skybythelight Posted March 27, 2013 Share Posted March 27, 2013 I'm in the process of doing research on the different types of loans grad students are eligible for, as I'm fairly certain I'll be going to U Washington with one year unfunded. I was hoping to start a conversation about the pros and cons of different types of loans, and people's experiences with them, if they're comfortable sharing. For those of you that did have to fund some of your graduate education, how did you go about it? Any suggestions, loan types to avoid, etc.? socatoa and ProfLorax 1 1 Link to comment Share on other sites More sharing options...
ProfLorax Posted March 27, 2013 Share Posted March 27, 2013 If you absolutely have to take out student loans, stick with federal loans. Avoid private loans (ie. Sallie Mae) like the plague. I have both from undergrad and my MA program, and I can tell you that everything is easier with my federal loans. Federal loans offer a variety of repayment plans, low interest rates, and forgiveness after twenty years of repayment. You just have to fill out the FAFSA. Also, note that you do not have to take out the full amount offered to you; if you get a part-time job, you may only have to take out a small amount, lessening your repayment burden after you graduate. Link to comment Share on other sites More sharing options...
ComeBackZinc Posted March 27, 2013 Share Posted March 27, 2013 1. Don't take out any loans 2. Don't take out Grad PLUS loans 3. For god's sake, don't take out private loans socatoa, Two Espressos and smellybug 3 Link to comment Share on other sites More sharing options...
skybythelight Posted March 27, 2013 Author Share Posted March 27, 2013 I was wondering about Grad PLUS loans. Anyone have any experience with them or insight? Link to comment Share on other sites More sharing options...
ComeBackZinc Posted March 27, 2013 Share Posted March 27, 2013 So it used to be that there were three tiers: Stafford subsidized, Stafford unsubsidized, and PLUS. IIRC, Stafford subsidized let you borrow up to $8500 a year with the interest paid by the government until you graduated; unsubsidized, an additional $12,000 a year; and PLUS, up to the difference between your total aid package and a cost of living calculated by the school. Unfortunately, Congress axed the subsidy, so now all Stafford loans are unsubsidized. You can borrow up to $20,500 a year that way. There is no requirement to have good credit or a cosigner. Beyond that, you can get PLUS loans up to the difference between what you've gotten from the school (including things like tuition waivers and such) up to the school's cost of living, which tends to be generous. So if you've taken out the full $20,500 and don't have any other funding, and the school says it costs $40,000 a year to attend, you could take out an additional $19,500 a semester. But please, don't do that to yourself. Those numbers might be out of date, as I was unfunded in my first year of my MA and I'm in my second year at a PhD program now. Hope that is accurate and helps. Link to comment Share on other sites More sharing options...
skybythelight Posted March 27, 2013 Author Share Posted March 27, 2013 It does, thanks. That's basically what I thought from the research I've been doing. It seems, though, that PLUS loans are really the only option beyond the $20,500 from the stafford for getting help with cost of living? In my case, if I were to attend full-time (which I may not), tuition would be about $27k. I can live as cheaply as possible but I'll still likely need to take out some extra to supplement my boyfriend's income. If I go part-time and get a part-time job... that will be a different scenario. Link to comment Share on other sites More sharing options...
asleepawake Posted March 27, 2013 Share Posted March 27, 2013 Everybody should apply for FASFA whether you end up taking out the loans or not. There are often graduate grants offered, though this may depend on your school. Link to comment Share on other sites More sharing options...
ProfLorax Posted March 27, 2013 Share Posted March 27, 2013 (edited) In my case, if I were to attend full-time (which I may not), tuition would be about $27k. Wow. That's a lot of money, and that's not including cost of living. That's a whole lot of debt for one year. I'm not shocked that U Washington doesn't fund its first year students, but I am amazed that they don't at least try to offer in-state tuition to ease the sticker shock. Hell, you may want to consider going to school part-time and getting a full-time job; it's doable. Edited March 27, 2013 by proflorax Link to comment Share on other sites More sharing options...
Cactus Ed Posted March 27, 2013 Share Posted March 27, 2013 Oi, that's the amount of debt I had after emerging from six years of college with a BA and MA... Link to comment Share on other sites More sharing options...
toasterazzi Posted March 27, 2013 Share Posted March 27, 2013 Yeah definitely avoid private loans like the plague. I only have federal loans and it's so much easier to deal with than having Sallie Mae or somebody on your butt like some of my friends have to deal with. I'm currently in a funded MA program where the only thing I pay is fees for technology and recreation and such. I still took out some loans though because my stipend is fairly low, and I needed to be able to, ya know, pay rent and such. Link to comment Share on other sites More sharing options...
skybythelight Posted March 27, 2013 Author Share Posted March 27, 2013 It's a lot of debt, yes, but I'm trying to look at the big picture. I'm guaranteed a spot in the PhD program, it's a great location for both my boyfriend and I which is huge, and I don't have too much undergrad debt. ComeBackZinc, Conscia Fati, ProfLorax and 5 others 4 4 Link to comment Share on other sites More sharing options...
