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Post-Grad Debt?: Boston Schools


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So I've been trying to make a decision between Boston University and MGHIHP. I was also accepted to Northeastern (but declined my offer) and waitlisted at Emerson. I didn't receive any funding from anywhere. Now, I am faced with the daunting/extremely depressing reality that no matter where I go, I will have to take out at LEAST $80,000 in loans, as my parents are not helping me cover the cost of tuition. Combined with $15,000 in undergrad debt, I'll be close to 100 grand in debt after graduation. I am confident in my abilities to find a job after graduation (and both BU and MGH emphasize graduates' success in the job market), but even so salaries for SLPs are not that high. In fact, I believe that the average yearly salary for a recent grad in the medical field--which is the field that I want to work in--is about $55-60,000. Having 100 grand in loans, my payments would probably be around $1000/month. For so.long. That would mean at least $12,000 of my yearly income would go to loan repayment, leaving me with around $43,000 for the rest of my living expenses, and $43,000 is not a lot of money. With this in mind, I am re-thinking if should actually attend grad school in the fall. I do not want to be a slave to loan repayment forever, and the thought of spending such a large chunk of my income on my loans ultimately just immensely depresses me--especially since I was hoping that after grad school I'd be able to escape my collegiate poorness! 

 

So: what do you think I should do? Is anyone else in the same boat? Should I wait a year and reapply, spending a lot of money again on applications in hopes of receiving some sort of scholarship? Should I just not go? Does anyone here have significant loan debt/know anyone that does? If so, how are you/they handling it? I really want to go to grad school in Boston and hope I can work something out, but after all of this I am now really regretting not applying to a cheaper, less prestigious school. I have been seriously losing sleep over this and the April 15th decision deadline is quickly approaching! Ugh  :(

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You may look into some of the repayment plans, such as Income Based Repayment. When I'm finally done I will also be in a ton of debt and I'm relieved/comforted that such programs exist. You would likely pay about half that a month (500ish, maybe less), though you would likely be paying for up to 20 years (and then all is forgiven). Take that for it is. But it's a real option for those of us who went to school in Boston and owe insane moneys.

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I was quite literally making the exact same choice between BU and MGH without having received any scholarships anywhere.  I decided this weekend that I will be attending BU.

 

Honestly, I'm just sort of diving into this.  I know that being a speech pathologist is what I want to do with my life, and I know that BU is the right place for me to be for the next two years.  People survive taking on a lot of debt, and there are loan forgiveness programs if you want to go that route.

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I don't know how applicable this is, but I have several friends in OT, and right now many hospitals in the NM area give very good signing bonuses (in the neighborhood of 40k) for a 3-5yr commitment. I wonder if the same might be true in the SLP field  and for the Boston area. You may not initially end up in the exact sub-specialty you want to be in right away in such a case. But it is something to consider. 

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