LTee Posted January 10, 2010 Share Posted January 10, 2010 I unfortunately will have to finance my whole graduate degree with loans and part time work. Is anyone else in the same boat? I know I will be accruing roughly 50,000 in debt but I figure it will be worth it in then end. Right? I was curious what other students have accrued or expect to accrue in debt by the time they finish school, so that I don't feel so bad about mine! Link to comment Share on other sites More sharing options...
joro Posted January 10, 2010 Share Posted January 10, 2010 (edited) I'm paying $15k per year, plan on being there for maybe 2 or 2 1/2 years. Living expenses will be about $700/month. I will be roughly $60k in debt. This is the cost for my dream school anyways. If I attend in California, then I will not be in debt at all. I will be doing whatever I can to pay for this and will be taking on summer internships. If I do summer internships, then I will probably be making $10k each summer. I expect to pay everything off my first year after graduating.. Edited January 10, 2010 by joro joro 1 Link to comment Share on other sites More sharing options...
2400 Posted January 26, 2010 Share Posted January 26, 2010 This is an interesting thread -- and I am also curious how much debt others are taking on in grad school. I will probably owe around 70K. I borrowed about 19K for my MA and had to borrow additional money for my PhD. I am at my dream school though, otherwise I wouldn't have considered taking on that amount in loans. I feel it will be worth it in the end. Also, I also have friends who have borrowed similar amounts for grad school, so it helped me feel a little more at ease knowing that others have been able to pay back large student debt. Link to comment Share on other sites More sharing options...
red_crayons Posted January 26, 2010 Share Posted January 26, 2010 Living expenses will be about $700/month. Where are you going with such low living expenses?!? If that's accurate, I'm jealous. I spend $60+ on medications (mostly OTC) and cleaning supplies alone per month, which seem to be necessities, and that's almost 1/10 of your total budgeted expenses. Can't imagine what it would be like to live on that amount! Not to be a Debbie Downer... I am genuinely curious to hear how/where/if that can work! Link to comment Share on other sites More sharing options...
RH7 Posted January 26, 2010 Share Posted January 26, 2010 I'm paying $15k per year, plan on being there for maybe 2 or 2 1/2 years. Living expenses will be about $700/month. I will be roughly $60k in debt. This is the cost for my dream school anyways. If I attend in California, then I will not be in debt at all. I will be doing whatever I can to pay for this and will be taking on summer internships. If I do summer internships, then I will probably be making $10k each summer. I expect to pay everything off my first year after graduating.. What internship were you thinking of that pays 10k? I have friends interning in BB firms and don't even make 10k. I don't mean to pick on you, I just wanted to know what internships would pay 10k. Link to comment Share on other sites More sharing options...
joro Posted January 26, 2010 Share Posted January 26, 2010 (edited) What internship were you thinking of that pays 10k? I have friends interning in BB firms and don't even make 10k. I don't mean to pick on you, I just wanted to know what internships would pay 10k. I was thinking about $25/hour + 40 hour weeks + about 12-16 weeks for the summer. Most of my friends during their internships made anywhere between $22 - $29 an hour during their summer internship. Edited January 27, 2010 by joro Link to comment Share on other sites More sharing options...
joro Posted January 26, 2010 Share Posted January 26, 2010 Where are you going with such low living expenses?!? If that's accurate, I'm jealous. I spend $60+ on medications (mostly OTC) and cleaning supplies alone per month, which seem to be necessities, and that's almost 1/10 of your total budgeted expenses. Can't imagine what it would be like to live on that amount! Not to be a Debbie Downer... I am genuinely curious to hear how/where/if that can work! Oh no, my mistake. I meant housing costs. If I were to factor in everything else, then I'm looking at maybe $1100 per month? Link to comment Share on other sites More sharing options...
StrangeLight Posted January 27, 2010 Share Posted January 27, 2010 (edited) never mind. Edited January 27, 2010 by StrangeLight Link to comment Share on other sites More sharing options...
Matilda_Tone Posted January 27, 2010 Share Posted January 27, 2010 No debt for me. I would have had about $30,000 if I had accepted an offer at my dream UK school, but I decided to play it safe and stay in Canada where I could get full funding. Not as exciting, but practical, I suppose, when one is doing a pretty non-practical degree. Link to comment Share on other sites More sharing options...
piccgeek Posted January 27, 2010 Share Posted January 27, 2010 I am not accruing any debt for grad school (thank you freshman composition!) but I still have around 58k hanging over my head from undergrad...I'm rather bitter that it wasn't funded, I'm not gonna lie, but it is what it is. So while I'm not actually taking out loans to fund grad school, I am allowing my current debt to fester and gather interest, because my measly TA stipend is barely enough to live, let alone make loan payments. *sigh* Link to comment Share on other sites More sharing options...
Phalène Posted January 30, 2010 Share Posted January 30, 2010 I won't have any debt upon completion of my degree. I wouldn't have gone to grad school if my funding didn't cover tuition, commuting costs, living expenses, etc. socnerd, breakfast and Daniel998 1 2 Link to comment Share on other sites More sharing options...
