Paying for Grad School

[a.m.20]

Hi everyone! So as some of us still await responses from different speech programs, I have been mulling over finances and paying for student loans. I know that different schools arrange different payment plans, offer work-study programs, and may even give a few scholarships, but I was hoping that some of you may have some other ideas and suggestions in terms of paying for student loans/ grad school tuition.

One can always hope, right?

And, one of the programs I applied to is exactly what I am looking for but it is really expensive. I mean really expensive.

So, what do you all think?

[sayjo]

Personally, I wouldn't spend the big bucks, unless you're planning to get a Ph.D. afterward.  If you're planning to work as a clinician, a degree from BIG PRESTIGIOUS UNIVERSITY is usually the same as a degree from SMALLER MORE AFFORDABLE UNIVERSITY.  A family member went to a really prestigious school for SLP and is now around $100,000 in debt.  I mean it's fine, they're managing it, but that really sucks - especially because they were also accepted to a university that was a quarter of the cost.  They told me that if they were going to do it again, they'd probably do it over and go to the more affordable school.

 

Loans suck, debt sucks.  Remember that you could spend the next 20-30 years of your life paying off a big name school.  Just my $0.02.

[autismadvocate]

I'd go for the less expensive school. Me, I followed the rule of 'do not go into more debt than you expect to earn in your first year on the job.' Which meant I calculated how much all my schools would cost and then didn't consider any of them if the overall debt load was over that number. Of course, you can't predict exactly how much you'll earn your first year on the job, but I went to BLS and found that the salary for the bottom paid 10% of SLPs was about $45,000. And then any of the schools I was thinking about that were above that, I took out of the running. I would strongly suggest you do the same. Prestige doesn't mean much in the SLP world and if you're concerned about classes one school offers that another doesn't, remember, it's not like you can't take continuing education courses after you're practicing (in fact, they're required).

[SLPamy]

Seeing that you're from Chicago, I think I might know which "really, really expensive" school you are talking about. Without a scholarship, I do not think that I could justify going there due to the enormous cost.

There is a lot to take into account when considering an expensive program. Why is it your dream program? Is it the placements? The research? The professors? The location? You need to decide if that is worth spending an extra $50,000 (or however much) more than another program. I think if the school can get you a connection that other schools couldn't give you (like a placement in the NICU or the opportunity to do research in a specific area), then it might be worth it. But if you just want to go work in a school after graduating, you can find another program that can prepare you just as well.

Almost every SLP I have talked to has said that it does not matter where you get your degree from (as long as the program is ASHA certified, of course). A degree is a degree. Most have said that it is more important to consider the placements that the program offers, especially if you want to go into a specific area (like working with individuals with cochlear implants or something).

That being said, almost all of the programs that I am applying to are more than $45,000. And it sucks to think about. We just have to hope that we can get funding!

[portnut2014]

Reading this thread is so scary because I'm already have a huge chunk of debt because of my bachelors degree :(

[Papaya91]

Something you also have to consider is living expenses while you're in grad school. Most of the grad students I know have told me it's difficult if not impossible to hold a job while in this program... So the number you see for tuition alone isn't going to be your total cost of attendance. For example, my number one school costs $28,000/year in tuition, so $56,000 for the entire program. But with rent (in Seattle), textbooks, car insurance, food, and just miscellaneous expenses in general, I'm anticipating that I'll need about $20,000 a year extra. Mostly because rent in Seattle is so expensive. So if I get in to my dream school, I'm anticipating roughly $100,000 of debt in a worst-case scenario. Of course, I have a little bit of money saved up, I'm applying for scholarships, and I'm hoping for a TA position at some point. I just wanted to throw in my two cents - make sure you're looking at the total cost, not just the cost of tuition.

[a.m.20]

Thanks everyone! Sound advice, and it seems I have a lot of budgeting and calculating to do. Thanks again, and good luck to you all!

[CocoCoco]

Seeing that you're from Chicago, I think I might know which "really, really expensive" school you are talking about. Without a scholarship, I do not think that I could justify going there due to the enormous cost.

