Choosing a Master's program based on funding available

[gcnole]

I recently applied to several Master's programs, and most will cost $30,000 a year (for a two year program, so $60,000 total).

 

My favorite program that I interviewed with provides no financial assistance (so loans would be used to pay for all of tuition), but I REALLY loved the program. It felt like somewhere that I would be really comfortable living, the sense of community was great, and it is a really prestigious university so I know I would get a fantastic education. There are also specialty clinics there that I could work at that are not available at any other program. This is also in the area I might want to live when I graduate, so networking is a big deal too (although all programs have directors that are very well-connected all over the country). 

 

On the other hand, another program that is also at a very prestigious university provides FULL funding covering all of tuition, but it's a much smaller program (only 4 students total… makes me worried about finding friends), the courses are known to be extremely difficult (more than necessary), and it lasts a half year longer than all the other programs. I also am not as comfortable living in that city since safety concerns were brought up by almost everyone in the interview process including the current students. However, people have told me I would be stupid to not accept their offer considering the funding and the fact that it is a really great university.

 

I am wondering if it is worth it to choose the university that provides full tuition coverage just for the fact of saving $60,000 in loans, or if I should pick the program I feel most comfortable with that provides no funding at all. It is such a hard decision because $60,000 is A LOT of money, and I would feel awful rejecting that wonderful offer. But I just want to make sure that I am happy and comfortable where I go to school. Both schools are really far away so none are close to friends/family so I want to make sure I am happy there in a brand new place, but funding is so important too. I am stuck! If anyone has advice or experience with this please let me know!

[Vene]

From what you've described, I'd take the funded program. For you, I guess it depends on how dangerous the area really is and how comfortable you are with such compared to $60,000 in tuition payments. Does the funded program also offer a stipend?

[gcnole]

From what you've described, I'd take the funded program. For you, I guess it depends on how dangerous the area really is and how comfortable you are with such compared to $60,000 in tuition payments. Does the funded program also offer a stipend?

The field actually has a great job market. Most programs I interviewed at had all or almost all graduates (4-12 students depending on the school) get jobs in the area they wanted within 6 months, and usually half find them before graduation even. So that is not what I'm worried about. I will only make $50,000 though and I already have almost $40,000 in undergrad loans so it will just take a lot of time to repay (and interest will be rough).

 

And the program is funded with a stipend. So you get around $2,500 per month totaling to $30,000 per year, and you can spend that on tuition or housing or whatever you want, but basically it covers barely more than tuition which is what I'd use it for. No other housing/living expenses are covered. This is the only real financial aid they provide (no assistantships or anything are available) and nobody works in the program because they said they're too busy for it.

[nugget]

So you're considering $100,000 of debt (not including interest) for all of your schooling for a job that pays $50,000/yr... That's really a lot of money. I'd think about it very carefully before taking on such a large amount. BTW, I sent you a pm earlier. Good luck!

Edited April 23, 2014 by jenste

[hj2012]

The unfunded program is not worth it, especially if you already have $40,000 in debt from undergrad. As difficult as it may be to turn down that "dream" program, I really encourage you to make the rational decision.

[fuzzylogician]

I'd choose the funded program. It's not worth getting into that much debt for a job that doesn't pay that much. I think you know this is the rational decision. As for friends, if you don't find any in your program, you'll find them elsewhere. There will be lots of students looking to make friends in that area. You'll work your way through the classes, tough as they may be, just like everybody else will. And as for safety, you should take some time to read and explore, and get advice about where are good places to live and ways to commute. It may not be the safest place but it sounds like a lot of other people are managing to live there, so there is no reason why you can't. A fully funded offer is a really big accomplishment, I think you should view it as such and appreciate that this is a great opportunity to get a quality education for free. This is something to be excited about! You know, there will be ups and down, advantages and disadvantages, to any choice you could make here. But starting your career and adult life with the least amount of debt you possibly can is the smart, mature decision. You'll deal with whatever else comes your way.

[gcnole]

I understand where you all are coming from. I think that is what I am leaning toward too. It's just such a hard choice!! In the end, my degree will be the same after either program, just different experiences along the way I guess. So it probably is worth it for many reasons to go to the funded school. Thanks for everyone's input!