Financial Package for MSW Programs 2014

[guyinshortsallday]

Hello,

 

 

I have gotten into schools, but the deciding factors are the financial packages. When I applied, I was hoping for some financial packages. However, the financial packages I have received barely make a dent in tuition (which does not include living expenses). I figured that I would determine my decision by the financial packages I received, but the decision and process has been a Catch 22 because even though I have gotten into "Top" programs, I know that I cannot afford the school. In addition, I do not think it is smart to take out 100K potentially for school and living expenses for an MSW that has a very low return rate. I have friends from UPenn and Washington in St. Louis MSW who both owe 100K+. This is an alarming amount that concerns me even if they are considering loan forgiveness. 

 

 

I wanted to know your thoughts and also your process in figuring out your schools. At this point, I am leaning towards state schools. And yes, I have read other posts, but I would like to get a sense of where other students like myself are thinking, considering that I am probably not the only one in this predicament. 

 

 

 

Thank you in advance!

[kstubbs11]

For me it was all about fit and where I see myself in 5/10/15 years.I got accepted to Penn, Syracuse, and Rutgers. Although I would have received instate tuition for attending Rutgers I will be attending Penn. I heard from Penn first and pretty much knew that would be my choice barring any outrageous full funding opportunities. I would suggest really thinking about what your short and long term career goals are. For me I know I want to work in a hospital setting and HUP (upenn hospital) is one of the best. Some people will tell you that degree names don't matter at the MSW level but that isn't entirely true. I know I'll have a much better chance landing a job at HUP post gradation over someone from another school simply because I went to Penn. The same could most likely be said for any institution that has a medical school. (Ucla , Michigan etc..) People need to remember that usually it's someone in HR that reviews your job application not a fellow MSW grad.When it comes to multiple candidates with the same experience and degree I find it hard to believe that an hr person would give an interview to a person who attended a small unknown school vs say a Rutgers, USC, Michigan etc.. Now this isn't always true but it's safe to say a name can give you a slight edge. That being said I WOULD NOT attend a school simply based on the name if I wasn't in love with what the program could offer me. Even Columbia is a great name and school I knew that it wasn't going to be the right school for me. Same for USC, Michigan, etc. If whatever school you decide is the School that you believe will put you in the best position post degree than I personally believe you should pursue that school regardless of tuition.

[PumpkinL]

I applied to one in state school, that I can afford to attend part time while keeping my current job which is in social services. Thankfully my partner is employed because it looks like his paycheck will cover living expenses, and mine will cover tuition and books!

 

I did the brand name thing in undergraduate and it didn't really get me anywhere, honestly, so I'm not too fussed about it this time.  I also don't want to move again, my partner's work is focused here/in this area, and I feel like I'm building valuable connections at my current job.

 

Its all about priorities, I think. My main priorities were staying here because of my partner's job, keeping my awesome job, and taking on minimal or no debt while getting a solid education. I wouldn't have gone this route if the program available here was a bad program, though, my priorities and circumstances just happened to line up. (Along with the stars because I got in!!!)

[mch16]

I'm in a similar situation. I've been accepted to multiple programs, but I'm trying to decide between taking out a huge loan to pay for a great, highly-ranked, but out-of-state program versus staying in-state, living with my parents, going to a lower ranked program, and cutting my loan in half. 

 

The out of state program is a better fit for me, and I can see myself staying in that area for a long time.  However, in order to pay back that huge loan, I basically have to place my bets on the IBR or Pay as You Earn repayment plans, which would forgive my loan after 20 years.  Monthly payments for these plans are income based, so the only way I know I'll be able to afford them is to assume I'll be receiving a relatively small salary.  Let's be honest, LCSWs aren't paid handsomely, but I don't want to have to turn down a future, high paying job offer so that my monthly payments don't skyrocket.  Choosing another repayment plan is always an option if this were to happen, but overall it's a tricky situation. I feel like I'm gambling with the next 20 years of my life

 

There's also the Public Service Loan Forgiveness Program, which forgives outstanding loan balances after 10 years if you work for a 501c3 organization (a registered non profit) and make monthly payments for 10 years.  But I also want to get licensed, and many nonprofit organizations aren't clinical based or don't have a clinical component.

 

I don't really know the answer for you. All I can say is that I'm struggling with this decision too. I've emailed the fafsa.gov provided email address with some questions, but I think they're computer generated answers, so it's not that helpful.  I want to contact a loan servicer to go over my options with him/her, but you're not assigned one until your first loan is disbursed.

 

I'm leaning toward taking out the big loan and going to my favorite program, but I also don't want to regret this decision forever.

 

All I can say is good luck with your decision-making process!

[kstubbs11]

Working at a non-profit is not the only way PSLF will work. Any local, state or federal government job or hospital as well will get you into the 10 year forgiveness. Basically most jobs other than private sector jobs will qualify. The 20 year repayment is for any job. Plus if you're gonna do the LCSW you can get a job that qualifys through the NHCS and get 50k taken off for every 2 years of service in addition to your salary.

[guyinshortsallday]

Working at a non-profit is not the only way PSLF will work. Any local, state or federal government job or hospital as well will get you into the 10 year forgiveness. Basically most jobs other than private sector jobs will qualify. The 20 year repayment is for any job. Plus if you're gonna do the LCSW you can get a job that qualifys through the NHCS and get 50k taken off for every 2 years of service in addition to your salary.

 

 

Thank you kstubbs11, I was unaware of the offer that is made if you work through NHCS. 

 

[kgoodw2]

Thank you kstubbs11, I was unaware of the offer that is made if you work through NHCS. 

 

Yes, my work supervisor has done this and has had almost 100 grand forgiven through various extensions!  She is still in her early 30s, so it's not like it will take years and years; it's what I'm planning to do.  However, the various agencies and placements for this are much more restrictive than just regular PSLF - for example, I work for a mental health agency in an area of Chicago where this is "demonstrated need," i.e. a rural or urban setting that is generally lower-income, lower socio-economic factors, etc.  So make sure when you begin to apply for jobs that you specifically look for jobs that fulfill and are listed NHSC settings (and remember, since many are non-profits, most start at a lower pay scale - for example, Masters' level clinicians at my agency start at $33,000 - and this in Chicago!).  https://nhsc.hrsa.gov/sites/index.html

[nugget]

Sounds like a great opportunity! I don't live in the US but something that occurred to me is what if this program changes or doesn't exist anymore when you want to cash in on it? Has it been around for so many years that it's not likely to be cancelled or scaled back in 20 years?