No Funding

[HerrDBoo]

Not sure if this is the right place, but it does factor into everyone's decsion as it does into mine. I got accepted into two great programs unfortunately without funding at either. Is $100K in debt worth it? I will of course try my best to secure as much outside funding as I can, but the debt figures will still be quite large. I'd be interested to hear what others have to say and moreover, what others have done in similar situations. Any and all advice is appreciated. If this forum exists elsewhere, please direct me that way.

[vityaz]

Is this for a MA or a PhD?

[DeleteMePlease]

Personally, I don't get why people would go into so much debt for a degree. Many countries offer tuition-free masters programs (Europe) or even pay stipends (Canada).

 

Then again, it is up to you. If you really want this degree, go for it.

[HerrDBoo]

Is this for a MA or a PhD?

MA

[rising_star]

DON'T DO IT!!!

 

And yes, the capslock was intentional.

[skyentist]

$100k is a ton of money. You should only take on that debt with a more lucrative field of study (i.e. computer science) AND at top universities like MIT or Berkeley. I dont know much about international affairs but I don't think you can get job  that has a starting salary large enough to make the $100k seem worth it. Do you have anyoffers that are funded? Or any jobs/internships lined up that you could do instead?

[vityaz]

$100k for a Masters is a ton of money, especially in the social sciences where you're not even guaranteed a high-paying job straight out of University. Think of it this way, at 6.8% interest, you will be paying roughly $1150 per month for 10 years. Over 30 years that's $650 a month.

 

Honestly, you should just consider an acceptance with no funding to be a rejection and apply again next year to programs that are more likely to provide funding. 

[TakeruK]

I would go further and advise against taking offers that won't pay all the bills (i.e. you would still take on some debt and/or require help from family etc.). My viewpoint is that even the most generous PhD stipends ($30k-$35k in my field) would still be lower than the earning potential of an undergraduate degree, especially when considering the amount of work you have to do in grad school. So, a stipend that pays all the bills is still an "opportunity cost" to me. However, the "opportunity cost" is one I'm willing to pay to continue my career in my chosen field. But, any higher than that would be too much for me though. Of course, the price each person is willing to pay would vary!

[rising_star]

vitayz, it's a nice idea but the OP's field isn't one where funded master's are abundant. The master's in international affairs is basically a professional program, unfortunately. But, people do get tuition scholarships and it's worth holding out for one, OP.

[hj2012]

A number of my friends who were concerned about the amount of debt associated with a professional I.R. degree followed this path:

 

1. Move to DC and find a job. (Note that it is significantly more difficult to find a job when you're not local. Many places simply toss resumes that don't have local addresses.)

2. Work for a year or two and save up $$.

3. Attend school while working full-time (your classes will be in the evening).

 

Of course, this means you're setting yourself up for a hellish two years, but you'll be in much better financial shape at the end of it. And it's doable.

 

Good luck!

[Vene]

Do you get a six figure paycheck after graduating? If not, run away.

[HerrDBoo]

Thanks for the thoughtful input! I have 3 offers with funding, but the offer from Korbel ($12K/yr), even with the funding still seems exorbitant. The other two are from Syracuse with $5K a semester and New School at 40% of tuition. The only thing with the program from the New School is it certainly sets you up better for a career in an NGO and Syracuse is held back by the fact that it is in a location that does not offer much in terms of professional opportunities during the year.

 

Just lots and lots and lots to consider! Boo...

[rising_star]

Isn't the Korbel school in Denver? The cost of living in Denver is probably lower than that of DC or NYC, so you'd need fewer loans in that sense...

[hj2012]

That is a lot to consider, and it seems you have some good offers on the table. If you're able to find an RA/TAship at Maxwell, it seems a pretty good deal considering the (relatively) low cost of living in Syracuse (in comparison to DC or NYC). Also, though there aren't many opportunities in Syracuse during the year, I feel like that Maxwell has a good national reputation.

 

The rule of thumb I always heard was to avoid taking out more in loans than you expect to make in a year. Others can comment on the truthiness of this statement, though.

[themmases]

That is a lot to consider, and it seems you have some good offers on the table. If you're able to find an RA/TAship at Maxwell, it seems a pretty good deal considering the (relatively) low cost of living in Syracuse (in comparison to DC or NYC). Also, though there aren't many opportunities in Syracuse during the year, I feel like that Maxwell has a good national reputation.

 

The rule of thumb I always heard was to avoid taking out more in loans than you expect to make in a year. Others can comment on the truthiness of this statement, though.

 

I used the same rule of thumb. And for a masters, I ruled out schools assuming a worst case scenario where they never gave me any money at any point during the degree.

 

Very few masters are worth 100K in debt-- maybe none. Maybe if the person has a guaranteed 6-figure job when they graduate.

[HerrDBoo]

Update: I got a sizeable offer from Pitt ($23K per year with a tuition of $33K).

 

As noted above, most jobs straight out of school are going to fetch between $50-60K in the field in which I am pursuing the degree. Just something to consider if you are not familiar. 

[Hige]

I went to New School for undergrad. Great school, but NYC is expensive to begin with, you'll need loans to cover life outside of school on top of tuition.

[HerrDBoo]

I am from NJ and live here now, so if I were to elect to go to the New School I would probably just commute. However, I'd prefer to not be at home as I feel that limits your growth in many ways, but that is just me.

[hj2012]

Update: I got a sizeable offer from Pitt ($23K per year with a tuition of $33K).

 

As noted above, most jobs straight out of school are going to fetch between $50-60K in the field in which I am pursuing the degree. Just something to consider if you are not familiar. 

 

Wow -- congratulations!