grad school w/ little or no funding

[DaniCM]

I'm just curious if anyone is attending a program with little or no funding offer, and either planning on paying using mostly loans and/or banking on generous second year funding?

 

I got a 1/2 tuition scholarship from Fletcher, with the possibility of additional second year funding opportunities, whereas I got nothing from SIPA or SAIS. I've pretty much decided it's insane of me to pass up a $38K scholarship from Fletcher to possibly put myself in $120K debt to attend SIPA or SAIS. However, the less pragmatic side of me laments missing out on the opportunity to live in NYC or spend a year in Italy. Given my career ambitions, I'll likely be a DC lifer, so I feel like grad school might be one of my last opportunities to live elsewhere, especially while young.

 

Anyway, I'm about 95% sure I'll do the fiscally responsible thing and attend Fletcher, but I just wanted to see if anyone else was taking the debt plunge for grad school? I'm curious to hear people's long-term financial plans should they attend grad school with no or limited funding. What did you consider when making that decision?

 

Thanks!!

[flyingjellyfish]

I second this question- anyone planning to pay full price or almost that? 

 

@DaniCM- Thanks for asking! And I agree that you should go with Fletcher... My position has always been that I would only seriously consider programs where I was offered money.  I'm interested to hear the other side of this though from people who are willing to take the plunge, as you say. 

[Denisse]

Hey, I'm in the boat of receiving no funding for my first year. However, I received no funding from all the schools I applied to. I had to choose between NYU, SAIS, SIPA, Elliott, American, and Fordham and chose SIPA. HOWEVER, being that you have funding from Fletcher, I would take it. Had I receive funding from any of my schools (a significant amount) I would have taken it. SIPA is my dream school and a perfect fit for me and what I want to do, so in a way I am happy to have the ability to choose it without feeling too guilty as the situation monetarily wouldn't have been better at any other school. I also have a small outside grant for my first year, living costs saved up for my first year living expenses, a rent free living situation lined up, and will be working at least some hours during the year. I am also counting on getting funding in my 2nd year as around 70% of SIPA students do and I am confident I can get the GPA + have teaching experience. So, I am banking on quite a few factors (that may or may not work out) to make it work, but I am confident and optimistic.

 

My reasoning for taking the plunge are that (a) I didn't receive funding in any other program and I want to start grad school in the fall. Simply put, I don't want to wait and try again. ( I want to be at SIPA. It's a great fit for what I want to do, great network in what I want to do, and is NYC where I have my emotional support system. © I'm not taking the full plunge, which I guess is contradictory, but like I stated above, I have a few circumstances that make this easier to swallow. (d) I need a masters to do what I want. I could work for another year in the field I am in now (will be 3 years in a few months) but I haven't been happy in it for awhile and my emotional stability is important for me. (e) I am fairly young and do not plan on settling down (with a house, kids, car, etc. (hell, I don't even know how to drive) for a long time. (f) the area I am looking to get into via SIPA after my masters could be very lucrative if I get into the right company - which again will be more possible if I am at SIPA and NYC. (g) I have a pretty good back up should I not be able to get a financially sound job right after school that is financially sound - and after a break of two years from my current field if I need to do it for one more year afterwards while I look for the right job/pay off some loans, I can possibly do it then WITHOUT hating it.

 

That said my situation is different than yours. I have heard AMAZING things about Fletcher and that funding seems pretty great to me. Again, if I had that type of funding at a different school I would have taken it. I personally didn't apply to Fletcher because I wanted to get out of Boston so I didn't want any options here, but I've heard it's a great school. Unless there is something fundamentally different about SIPA and SAIS that would affect your career goals than I'd take the money and not look back. You can probably study abroad/intern in NYC during the summers while at Fletcher anyways so you won't be missing out on much.

Edited March 26, 2013 by Denisse

[cunninlynguist]

Off you go to Fletcher!

 

Seriously. What's the difference in cost between Fletcher and the other two programs, all of which are virtually equal in rigor and reputation? 50K? You wouldn't drop that much money for a year spent in a geographical location normally, I assume, and Fletcher will be an excellent experience anyway.

 

BTW, I implore those of you considering the 100K+ programs to figure out what loans would comprise the financial aid you receive. If you stay within the 50-75K range, it should be all federal loans (i.e. eligible for IBR, PAYE, PSLF, and much more preferable to private if you go through hard times). If you attend an expensive program with little to no funding, you'll be in private loan territory to finish up the remainder; so, in addition to the actual debt, it'll be more of a hassle to deal with.

