Partially funded M.S. vs. finding work in related field and saving up

[saneEngineer]

Hi everyone

 

I'm new here but have snooped around the site quite a bit.

 

I graduated with my EE bachelor's in May from a not-so-prestigious school but have research experience at MIT and have been keeping busy all my summers. The outcome of my PhD applications was admission into a partially funded M.S. program...at a top 10 EE school whose research would be a dream to be a part of. I am very hesitant to take out a $20k+ loan to fund this since it would add to my $10k+ loans I owe from undergrad. One of the primary reasons I am still considering taking out loans is my fear of being too far out of touch with academia if I decide to turn down the school, work first and reapply to this school and other schools as well. Here are the plans of action I was stuck between:

 

1. Turn down the school, work and apply for the 2015-2016 cycle (since, by the time the 2014-2015 cycle deadline comes around this December, I do not foresee myself gaining any experience that would make me more competitive and earn me more admissions than last year).

 

2. Accept the offer, take out loans and go to the school.

 

Somehow their offer is still on the table..so I need to make a decision real soon. They have extended this great privilege to me and I want to return the favor.

 

Any advice will help. I've seen a lot of wisdom here in this forum and it made me realize some people (most definitely including me) can be blinded from the rational decisions since they are too caught up in the details of trying to find the optimal path.

 

Thank in advance!

 

-sane

[weymiller]

I was in the same situation.  I have about 13k in undergrad loans with an offer for in-state tuition with a TA making 11k.  So, I would add to my current loans.  In the end, I decided to go to school.  I felt the longer I delayed going to school (I originally applied for the first time Fall 2013), the less likely I was to make the plunge and do it.  I figure the work experience and education I am getting will be worth it in the long run.  To make myself feel  better, I am planning to continue to pay on my undergrad loans while in grad school.  I will be getting an extra job to make this happen.  

 

In the end, graduate school was something I thought about pretty much everyday and wanted it really bad.  It depends on how much you want it.  I heard a statistic that you should never take out more loans than your first year salary will be.  I figure, as long as I'm under the mark, all will be well.