Money - is this possible?

[steve20m]

So I have very little savings (maybe $2,000). I want to start graduate school this fall but my loans do not cover the full cost of school, so I would have to take out additional loans to pay for the remainder, plus living expenses. Am I crazy? How do people make this work?

 

If I do make it work, about how long can I expect to be making loan payments on a MSW salary?

[citychild]

It is possible, however, there are other options. There are plenty of threads here about going to expensive schools and the cost/benefits of such.

In regards to private loans, I am under the assumption: 1) They cannot be consolidated & 2) They are not eligible for income-based repayment.

I'm sure others can be more thorough, but I just wanted to touch on that.

[Purplescarves]

Check out this thread 

 

As citychild said, there are several other similar threads and private loans can be nasty, they are definitely not eligible for loan forgiveness. If you are in the Boston area, I would suggest that you contact uAspire. They help students of all ages wade through the mess of funding higher education. They have office hours and you can schedule some time to talk to an advisor and figure out the best steps for you. 

 

So far I have only received specifics on my Chicago financial aid, but I don't plan on attending. Tuition at the other two schools I'm considering is around $21,000 for the year. I had to come to terms over the past few weeks what I will and will not be doing to fund the MSW. I will not be taking out any private loans. I will be working while I'm in school to offset some of the costs. I'll also be living rent-free for the most part. If possible, I will use the loan forgiveness. That's how I'm going to make it work.

 

Some questions you might want to ask yourself:

- How did you support yourself through college? (You've gotten this far!)

- How much do you have to pay back on college loans, if any?

- In what ways can your family support, if any?

- Can you reapply to less expensive schools next year? (If you aren't convinced that the less expensive school can provide you a quality education, speak to current students and graduates. You'll then be convinced.)

- What are your financial goals after graduation? (purchasing a house or car, getting married, etc.)

 

Good luck! It can be expensive, but it doesn't have to be really expensive.

[2011 MSW Hopeful]

What are you thinking about in terms of "private loans"? Through the federal Grad PLUS loans, you can borrow up to total cost of attendance including room and board. The interest rate is higher than for Stafford loans, but it's doable and certainly much wiser than pursuing private loans. PLUS loans are eligible for income-based repayment. They are credit-dependent, though. 

[Sassafrass333]

So I have very little savings (maybe $2,000). I want to start graduate school this fall but my loans do not cover the full cost of school, so I would have to take out additional loans to pay for the remainder, plus living expenses. Am I crazy? How do people make this work?

 

If I do make it work, about how long can I expect to be making loan payments on a MSW salary?

Are you applying for child and family services or mental health in CA? Have you looked into the stipends (Title IV-E & Mental Health)?

 

Some SW's that I know are still paying off their loans... but it all depends. It's doable!