Student loans is it worth it?

[LittleDarlings]

I have known that I wanted to get into counseling for a while, I recently decided 100% that I am going back to school for Social Work.  I was looking at the UK website and they pretty much said that even taking out student loans that once I graduate I will probably not make enough to support myself and pay back loans.  That really freaked me out.  I want to go back and I was lucky enough to not need student loans for undergrad, so I am debt free.  I am terrified that I am going to go to grad school, graduate and not find a job or find a horrible job and make no money and default on my loans.. Then I will never be able to have a house and start a family.  This is just scaring me. Is it worth it? 

[MsDarjeeling]

The people who decide its worth it are the ones who go and take out the necessary loans or they go part time and work their way through to have fewer loans.  I even know a few people who worked in unrelated and very financially comfortable fields, hated their jobs, were unimpressed by the money, and followed their heart right into social work.  People like that know that this is absolutely what they want to do and the lack of money (while unfortunate) will not stop them.  Some schools offer scholarships/grants or have student jobs that may help with the costs, but those are probably very competitive.

 

I think it may be a stretch to say that you can't have a house or family, plenty of social workers do.  You may not be one of those families taking lavish vacations or driving luxury cars, but that's ok.

[lola9900]

Keep in mind that there are loan repayment programs that are income based.  These types of loans guarantee that you will not pay more than 10 percent (I believe) of your gross pay.  So if you make 50K/yr then you will not pay more than 5k in student loans -- and often you will pay much less than the 10 percent.  If you do this for 10 years, your loans will be forgiven.  While you will still have to pay taxes on the portion that is forgiven (as if it were income), you will not longer have a student loan payment.

[michigan girl]

If you are cost-conscious, try to find a MSW program at a local public university. Make sure it also offers your concentration. This is a better investment than attending an expensive private or out-of-state public institution.

[TeacherJeff]

Keep in mind that there are loan repayment programs that are income based.  These types of loans guarantee that you will not pay more than 10 percent (I believe) of your gross pay.  So if you make 50K/yr then you will not pay more than 5k in student loans -- and often you will pay much less than the 10 percent.  If you do this for 10 years, your loans will be forgiven.  While you will still have to pay taxes on the portion that is forgiven (as if it were income), you will not longer have a student loan payment.

 

These are certain governmental loans made directly with the student.   Loans made to the parents or private loans do not qualify.   If, at all possible, do not take on any loans and/or debt.  

[Lola1233]

I personally don't feel that loans are worth it. I'm a 1st year attending a private out-of-state university and would absolutely never have gone at full price. Based on my experience, the program is "good" but not worth it to take out more in loans than a social worker makes in a year. Not by far. Go to the lowest cost school that's appropriate for your situation. That's my 2 cents. 

[strikes]

It depends.

If you really, really love what you do then go for it.

If it is a means to an end, then you should think about it.

 

I'll probably be $120K in debt when it's all said and done (that's with undergrad loans).

But as long as I can pay that back, put a roof over my head and pay for internet and food, I'm good.  I'm a cheap date

I know the only thing I want to do is this.