 

 

 

 

[Denisse]

Yep, cunninlynguist. I thought about that one as well. Mine should all be federal, once my actual contribution and outside grant are factored in. I definitely thought about that as well. I have a tiny bit of loans from undergrad and the private one has been an extreme hassle and it's only like an $8,000 loan. Thank goodness it's almost all paid up!

[ss1987]

Fletcher!

 

 I just gave up SIPA - my dream program, for options with better funding. I think in both our situations when the alternatives are still fantastic, the benefits of SIPA or SAIS arent enough to merit so much more debt! You can still work hard and access great opportunities at Fletcher - so you wouldnt be missing out on much! And like someone else said - you could aim for an internship in a more exciting location!

[MPPgal]

Fletcher!

 

 I just gave up SIPA - my dream program, for options with better funding. I think in both our situations when the alternatives are still fantastic, the benefits of SIPA or SAIS arent enough to merit so much more debt! You can still work hard and access great opportunities at Fletcher - so you wouldnt be missing out on much! And like someone else said - you could aim for an internship in a more exciting location!

And to be honest I would never call Boston "unexciting" you have MIT, Harvard, BU and BC all there! It is an amazing academic town with lots of oportunities, plus only a train ride away from NYC for a cool summer internship!

[XYZMan]

Fletcher is fantastic.  You won't be disappointed.

[Miskina]

I'm in the same situation as Denisse: I did not get any funding from any of the schools I've been admitted to, maybe due to my low quant score and too little work experience (only a 3-months internship so far). I got accepted to UTexas LBJ, GW Elliott and NYU GSAS (I've been rejected from UChicago and McGill). I decided i'll go to GW Elliott and pay the full price.

 

Why?

 

1) It's either Elliott or a school in France that is well respected here but absolutely unknown abroad. Since I want to work in the field of international affairs, graduating from an unknown school is basically useless. But I can actually do my masters at Elliott while still being enrolled in my school in France (where I'm currently doing my first year of masters), so in the end I'll get one degree from that school and one from Elliott. Two degrees never hurt!

 

2) I have the most awesome parents in the world (I know we all say that): they are incredibly supportive and they're taking out a loan themselves. I begged them not to do so, but they consider that it's a worthwile investment and they will be able to repay it in just 5 years. They know that if I stay in France I'll have a hard time getting a job in my field. So we can basically say that I'm fully funded.

 

3) UTexas LBJ would have been less expensive, but Elliott is a perfect fit for me since I really need more work experience. That school actually allows me to intern during the day, and that's a big advantage. I know that in the US people usually work after getting their undergrad degrees, but in my country grad school adcoms look down upon people who do so...

 

4) At Elliott I'll be able to get connections that I would by no means get here. We all know how important connections are!

 

5) I just have the feeling that I'm doing the right thing.

Edited March 26, 2013 by Miskina

[The Mark]

I applied to four DC schools and was accepted only to the Elliott School ITIP program with no funding. Naturally, I've been thinking a lot about this very topic, and the conclusion I've come to (at least for now) is this: the ITIP program at Elliott is worth borrowing the full $60k for tuition for two years, but not the full advertised cost of attendance (COA) for two years, which would amount to about double that. The metric I've heard is "Don't borrow more than you expect to make in your first year on the job." Whether this is accurate, I don't know. Maybe some other people can chime-in. 

 

Given the salary range of ITIP grads from the last few years' employment reports (the highest of all the Elliott School programs), $60k seems like a manageable amount of debt. Plus, my situation is unique. I'm an older student, but my relevant (note the emphasis) work experience is weak, so the chance to live, work/network, and go to school in the hub of international relations for two years will provide me with opportunities that I will never have should I choose not to attend. I don't want to get too into the weeds about my background and professional goals, but there's no doubt that my chances of accomplishing my long-term goals will be greatly increased by taking the GW offer and giving it my all rather than not going. For me, the key is that I will need to work full-time to minimize how much I borrow, so I'll be spending my summer looking for a job. Once I accept my offer at GW, I can put that on my resume and hopefully use it as leverage to find higher quality jobs/internship opportunities. I'll be attending the Elliott School open house on April 12, and I'm expecting great things. 