There is a lot to take into account when considering an expensive program. Why is it your dream program? Is it the placements? The research? The professors? The location? You need to decide if that is worth spending an extra $50,000 (or however much) more than another program. I think if the school can get you a connection that other schools couldn't give you (like a placement in the NICU or the opportunity to do research in a specific area), then it might be worth it. But if you just want to go work in a school after graduating, you can find another program that can prepare you just as well.

Almost every SLP I have talked to has said that it does not matter where you get your degree from (as long as the program is ASHA certified, of course). A degree is a degree. Most have said that it is more important to consider the placements that the program offers, especially if you want to go into a specific area (like working with individuals with cochlear implants or something).

That being said, almost all of the programs that I am applying to are more than $45,000. And it sucks to think about. We just have to hope that we can get funding!

 

I agree - when considering the programs and what they may or may not be able to provide me helps to determine whether or not the cost is justified.  In my case, I absolutely want clinical experience and external placements where I will have a higher percentage of Spanish speakers on my caseload.  Could I get experience with Spanish speakers here in North-Central Illinois, of course.  However, I know I will have exponentially more opportunities in a place like AZ or NM where there is a greater percentage of speakers, an established program for training bilingual SLPs, clinical supervisors/mentors who are bilingual, etc.  I can justify the cost of moving across the country and potentially paying more than the very nice university in the town where I live, because I know that it will give me the practice and I'll be able to develop the skill set that I need to work a bilingual/Spanish speaking caseload.

 

Another way to conceptualize the educational debt that we'll incur:  IF you want to go to school "x", because they have "XX" program or clinical practicum, but it costs "y" more money, think about that "y" sum and then spread it out over the years you'll be working as an SLP.  So for example, if "y" program costs $20k more, spread that $20k out over, say, 20 years.  $1000/year, to me, seems like a drop in the bucket (especially in our career field where salaries are pretty good and stable) to get the skills and training you want/need.  Furthermore, if you get some sort of specialized experience, chances are, you'll be better at "XX" aspect of SLP because you studied "XX" program and had a lot of clinical experience. That gives you a special skill and puts you into higher demand, which could mean more compensation (in the form of consultation, private practice, research, etc.) IMHO, educational debt only appreciates, because it is something that benefits you as a person over a lifetime.  It's different from a car that depreciates or other "big purchase" items that require continual maintenance and investment.  But then again, this is coming from someone who has ed. debt from a BA and MA....   

[a.m.20]

I agree - when considering the programs and what they may or may not be able to provide me helps to determine whether or not the cost is justified.  In my case, I absolutely want clinical experience and external placements where I will have a higher percentage of Spanish speakers on my caseload.  Could I get experience with Spanish speakers here in North-Central Illinois, of course.  However, I know I will have exponentially more opportunities in a place like AZ or NM where there is a greater percentage of speakers, an established program for training bilingual SLPs, clinical supervisors/mentors who are bilingual, etc.  I can justify the cost of moving across the country and potentially paying more than the very nice university in the town where I live, because I know that it will give me the practice and I'll be able to develop the skill set that I need to work a bilingual/Spanish speaking caseload.

 

Another way to conceptualize the educational debt that we'll incur:  IF you want to go to school "x", because they have "XX" program or clinical practicum, but it costs "y" more money, think about that "y" sum and then spread it out over the years you'll be working as an SLP.  So for example, if "y" program costs $20k more, spread that $20k out over, say, 20 years.  $1000/year, to me, seems like a drop in the bucket (especially in our career field where salaries are pretty good and stable) to get the skills and training you want/need.  Furthermore, if you get some sort of specialized experience, chances are, you'll be better at "XX" aspect of SLP because you studied "XX" program and had a lot of clinical experience. That gives you a special skill and puts you into higher demand, which could mean more compensation (in the form of consultation, private practice, research, etc.) IMHO, educational debt only appreciates, because it is something that benefits you as a person over a lifetime.  It's different from a car that depreciates or other "big purchase" items that require continual maintenance and investment.  But then again, this is coming from someone who has ed. debt from a BA and MA....   

Thanks, that was really helpful and gave me food for thought!