This level of debt sorta scares me..

[speech19]

Am I alone in feeling this?

 

I know graduate education is really one of the best investments for the future. That said, it scares me. After completing my masters in speech from Arizona State University I project I will be in about 90,000 dollars worth of student loan debt. This would be graduate plus some lingering undergrad loans..

I don't know. I am certain this is the field I want to be a part of. Im also somewhat comforted in the fact that speech pathology as a whole is a promising field to jump into.

 

But I can't shake it. Maybe its just new territory, and soon i will be a struggling grad student totally ok with whats ahead

 

any thoughts?

[hyronomus4]

I would be concerned if you weren't scared of that much debt.  That's A LOT of debt.  I'm not criticizing because I'm over 50K myself but it's a huge investment.  I think as a culture we're used to student loan debt and it seems normal but in reality it's not something to be taken lightly.  Good luck and I hope you get a great job as soon as you graduate and you get that debt paid off quickly!

[jmk]

If you aren't planning to settle down right after grad school, and spend a few years working full-time with contract on the side, I'm sure you could pay it off pretty quickly. Something that hopefully should calm your debt fears a bit is remembering why you were drawn to SLP and your educational investment will bring you years of career stability and pleasure. Someone who was doing SLP "just because" and taking out 90k in loans seems more a cause for concern, particularly if they realize they want to go back to school two years into the profession. 

 

(for myself) I am limiting grad debt as much as possible as shortly after grad school I would like to buy a house, have a child, and work part-time (or in a school district.) If I only plan on making 60k/year after taxes tops, I won't attend a 90k program. 

 

Thus, if you are drawn to career goals, 90k in debt isn't too shabby if you're making 90k/year in a mainstream city after taxes. You'll be debt free in seven, eight years depending on other aspects of your budget. 

 

Meanwhile, if you are not drawn to career goals and only plan on working part-time, I would be quite concerned about that sort of debt load. Fulfilling your educational dream is awesome, but not when it comes to wrecking your future finances for the next twenty years. Also, if you creep into the 100k/over debt bracket, that seems quite the stretch for the $$ that SLP makes. 

[SLPosteriorCricoarytenoid]

That is a real concern. I am also in a similar predicament as you are. I am estimating that my debt will total out around ~$85,000 when I'm done. This scares me, but I plan to really work hard to pay it back as fast as possible after graduation. The loans that are the most troublesome are the private loans. Those ones offer the least flexibility and often have higher interest rates. At least with the federal loans, you can do income based repayment which guarantees they can't take more than 10% of your income. At least for me, the private loans will be my first priority to pay off as soon as possible. I am okay with working a lot and living cheap for a few years down the road. I would rather make sacrifices sooner while I'm young and getting established rather than later. The setting you choose to work in can also play into getting the loans payed off. 

 

Another fun (and lucrative) option is being a traveling SLP. They make very good money, and most all of your living and relocating expenses are payed for and you get a generous salary on top of it. I would like to do that for awhile while I am still young. Not only would it be fun to experience different places, but it would also be a big help for making more money to pay off school!

 

It is normal and actually good to be concerned about the money aspect of school. I think often times students aren't concerned enough when they sign on for heaping amounts of debt. There are repercussions for rash decisions when it comes to loans, but we are also lucky to be in a field that is in such high demand. Job security! 

[ahirsh7]

I'll be $110,000 in debt. I plan to hustle pretty hard after graduation, so while it's scary to have that kind of debt I know I'll work hard to pay it off. You should look into public service loan forgiveness as well - https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/public-service

[speech19]

you all are so helpful! thank you

[Crimson Wife]

My hubby came out of his grad program with over $100k in loans. He was making more than a SLP is likely to but he was also supporting me and 2 kids. We buckled down and made all sorts of lifestyle sacrifices to get it paid off quickly. We squeezed ourselves into a tiny rental, didn't have a car, had no cable/satellite, never ate out, never bought anything new if we could find it used, etc. etc. It was tough for the first few years after he graduated, but it was worth it to get out from all that debt.

[jennyjam2014]

I am worried about this too! I am no sprung chicken. I am currently married and hope to have kids and buy a house within five years or so after finishing graduate school. I was accepted to an out of state college that will likely leave me in $90,000 in debt and waitlisted to an in-state school (which costs much less!) Not sure what I should do either. Thinking about cutting my losses and reapplying next year....

 

One thing that I have learned from all of this is to DO YOUR RESEARCH before applying. I definitely did not do this. Best of luck in your journey, Speech19!

[CBG321]

Am I alone in feeling this?

 

I know graduate education is really one of the best investments for the future. That said, it scares me. After completing my masters in speech from Arizona State University I project I will be in about 90,000 dollars worth of student loan debt. This would be graduate plus some lingering undergrad loans..

I don't know. I am certain this is the field I want to be a part of. Im also somewhat comforted in the fact that speech pathology as a whole is a promising field to jump into.

 

But I can't shake it. Maybe its just new territory, and soon i will be a struggling grad student totally ok with whats ahead

 

any thoughts?

 

HOLY smokes that is a chunk of money.  I'd go buy a Dave Ramsey book now and start planning your financial plan.  Have you already exhausted all financial options at the school such as an assitantship or any form or work-study?  I'd think about getting a job as well to try and underscore some of those expenses.  I agree it is a great investment in your future but not having a life and working to pay off debt sounds very stressful. 

 

It is really unfortunate how expensive it is to get a degree in this field.  I say just exhaust all your options on making money and get a plan in place so it can reduce the stress you're feeling about it.  They really don't give us a lot of options.

 

Maybe be a waitress at a good tipping restaurant the summer before you go?  It sucks but you can make thousands of dollars in a VERY short period of time.  I paid for a 3 week vacation abroad completely on tip money!    You can do this just be a money saving machine! 

[speech19]

Well when i said 90k I will admit I was aiming a little high.  I am currently attempting for a couple scholarships..plus my program said they would talk work study during orientation (which in their handbook states if granted, you can become considered and in-state student which would be a HUGE savings!) so I'm really hoping for that..

 

ill check out the book you mentioned

[CBG321]

Oh that is good news about the potential for in-state tuition!  I haven't personally used him but I know someone who is paying off their debt right now using his strategies and another couple is buying their first home (in an expensive state) at age 26 and 24 so that sounded like a pretty good track record to me!  Hope it helps save some money/pay off some of the un-avoidable expenses!  

 

I wish it was cheaper for us all! 

[delete-account]

Don't forget about debt forgiveness programs, especially if your loans are Federal Direct Sub/Unsub Loans. After a consistent 120 payments (10 years) you can qualify to have the rest of your debt forgiven if you work in public service, which most SLPs do anyway. If you get an extended payment plan, you should have a decent chunk forgiven! There are other programs, like working on Native American reservations, that also do loan repayment. So many opportunities!