[flyingjellyfish]

I applied to four DC schools and was accepted only to the Elliott School ITIP program with no funding. Naturally, I've been thinking a lot about this very topic, and the conclusion I've come to (at least for now) is this: the ITIP program at Elliott is worth borrowing the full $60k for tuition for two years, but not the full advertised cost of attendance (COA) for two years, which would amount to about double that. The metric I've heard is "Don't borrow more than you expect to make in your first year on the job." Whether this is accurate, I don't know. Maybe some other people can chime-in. 

 

Given the salary range of ITIP grads from the last few years' employment reports (the highest of all the Elliott School programs), $60k seems like a manageable amount of debt. Plus, my situation is unique. I'm an older student, but my relevant (note the emphasis) work experience is weak, so the chance to live, work/network, and go to school in the hub of international relations for two years will provide me with opportunities that I will never have should I choose not to attend. I don't want to get too into the weeds about my background and professional goals, but there's no doubt that my chances of accomplishing my long-term goals will be greatly increased by taking the GW offer and giving it my all rather than not going. For me, the key is that I will need to work full-time to minimize how much I borrow, so I'll be spending my summer looking for a job. Once I accept my offer at GW, I can put that on my resume and hopefully use it as leverage to find higher quality jobs/internship opportunities. I'll be attending the Elliott School open house on April 12, and I'm expecting great things. 

That's a great metric!  Really puts the costs/benefits into perspective. 

 

I have friends that go/went to to GWU who have told me that it's doable and in fact encouraged to work while there, so I think you have a solid plan

[DaniCM]

Thanks to all for your thoughtful input. You all made very good points, which validate what I already knew, at least on a pragmatic level. I appreciate the enhanced level of complexity faced by those with no funding offers from any of the institutions to which they applied. It seems that those of you deciding to take the grad loan plunge are doing so thoughtfully. Good luck and congrats on your admissions! I'm sure your hard work and dedication will earn you second year funding!

 

In my case, with the funding offer from Fletcher, I have to agree with all those that urged me to take that option. Fletcher is a fantastic school, on par with both SAIS and SIPA in both presitge and academic rigor. I think my inclination towards SAIS and SIPA may simply be "wanting what I can not have," in addition to prefered locations. But I do honestly think Fletcher is more suited to the experience I desire in grad school. All that said, there's no way I can justify passing up such a great opportunity at Fletcher to pay sticker price at SAIS or SIPA, simply to live in places which I would not otherwise pay $120K to live. I just needed help rationalizing that decision.

 

Thanks, again!

[ridofme]

there's no way I can justify passing up such a great opportunity at Fletcher to pay sticker price at SAIS or SIPA, simply to live in places which I would not otherwise pay $120K to live.

 

This is something I struggled with as well. School A was a free ride, School B was discounted tuition at a slightly more prestigious institution in a more exciting location. Ultimately, when I started to really think about what making an extra $500/month loan payment for 10 years would mean for my life, I realized I can take all the money I'm saving and go on vacation to School B's city or wherever else I choose.

[thewildchild]

^ Where did you decide on?

[Revolution]

Thanks to all for your thoughtful input. You all made very good points, which validate what I already knew, at least on a pragmatic level. I appreciate the enhanced level of complexity faced by those with no funding offers from any of the institutions to which they applied. It seems that those of you deciding to take the grad loan plunge are doing so thoughtfully. Good luck and congrats on your admissions! I'm sure your hard work and dedication will earn you second year funding!

 

In my case, with the funding offer from Fletcher, I have to agree with all those that urged me to take that option. Fletcher is a fantastic school, on par with both SAIS and SIPA in both presitge and academic rigor. I think my inclination towards SAIS and SIPA may simply be "wanting what I can not have," in addition to prefered locations. But I do honestly think Fletcher is more suited to the experience I desire in grad school. All that said, there's no way I can justify passing up such a great opportunity at Fletcher to pay sticker price at SAIS or SIPA, simply to live in places which I would not otherwise pay $120K to live. I just needed help rationalizing that decision.

 

Thanks, again!

 

 

If you're planning on taking out a lot of loans, $19k/year from a great program is nothing to scoff at, and i don't see any reason why you should take sais or sipa over fletcher. Tufts is a great IR program; it has different strengths than sais and sipa, but if you're aiming for policy/government jobs, going there will not at all be a liability. Boston is a lot cheaper than nyc (might be a bit cheaper than DC as well), and is a much better city for students. You can live in NYC or DC once you have a decent paying job, but as a student boston wins out easily. Tufts is the obvious right call here.

 

Best of luck.