beet-nik Posted March 27, 2013 Share Posted March 27, 2013 It's a lot of debt, yes, but I'm trying to look at the big picture. I'm guaranteed a spot in the PhD program, it's a great location for both my boyfriend and I which is huge, and I don't have too much undergrad debt. I'm in the same situation (except not guaranteed a PhD spot, though I do expect to end up in a funded program somewhere...) and will definitely be keeping my eye out for advice on this thread as well! skybythelight 1 Link to comment Share on other sites More sharing options...
skybythelight Posted March 27, 2013 Author Share Posted March 27, 2013 I'm in the same situation (except not guaranteed a PhD spot, though I do expect to end up in a funded program somewhere...) and will definitely be keeping my eye out for advice on this thread as well!Good luck! Feel free to PM me if you want to exchange findings/advice. Link to comment Share on other sites More sharing options...
hashslinger Posted March 27, 2013 Share Posted March 27, 2013 Wow. That's a lot of money, and that's not including cost of living. That's a whole lot of debt for one year. I'm not shocked that U Washington doesn't fund its first year students, but I am amazed that they don't at least try to offer in-state tuition to ease the sticker shock. Hell, you may want to consider going to school part-time and getting a full-time job; it's doable. This. I would actually recommend getting a full-time job, taking a class or two, and applying again. But I am very against unfunded master's degrees. In fact, I recommend viewing an unfunded offer as no offer at all. Charging that kind of money for an MA in English is unconscionable and unethical in this job market. And believe me, it is a ruthless job market. I cannot stress this enough. dazedandbemused, Two Espressos, hashslinger and 4 others 7 Link to comment Share on other sites More sharing options...
NotGiantsButWindmills Posted March 27, 2013 Share Posted March 27, 2013 Wow. That's a lot of money, and that's not including cost of living. That's a whole lot of debt for one year. I'm not shocked that U Washington doesn't fund its first year students, but I am amazed that they don't at least try to offer in-state tuition to ease the sticker shock. Hell, you may want to consider going to school part-time and getting a full-time job; it's doable. Have you looked into full time jobs at the University you'll be attending? The pay isn't always as good as non-education jobs, but often job at university=reduced tuition and, if you get an awesome boss, all kinds of flexibility around your class schedule. wreckofthehope 1 Link to comment Share on other sites More sharing options...
Two Espressos Posted March 28, 2013 Share Posted March 28, 2013 (edited) In my case, if I were to attend full-time (which I may not), tuition would be about $27k. It's a lot of debt, yes, but I'm trying to look at the big picture. I'm guaranteed a spot in the PhD program, it's a great location for both my boyfriend and I which is huge, and I don't have too much undergrad debt. skybythelight, I know you won't want to hear this, but I strongly advise that you decline Washington's offer and work for a year, maybe taking undergrad- or grad-level classes on the side if possible. I think you'd be making a huge mistake were you to attend Washington unfunded. That's a ton of debt to incur, and your job prospects--assuming you make it through the Ph.D.; lots of people drop out for various reasons-- are marginal. I know how hard it is to be stuck with just working another year: if my wait list never converts for me, I'll be in the same place. In my case, I just cannot accept paying $50k+ per year to attend Georgetown's M.A. program: it's not worth it. The reality is that the majority of us will be adjuncts. Even if we get decently paying adjunct gigs, we still won't have the disposable income to make any sort of significant dent in our loans, so it's critically important that we have as few loans as possible. Edited March 28, 2013 by Two Espressos practical cat, intextrovert, wreckofthehope and 3 others 6 Link to comment Share on other sites More sharing options...
smellybug Posted March 28, 2013 Share Posted March 28, 2013 (edited) skybythelight, I know you won't want to hear this, but I strongly advise that you decline Washington's offer and work for a year, maybe taking undergrad- or grad-level classes on the side if possible. I think you'd be making a huge mistake were you to attend Washington unfunded. That's a ton of debt to incur, and your job prospects--assuming you make it through the Ph.D.; lots of people drop out for various reasons-- are marginal. I know how hard it is to be stuck with just working another year: if my wait list never converts for me, I'll be in the same place. In my case, I just cannot accept paying $50k+ per year to attend Georgetown's M.A. program: it's not worth it. The reality is that the majority of us will be adjuncts. Even if we get decently paying adjunct gigs, we still won't have the disposable income to make any sort of significant dent in our loans, so it's critically important that we have as few loans as possible. Hard to hear (and I don't know that I would have taken the advice, either) but I certainly agree. ETA: This is coming from someone with an UNGODLY amount of loans. Edited March 28, 2013 by smellybug Link to comment Share on other sites More sharing options...
dazedandbemused Posted March 28, 2013 Share Posted March 28, 2013 It's a lot of debt, yes, but I'm trying to look at the big picture. I'm guaranteed a spot in the PhD program, it's a great location for both my boyfriend and I which is huge, and I don't have too much undergrad debt. Does your guaranteed spot in the PhD program include a guarantee of funding? Because from the results search, it looks like a number of people who got accepted for the PhD didn't receive funding, and I would never go to a program that 1) doesn't fund all of their PhDs and 2) doesn't explicitly tell you exactly what kind of funding you have ahead of you. Honestly, I had 27k in debt from my four years of undergrad, and I think that's a lot. A PhD has seriously diminished returns compared to a BA. I almost took an MA offer last year that would have cost me 20k in loans a year; I can't even begin to describe how happy I am that I didn't. Seriously, I know it's just piling on at this point, but don't do it. hashslinger 1 Link to comment Share on other sites More sharing options...
