Take the Money or the Reputation - SIS vs. SIPA and SAIS

[soaps]

Read my following post.

 

... the one you posted from another account? There are no other posts from you.

I don't think your other post (as captdelorean, presumably?) is accurate either for reasons stated in my post(s) below that one. But I'm not going to beat a dead horse, so I'll just leave it at that.

Edited March 21, 2013 by soapwater

[RedskinsRule]

... the one you posted from another account? There are no other posts from you.

I don't think your other post (as captdelorean, presumably?) is accurate either for reasons stated in my post(s) below that one. But I'm not going to beat a dead horse, so I'll just leave it at that.

 

No, I'm not him. I probably was mistaking posting in another topic for this one.

Edited March 21, 2013 by RedskinsRule

[JMO]

Why is this getting derailed. I am looking for some valid answers, I mean he already defied all odds by getting into pretty much every school he applied to.  Let alone full funding, I wonder how much further he can push it.  I hope someone on here gets to meet him, he is really funny guy, and just goes around without a care in the world, doing whatever he wants.  I remember him telling about his ambitions and giving me his application package to look over and I was thinking to myself...SAIS...no way dude.  I told him to put more emphasis on SIS and Elliot since that is more logical, even University of Maryland (he wants to stay in DC).  I don't know what his funding was for SIPA, but he made it seem like little, I think around 10K a year or so.  

[bless_yourheart]

I'm in the exact same situation as your friend, and I decided to take the money.

I've gotten accepted to BU, SIS, CIPA, and others, and CIPA's offered me the most. SIS offered me 6 credits of tuition remission, but since I'd be doing a dual degree program, I'd have to add another year of tuition plus the costs of the other program. CIPA, on the other hand, offered me 30k/year and a potential job during the school year (which is really rare). I also have loans left over from my undergrad, so trying to minimize gradschool debt is really important to me.

[jepaev]

Also in this boat with SIS and Georgetown's MA in German & European studies program. Received tuition remission for 36 credits + $12k/year research assistant position, whereas GU offered a half tuition scholarship. Georgetown's program is more academically rigorous and is the one I've long been pining for, but the money matters. Moreover, I've been accepted to teach English in Austria for next year, and American has indicated that my full funding package would remain, whereas I'd have to re-compete for the half scholarship for MAGES.

 

I don't have any undergrad loans, and have enough savings that will likely keep me debt-free at American, whereas I'd have to take out the full $40k in stafford loans for Georgetown.

 

Have there been any developments or decisions made by others in this predicament?

[lbjane]

Why is this getting derailed. I am looking for some valid answers, I mean he already defied all odds by getting into pretty much every school he applied to.  Let alone full funding, I wonder how much further he can push it.  I hope someone on here gets to meet him, he is really funny guy, and just goes around without a care in the world, doing whatever he wants.  I remember him telling about his ambitions and giving me his application package to look over and I was thinking to myself...SAIS...no way dude.  I told him to put more emphasis on SIS and Elliot since that is more logical, even University of Maryland (he wants to stay in DC).  I don't know what his funding was for SIPA, but he made it seem like little, I think around 10K a year or so.  

 

Take the money.  100k in loans with a 10-year repayment at 6.8% interest equals a $1,150/mo payment and, with the interest you actually end up paying $138k.   That's a house in some parts of the country and at least a decent chunk of a condo in DC.  The opportunity cost is higher because if you invested that $1,150/mo in an fund with a 10% annual return, you'd have $237k after 10 years.  Even if your investment only hit 5% a year, you'd still end up with $179k in the bank after 10 years.  So, not only are you paying $138k, you're not saving or investing that same money, so you're losing out on interest and investment gains.

 

I graduated with no debt from LBJ and have no regrets.  I got a good job and, unlike people saddled with big loan payments, I'm saving and investing that money that would otherwise go to loan payments.  It means that I paid cash for my car last year and have a down payment ready when I find a condo I want to buy.  I love my job now, but if that changes, I can take another job that pays less or go without working for awhile because I don't have a $1,150/mo payment hanging over my head and have a nice cushion saved should I need it.  My coworkers with massive loans from grad school don't have that freedom or that nest egg.  A program's reputation is not irrelevant, but it's nowhere near as relevant in the public sector as some people think and certainly not worth $1,150/mo for ten years.

Edited April 2, 2013 by lbjane