ideas/ pointers?

[Hopefulodi]

For me, fit matters a lot. Then comes flexibility, employment data, and then location (i put location last because most schools I have applied to are in DC, a couple in Pitt and one in NY state)

But then again, I am a risk-averse person and I do not like the thought of debt; it honestly scares me. That has a lot to do with the way I was raised (I am not American but  a PR). So money is a BIG DEAL, I think it is for most of us. I am not too familiar with how student loans repayments works but $100,000+ is a lot of money even though you have a lot of years to pay that off.

Like someone said somewhere in this forum, you will soon want to start a family, take a mortgage on a house. Think about all of this and take a decision.

Also top choices are great but I think going to the Open Houses may change some of your perceptions.

Best of luck, I am also in a huge dilemma, although I think I know where I will be going lol

Edited March 13, 2013 by Hopefulodi

[JFactor]

This is a great topic and I was thinking of starting a similar one. My situation is still open because I want to hear from SIPA (my number one school, also waiting for Georgetown but I can't think of a scenario where I would go there anymore) so I'm gonna get back to this thread when I hear from them, hopefully on Monday.

[ss1987]

I'm also having a similar dilemma, 70k in debt for Duke, or 30k in debt for Brandeis Heller...  Duke is one of my top choices, I love everything about the program, but I dont know if I can justify double the debt.

[hlove]

So I crunched some numbers and if I took out a $100,000 in Grad Plus Loans with a 15 year repayment plan at a fixed 7.9% interest rate the total monthly payment is about $950. If I graduate and attain the average starting salary of SAIS grads (someone said $63,000 on one of the forums) that less taxes should be around 47,000-46,000 or a little over 3800 per month (I'm rounding down). Minus the 950 for student loans should give you about 2,900 of disposable income. Now minus rent and other expenses depending on your overall consumption (Rent in DC is about 1500 on the lower end, I think). It seems doable to me if I actually get a job the pays 60,000 or more. Granted I'm fairly young and don't have anyone dependent on me for their livelihood i.e. kids or spouse. What do you guys think? Does this at all sound plausible? 

 

Fell free to correct on the math if I made a mistake, not my strong suit. 

[dyavrom]

nah, the math is right, i did the same for a 65k salary.  its plausible for some, not for others.  im still not sure if it is for me because as  have to take out at least 120k (SAIS) on top of the 15k i owe already from undergrad.  its either that or fall into around 50k of debt from USC.  much more manageable, but those World Bank dreams may have to wait. 

 

for those who are interested, use this calculator for your salary after taxes

http://www.adp.com/tools-and-resources/calculators-and-tools/payroll-calculators/salary-paycheck-calculator.aspx

 

and this for loan payments

http://www.finaid.org/calculators/loanpayments.phtml

 

 

keep in mind for many the interest rate will be around 7.3% (federal unsubsidized loans maxing at $20.5k are 6.8% and then grad PLUS loans are at 7.8%)

[socal_kid]

Would be useful to get a recent grad's opinion on this or someone who has been through these decisions and what their outcomes were.  

[jtow]

I have to decide between going to the LBJ School with no funding or stay in my job. I could probably chase down funding next year at other schools since my measurables look good, but there isn't a place I'd rather be than Austin and I won't be getting more meritous or diverse this year, so I can't expect a better turnout in 2014 =/

 

Tuition is dirt cheap but I'd be adding to my substantial undergrad loan debt.

 

This whole thing raises a lot of short and long term questions I need to sort out

[biscuits]

Debt is a significant concern for me. I'm lucky enough not to have any current student debt, and have generous enough offers that I won't be incurring any debt for tuition. However, I would still need to come up with funds for rent, food, etc at several of my choices, and I'm loathe to tap into my savings if I can avoid it. This makes LBJ's offer of full tuition plus a stipend quite appealing. Emerging from grad school with no debt will give me a lot of flexibility in terms of job choice and timelines. I also have a whole other set of calculations going on, as my partner is planning to start grad school at the same time. This means that location is also a big deal, as neither of us want to make the relationship long distance. 

 

Hlove: keep in mind that, ideally, you should be spending no more than 30% of your income on rent. Your current numbers put you around the 50% mark. This gives you far less wiggle room in terms of savings and building up an emergency cushion. What happens if you unexpectedly lose your job, or if you are furloughed as a government employee? As I'm sure everyone knows, you can't get rid of student loan debt through bankruptcy. It'll be there, lurking, forever. As hopefulodi mentioned, large debts make things like buying a house or starting a family - even if that family consists of furry friends - quite difficult. (Wait until Fluffy eats the remote and has to have a $3000 surgery.) It's also vital to start saving for retirement in your twenties, thanks to the wonders of compound interest. 

 

I spent a few years helping low-income individuals and families try to stabilize themselves, and the experience gave me a healthy respect for how easy it is to tip into poverty. Without savings or enough of a cushion in your paycheck, a series of unfortunate events can land you in a hole very quickly.

 

I recognize that I'm in a very lucky position in terms of my offers, and that many folks will have to go into debt. Debt, by itself, is not the worst thing in the world. But every time I see someone proclaim that they don't care about debt, that they would sacrifice everything for the noble pursuit of education, I wince. Debt is a beast that should not be discounted. Most of us will not be going into academia, where your degree-granting institution can make a significant difference. Sure, a shiny name can help with the first impression in our line of work, but it's not going to be the be all/end all. You and your work will be. In my opinion, a smaller amount of debt outweighs relatively small differences in "rankings" by a great deal. 

[av260987]

I'm scared to even start thinking about making a decision. I'm so confused! I keep telling myself that I'm waiting because I haven't heard from SIPA yet but I know the school is a bit of a reach for me. 

 

Everytime I so much as click on admitted student links to compare schools, I promptly close them. Anyone else going through this?

[JFactor]

I'm scared to even start thinking about making a decision. I'm so confused! I keep telling myself that I'm waiting because I haven't heard from SIPA yet but I know the school is a bit of a reach for me. 

 

Everytime I so much as click on admitted student links to compare schools, I promptly close them. Anyone else going through this?

 

I'm kind of in the same situation. I think I have a mediocre chance at getting admitted into SIPA (I hope) so I don't want to do too much pros and cons analysis before I hear from them.