ProfLorax Posted March 28, 2013 Share Posted March 28, 2013 I just want to clarify my first post offering advice. It's good advice, I swear, but it's really mostly relevant for those who take out a small sum. I did take out loans for an MA, but I took out way less for my two year MA program than you will have to for just one year at University of Washington. Of course, it's absolutely up to you if you take money out or not, but I do hope that you look into creative solutions to keep your debt down. The full-time position is a great idea, for example. (But be warned: getting a full-time position at a college, even if it's just an administrative position, takes FOREVER because of all the bureaucratic loops). Good luck, skybythelight. I can tell you from personal experience that debt sucks, so do whatever you can to reduce the burden! wreckofthehope 1 Link to comment Share on other sites More sharing options...
Datatape Posted March 28, 2013 Share Posted March 28, 2013 Here's a thought: if you are already looking into moving to Washington, would it be possible for them to defer your admission for a year so that you can live there long enough to quality for in-state tuition? I don't know if that would work or not, but surely the amount for in-state tuition HAS to be a significant amount less than $27K. I took out $17K in loans for my entire, unfunded Masters in-state and I'm going to be paying that back over 10 years. $27K would probably be at least 15 and probably closer to 20 years once you get out of your Ph.D. kareneliz, smellybug and GuateAmfeminist 3 Link to comment Share on other sites More sharing options...
Cactus Ed Posted March 28, 2013 Share Posted March 28, 2013 (edited) Just to shake things up: Does your boyfriend make any money or will he make any money in the future? It might change the relationship dynamic to be the mooching academic partner, but... Edited March 28, 2013 by Cactus Ed Link to comment Share on other sites More sharing options...
skybythelight Posted March 28, 2013 Author Share Posted March 28, 2013 Listen, guys, it's not that I don't appreciate the advice. I do. And I don't want this to come off the wrong way, but honestly, I didn't start this thread so I could get a bunch of people telling me to change my decision. I'm well aware that the prevailing opinion on this board is against unfunded MA degrees. I respect that opinion, I understand it, and this is a decision that I've wrestled with heavily. However, none (or at least very few) of us have any real sense of each other's real life circumstances, and none of us are in a position to dictate what is or is not right for each other.I did not start this thread asking for opinions as to whether or not I should attend an MA/PhD program with one unfunded year. I started it because I was interested in the experiences of those here who have gone through a similar process and may have some anecdotes or insights about taking out loans to share.Again, I respect your opinions and appreciate the advice but it is not necessary at this point. Please take it elsewhere. socatoa, nonysocks, intextrovert and 5 others 5 3 Link to comment Share on other sites More sharing options...
skybythelight Posted March 28, 2013 Author Share Posted March 28, 2013 Does your guaranteed spot in the PhD program include a guarantee of funding? Because from the results search, it looks like a number of people who got accepted for the PhD didn't receive funding, and I would never go to a program that 1) doesn't fund all of their PhDs and 2) doesn't explicitly tell you exactly what kind of funding you have ahead of you. Honestly, I had 27k in debt from my four years of undergrad, and I think that's a lot. A PhD has seriously diminished returns compared to a BA. I almost took an MA offer last year that would have cost me 20k in loans a year; I can't even begin to describe how happy I am that I didn't. Seriously, I know it's just piling on at this point, but don't do it.UW funds about 50% of its incoming MA and PhD class for the first year. However, I would not be considered a first year because I will have done my MA there as well. One hundred percent of students who have wanted a TAship in their second through sixth years have gotten one over the past ten years or so. Link to comment Share on other sites More sharing options...
skybythelight Posted March 28, 2013 Author Share Posted March 28, 2013 Just to shake things up: Does your boyfriend make any money or will he make any money in the future?It might change the relationship dynamic to be the mooching academic partner, but... He definitely makes more than I do! And we've discussed the possibility of my turning into a mooching academic for awhile in order to keep living expense loans at an absolute minimum. We've got it figured out. spicyartichoke and Cactus Ed 2 Link to comment Share on other sites More sharing options...
skybythelight Posted March 28, 2013 Author Share Posted March 28, 2013 I just want to clarify my first post offering advice. It's good advice, I swear, but it's really mostly relevant for those who take out a small sum. I did take out loans for an MA, but I took out way less for my two year MA program than you will have to for just one year at University of Washington. Of course, it's absolutely up to you if you take money out or not, but I do hope that you look into creative solutions to keep your debt down. The full-time position is a great idea, for example. (But be warned: getting a full-time position at a college, even if it's just an administrative position, takes FOREVER because of all the bureaucratic loops). Good luck, skybythelight. I can tell you from personal experience that debt sucks, so do whatever you can to reduce the burden! Thank you, I appreciate it! Link to comment Share on other sites More sharing options...
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