Money troubles keeping you from accepting?

[slp132]

I've been fortunate enough to be accepted into a graduate program, but I'm debating not going because I can't afford the tuition (over $70,000). I know I can take out loans, but I'm thinking it may be better to reapply next year to less expensive programs. If I don't take the offer, there's a chance I won't get in again and I would forever regret not going now while I have the opportunity. Anyone in a similar situation?

[bumblyboo]

Have you checked to see if there are any schools in your field still doing rolling admissions?

[maelia8]

I would wait and reapply, especially if there are other programs out there that are an equally good fit for your interests. Grad school isn't worth it if you have to put yourself in that much debt. If you were accepted by a program this year, then it's likely that you would be accepted somewhere next year as well - you just need to give it another try at institutions that are likely to offer you better financial support.

[rbrf]

$70k a year? wow that is alot! if you believe that your credentials / stats are good enough to get in the next year to cheaper schools, then maybe wait next year? I did sort of wanna try again next year because I didn't wanna take out a lot of loans, but I got accepted to only 1 school, so I'm scared my chances the next time around would be slim, so I accepted!

[sayjo]

Can you ask to defer acceptance for a year?  That way you can work and save up money...

[Greyhound111]

@slp132 .. the $70K sounds more like an overall amount, not a per year amount.  Is that correct?  I did the math and it roughly comes out to what a ~ $1K per credit program would cost, when all is said and done...

[ballerina18]

In Washington state the average salary for SLPs is stated to be 72k. You might not be making that straight out of graduate school, but if you start your program this Fall that brings you one year closer to a nice salary. Your salary might not be your own after you graduate (almost entirely going to bills/student loans), but it is entirely possible to keep living frugally after you graduate in order to pay off your loans.

 

Another thing to consider is that you could try to work during graduate school to bring down that overall price tag. Perhaps your program might even offer part-time enrollment so you can work while in graduate school.

 

Good luck!

[Papaya91]

I'm just making up silly numbers, but I want to try to make a point.

Let's say you defer for a year (if they'll allow it), and work to save up $10,000 to put towards tuition for your program. If it costs $70,000 for two years, then your program might cost you $60,000 total after you contribute your $10,000, but you won't be done until 3 years from now.

 

Let's say you work ($10,000) for a year, and go to a less expensive program. My cheapest, in-state school has a total cost (including rent and food, etc.) of about $42,000. You still won't be done until 3 years from now, but perhaps your total cost would be $32,000 after you've contributed your $10,000.

If you start the expensive program now, you'll finish two years from now and be $70,000 in debt. However, you'll have a higher earning potential after grad school, and if you live frugally (like if you stick to the same cost of living from grad school), you can put a significant portion of your salary towards your loans. Let's say you put $30,000 towards paying off your loans - you'll be in roughly $40,000 of debt one year after you graduate, three years total.

Just a few scenarios to think about. Sorry for the silly numbers. If you take another year to save money or go to a cheaper school, while your program may cost less, you're paying with time instead. Can you do something else with that time to make it worthwhile, in addition to working? Perhaps volunteering, or retaking the GRE to make yourself a more competitive TA candidate?

Of course, if you get a TA position, or scholarships somewhere, that would help a lot.