Having trouble convincing myself to go

[ao276]

I was accepted to an MPPA program at The University of Tennessee for the Fall. The thing is, I'm having a hard time justifying the cost. I grew up in a family with money issues so it's incredibly daunting. I am receiving no funding so the cost of school on top of paying my bills is stressing me out in a big way. Furthermore, my unsubsidized loans only cover about half of just my tuition and fees not including my cost of living and my books. To be honest, my biggest motivation to continue my education is to make more money, again going back to my situation growing up. I'm out of state so the fees are incredibly high. I'm really worried and I'm looking for people with similar experiences to share their stories with me.

Edited July 12, 2015 by ao276

[Karoku_valentine]

I was accepted to an MPPA program at The University of Tennessee for the Fall. The thing is, I'm having a hard time justifying the cost. I grew up in a family with money issues so it's incredibly daunting. I am receiving no funding so the cost of school on top of paying my bills is stressing me out in a big way. Furthermore, my unsubsidized loans only cover about half of just my tuition and fees not including my cost of living and my books. To be honest, my biggest motivation to continue my education is to make more money, again going back to my situation growing up. I'm out of state so the fees are incredibly high. I'm really worried and I'm looking for people with similar experiences to share their stories with me.

Hi! Congratulations on your acceptance.

 

I would ask you how old are you? If you are still young you could work for  few more years and save more money.

What did you study and where did you study your Bachelor? Also, having a MPPA is not going to give you a lot of money, because that degree specializes in government, and private sector jobs are the ones paying more. I would suggest you to keep working and try other programs, like business schools. If your main driver is money and you are already going to invest a lot of money, it should be better to spend it on something that is going to give you a better return.

[ao276]

Hi! Thank you and thanks for your reply. I'm really grateful to have someone to talk to about this.

I'm 24 years old, turning 25 in October. My undergrad degree is a BA in political science. Again, this is an out of state school for me so I'm looking at 16,000 a semester in tuition and fees before books and my rent/bills. I have considered taking the year to get in state residency and possibly applying to an MBA program so I can get into the private sector. Or perhaps some type of marketing degree. However, I fear that my lack of business, Econ, and marketing classes will severely limit my options. That's why I chose an MPPA with a concentration in management. I would like to do some type of management, public or private. Do you have any further advice for me? Thanks again!

Also, to clarify money is not my only motivation but it is big. I do think I would enjoy government work very much but I don't know if the debt would be justified.

Edited July 12, 2015 by ao276

[juilletmercredi]

A few things, but basically, my advice is to listen to your gut and at least consider it.

 

If tuition and fees are $32,000 a year, and let's assume living expenses in Knoxville are about $25,000 per year to live frugally, that's an expense of $57,000 per year. If the program is two years, then that's $114,000 we're looking at. If you have no funding, that means you will have to borrow that entire amount. Even assuming you have no debt from undergrad, you'd need a pretty large salary to repay that debt - at least around $75,000 to repay with some hardship, but probably closer to a six-figure salary to make it really work. UT doesn't publish salary data for their MPPA graduates, but given that it's public sector work I don't expect that too many can expect to make enough to repay $114K in loans.

 

An MBA is not a magic bullet, either. MBA programs from top schools do usually come along with very high salaries, because those students are able to get into jobs at top firms with big salaries. However, the average MBA graduate doesn't necessarily boost his/her earning potential much over a bachelor's. UT actually does pretty well, with the median starting salary of their graduates being $76K. Every business program has to publish salary and employment statistics to stay accredited, so you can check out MBA statistics pretty easily by visiting the website of a program.

 

You don't have to have lots of business or economics classes before you get an MBA. Lots of social science, humanities, and natural and physical science majors get MBAs who have never taken a business class before. What you do need is some experience; successful MBA applicants usually have 3-5 years of experience. It sounds like you have 2-3. Top MBA programs like high-profile experience that shows quick progression to leadership.

 

As a note, you can take an MPA into the private sector. I have a friend who got her MPA and works for a financial services company.

 

You'd only want to borrow an amount that you can comfortably repay. I think a good rule of thumb is not to borrow more than you'd expect your first year's starting salary to be. You can try to find a job that will pay for some or all of your MBA, too - a lot of employers do tuition support as a benefit.

[ao276]

A little more info: 32,000 the first year and my second year I could get in-state and that becomes around 13,000. Assuming I don't get an assistantship or some funding in my 2 years and I take out some extra for rent (I have a roommate) I think around 55-60 is realistic for two years. My living expenses are nowhere near 25,000. Given this information, does that change your perspective?

[ao276]

Also I have 25,000 from undergrad

[rising_star]

It sounds to me like you should defer and work. UT isn't a top MPPA program (or MBA program for that matter) so it's unlikely to lead to some awesome job prospects that would otherwise be unavailable to you. 

 

Also, I think your estimated loan amount is way off. Just for two years of tuition + fees, you're looking at $45K. It's doubtful that you can live on $10-15K over two years. To do so, you'd have to keep your rent around $300/month, which would leave you with another $300/month for utilities, food, gas, books, and any other expenses...

[ao276]

it seems like the consensus is to wait, which I think is probably best myself. I will get residency next May and I'll pay around 7,000 a semester for tuition and fees.

[ao276]

Thanks for all your advice, it really has been very helpful to have some feedback.

Edited July 13, 2015 by ao276