Edited March 27, 2013 by Revolution

[ridofme]

^ Where did you decide on?

 

In an attempt to retain a little anonymity, I'll send you a PM!

[macpri]

Fletcher has some cool exchange and dual degree programs that you can pursue if you want. You can even ad hoc if you don't like the ones offered. And the program seems pretty flexible. Until this week, I wasn't even considering Fletcher because I wanted to attend school in Europe. But I think I'm back to my senses now and realizing that Fletcher is the best of my options and has offered me the most aid and I should take this opportunity.

 

Best of luck to you.

[DaniCM]

I was just playing with the income based repayment plan calculator (http://www.finaid.org/calculators/scripts/ibr.cgi), and, apparently, should I qualify for the IBR plan and get the government loan forgivenss thing for those working in public service, after 10 years the price differential between taking out $100,000 for SIPA or SAIS or taking out only $60000 for Fletcher is only $2000.

 

That makes it tempting to take out more loans and go to the school of my choosing. The long-term price is essentially the same no matter where I go. However, that fact is completely contingent on me qualifying for both the IBR plan and the PLSF program. If I don't qualify for both those things, the price differential is much greater. It seems like a huge risk to take and bank everything on the IBR and PLSF.

[flyingjellyfish]

I'd be so cautious about relying on or amoung plans based on the PSLF. Each time I look into it I get a feeling that it's just too good to be true... It's probably best to base our loan debt plans on the worst case scenario of making standard payments. If you can get comfortable there, I think you're in a good place. And again, Fletcher will be great!

When I was applying to schools, I didn't consider enough how DIFFICULT it would be to make a final decision on where to go. I keep derailing myself on my decision, particularly when I look into the debt involved. It sounds like you might be wrestling with this too!

[flyingjellyfish]

Whoops... making plans* (silly iPhone)

[DaniCM]

I'd be so cautious about relying on or amoung plans based on the PSLF. Each time I look into it I get a feeling that it's just too good to be true... It's probably best to base our loan debt plans on the worst case scenario of making standard payments. If you can get comfortable there, I think you're in a good place. And again, Fletcher will be great!

When I was applying to schools, I didn't consider enough how DIFFICULT it would be to make a final decision on where to go. I keep derailing myself on my decision, particularly when I look into the debt involved. It sounds like you might be wrestling with this too!

 

I'm definitely doing that. I think Fletcher will be great, too. In fact, the more I compare the program and my interaction with each school over the last few months, the more I think Fletcher is a better fit for me. I'm just really attracted to the idea of living in Italy (SAIS) and the Columbia brand and location. But that's a stupid reason to enter into programs I'm less attracted to, especially considering the price. I know these things...then I start thinking about how fun it would be to live in NYC and derail myself.

 

I look forward to 4/19 when I finally forced ot make my final decision so I can stop wrestling with a question I've already answered but keep coming back to

[Guest]

Bumping this thread for 2015.My program's deadline (priority?) for Federal Graduate PLUS loans is due on Friday May 1.

 

I'm working on the loan process right now,  and I will be attending GW Elliott without funding. I already received the typical $20,500 from the Federal Unsubsidized Loans for the 2015-2016 school year. The tuition at Elliott is $32, 240 per year...which leaves about a remainder of $11,740 tuition needing to be covered + living/personal/travel expenses. I'm thinking about taking out ~30-40k for PLUS loans for the 2015-2016 year, and I am steering clear of private loans for the 'school year'.  I know that is highly recommended to not take more than what you actually need in regards to PLUS loans. I also definitely indeed to work part-time.

 

Anyway,who else falls in the demographics of this thread for Fall 2015? I recalled seeing someone on this section who planned to go to Georgetown without any funding...

Edited April 27, 2015 by Guest

[Atlas445]

I think I'm the one you're talking about. I'll be working full-time and attending Georgetown part-time. I already live and work out here in DC so I've got a lot of the logistics figured out. As far as the loans go I'm waiting until registration so I can adjust the amounts to be exactly what I need. I called the financial aid office and they said I'd have until August to get the master promissory notes signed.

Edited April 27, 2015 by Atlas445

[Guest]

Yeah, you were the one. Lol! And cool. You seem already ahead in he game due to already being out there in DC with a job in your hands. I haven't even made my first visit yet lol.  Thanks for replying. And good luck to you as well!

Edited April 28, 2015 by Guest

[Atlas445]

It's a faster pace of life out here for sure so the best thing you can do is just dive in and start swimming!