Decent Paid PhD vs. Awesome Unpaid Masters ? ? ?

[SeanDDavies]

One more thing Juillietmercredi- how are you figuring the monthly payments for the loans. I thought payments were 15% of your income, which while making $60,000 would be around $750 per month. 

[HelpSlipFranklins]

So, I spoke to my undergraduate mentors/advisers and after looking into the situation and really vetting the program, I decide not to go to NYU. I'm going to stick with Ohio University and get the PhD.

1. Loans w/compounding interest. I wouldn't be able to pay until graduating with my PhD (so 6+ years before I could even START to pay off the debt). I'm not afraid of debt, but with an academic position, I wouldn't really be able to pay the loans back in a reasonable amount of time. I agree with juilletmercredi

2. If I live with parents, take out loans, get a part time job, commute, or live in the city... these things create extra stress that may distract and detract from my focus and overall ability to succeed. Just like what jonebone said... too many moving parts.

3. I spoke with the Director of the Master's Program at NYU. SHe said the program accepts 40% of approximately 500 applicants; 15% enroll which equals about 75 students. That is a lot of competition for resources (fellowships, grants, mentors' time etc...)

4. She also said there is no guarantee I would be able to do research with a faculty member of NYU. You are accepted and then you must apply to professors lab's - their resources will always be given to PhD students first and if they have any money or time left over, they accept masters students into their lab.

5. After I graduate, there is no guarantee I would be accepted into a PhD program - only the "program superstars" are competitive for PhD positions within or outside of the department and I am not sure I could be one of those - it depends on a lot of things outside of my control.

6. Yeah, the MA program isn't really prestigious, just the PhD program. It seems like I wouldn't really get personalized training - like all the MA students are running around the department like chickens with their heads cut off.

7. I'm excited about Ohio. They want me. They're paying me. My adviser has a lot of experience in the area and she publishes in top journals. She's got connections. I can be focused and do what I need to do there. I'll get personalized training, be a big fish in a small pond. And I am confident that I can do what I need to do so that I can get a good post-doc out of the program.

So that is my rationale for the decision ^

Thank you to everyone for your comments and feedback. I appreciate your help.

SeanDDavies, good luck buddy. I hope this thread helps you as much as it helped me.

-Adam

Edited March 29, 2015 by HelpSlipFranklins

[juilletmercredi]

SeanDDavies - I used the federal government's student loan repayment calculator.  IBR cuts monthly payments to 15% of your discretionary income. Discretionary income is the difference between your salary and 150% of the poverty line for your family size and your state. The 48 contiguous U.S. states have the same poverty guidelines so I just used Alabama as the default state. PAYE cuts your payments to 10% of your discretionary income.

 

Congrats on making a decision OP, and good luck!

[techboy]

I just want to say here that it depends on you not your university. If you look at professors' profiles working at prestigious universities majority of them studied at lesser known schools eventually reaching their goals...

PS. I'm from a very poor country...so appreciate what you're given...

[SeanDDavies]

I have also decided not to go with the MA. Same reasons as you stated. Not personalized. I'm getting the impression a lot of "prestigious" universities (such as NYU and Columbia) use these MA programs to pump money into their schools and PhD programs. I'm glad you made a decision! I 'm gonna message you because I have a couple questions about the PhD program at Ohio.