Scared to Commit!

[CupofJoe23]

I just got accepted to my dream MSW program and while I received a nice scholarship (I will definitely apply for additional aid & /scholarships) I will still have to take out a sizable loan for both years. I know graduate school is expensive but I'm worried I'll turn down my 1st choice due to me being scared to take out more loans. Any advice?

[nightwolf1129]

CupofJoe23,

 

Graduate school (and especially private MSW programs) are not cheap.  I strongly believe in the concept of smart financial planning.  Unfortunately those in the social work field do not make a ton of money; however, the sheer cost of obtaining an MSW can often leave graduate students indebted for many years.  You may have to ask yourself if you're willing to take on a substantial amount of debt for the initial "gratification" of an MSW 2 yrs from now, or perhaps find a cheaper alternative (e.g., saving up $$, going part-time vs. full-time, etc.).  Debt can often stunt or inhibit personal growth and achievement such as buying a home, having children, etc.  It's just something to consider.  Take me for example.  If it wasn't for the military (and my subsequent disabilities), I wouldn't be able to afford graduate school.  Because my wife and I were already well over our heads in debt when we first got married, it honestly didn't make any sense to go back to graduate school and take out over $50,000 in student loans in the process.

 

Nightwolf1129

[pippapants]

I'll pitch in here as well.  My husband and I are in the process of attempting to buy a home, and we're finding that our student loans are standing in the way of our ability to qualify for a mortgage, despite the fact that he has a decent job.  Debt-to-income ratio can really cripple you in the future, so don't think of student loans as just something you'll deal with later and pay back little by little, because a huge debt on a without a huge salary (like a six figure salary) can inhibit your ability to qualify for loans in the future.

 

So, yes, you are correct to fear taking out more loans.  When it comes to social work, in which investment in higher tuition won't pay off in a higher salary, you're better off saving money and going to a cheaper school, getting a graduate assistantship, etc. 

Edited May 12, 2015 by pippapants