LTee Posted January 30, 2010 Author Share Posted January 30, 2010 Thats awesome that some of you wont have to take out loans for grad school.... But I was wondering how much OTHERS who do have to finance their own graduate school will have accrued so that I don't feel like Im the only one choosing debt in order to get the education I want! Again, congrats to those who do have funding though KieBelle 1 Link to comment Share on other sites More sharing options...
peregrin Posted January 30, 2010 Share Posted January 30, 2010 Don't despair, OP. Educational debt is the most manageable form of debt you can have (mortgage is the worst). In 5 years, I should be owing close to $260,000 in loans (two very expensive professional degrees). Most people I know have educational debt from $50,000 to $300,000. Thank God(s) for 30-year repayment plans. If you're going into academia, then you might need a slightly different story depending on your branch of academia. The overall picture, though, is that educational debt seems almost inevitable in many circumstances. Link to comment Share on other sites More sharing options...
coyabean Posted January 30, 2010 Share Posted January 30, 2010 (edited) eta: wrong post Edited January 31, 2010 by coyabean Link to comment Share on other sites More sharing options...
expressionista Posted January 31, 2010 Share Posted January 31, 2010 The programs I'm hoping to go into just don't do full funding like most programs that people on this board seem to be going into (like phd programs). I'll be in grad school for 3 years. The first year, it's highly unlikely I'll get any funding. Years two and three, I should be able to get at least half my tuition paid with an assistantship, but that's about it. I could potentially get a rare fellowship or something, but I definitely can't count on that. Since I plan to work in the summers and hopefully take care of at least half my living expenses without loans, I'll probably end up with about 60k in debt when I finish. I currently have about 40k from undergrad, so I'll be at 100k total. It sucks, but when I start to panic I just think of my poor (literally and figuratively) cousin who just completed vet school and is now $250,000 in debt. Joro, I don't mean this as a critical question, but I just am truly curious as to how you plan on paying off $60000 in debt within a year of graduating? Perhaps I can use you as my loan repayment inspiration. Link to comment Share on other sites More sharing options...
joro Posted January 31, 2010 Share Posted January 31, 2010 Joro, I don't mean this as a critical question, but I just am truly curious as to how you plan on paying off $60000 in debt within a year of graduating? Perhaps I can use you as my loan repayment inspiration. I take into account a lot of factors for paying off debt. I have savings bonds which I have been receiving since I was in elementary school. I plan on using whatever I earn throughout my internships towards paying anything school related and I expect to make at least $70k+ starting out immediately after grad school. This of course is just being optimistic again. If I were to attend a public University in California, the government takes care of most of my tuition and I would definitely be debt free within a year of graduating. Link to comment Share on other sites More sharing options...
mudlark Posted February 16, 2010 Share Posted February 16, 2010 Don't despair, OP. Educational debt is the most manageable form of debt you can have (mortgage is the worst). In 5 years, I should be owing close to $260,000 in loans (two very expensive professional degrees). Most people I know have educational debt from $50,000 to $300,000. Thank God(s) for 30-year repayment plans. Seriously? How do you figure that? Assuming that you make a conservative decision buying a place and don't get stuck with an underwater mortgage.... Mortgages let you accumulate equity; student loans don't. Mortgages can be discharged at any time (by selling the property); student loans can't (unless you win the lottery). Mortgages don't stick with you after you declare bankruptcy; student loans can't. Mortgages replace a necessary cost of living (rent); student loans don't. I bought a condo this year. I pay only slightly more than I used to pay in rent, but I get to keep 3/4 of the money in the form of equity. I make double payments right now, but if I need to, I can drop my monthly payment to less than what most people pay to rent a one-bedroom. It might be different for other disciplines, but my PhD in the humanities isn't going to exponentially increase my earning potential. On the other hand, I'm building up $10,000 of equity a year in my mortgage. My condo might end up being a more reliable source of money for me in the future than my degree. I'll butt out of this thread, since I'm one of the lucky few who are educational debt free, but I'm puzzled by the above statement. horrificmodernist 1 Link to comment Share on other sites More sharing options...
pea-jay Posted February 17, 2010 Share Posted February 17, 2010 I'm hoping to escape from Grad School with no more than 20-25K in debt. That should be manageable given the average salaries for MPP/MPA grads. The remaining portion of grad school I hope to fund with a combination of small scholarships, RA/TA opportunities and or paid internships (also available). We'll see. An underfunded NYU admit may test my resolve to keep the debt load down. Link to comment Share on other sites More sharing options...
schoolpsych2 Posted February 18, 2010 Share Posted February 18, 2010 If I don't get a GA or anything it will be about 100k plus my undergrad which I think is around 30-40k at this point. My program doesn't guarantee funding like other programs do (like clinical psych) but sometimes there is a definite trade off going to your dream school or going to a school you might not like If it's worth it to you, I don't see a major problem with educational debt Link to comment Share on other sites More sharing options...
wintergirl Posted February 21, 2010 Share Posted February 21, 2010 First post!! : ) I know you wanted to hear from people WITHOUT stipends, but I am getting a stipend (@12K) -- for a 2yr MA -- that is definitely too small to cover all my living expenses. I am psyched to have gotten the stipend w/ tuition waver, but now I am faced with how to cover the rest of my living expenses. Thankfully I did not accrue any UG debt, so this will be my first foray into student debt. What do other people will small(?) stipends do to cover living expenses? Sorry if this is a stupid question. I am very new to all of this! Link to comment Share on other sites More sharing options...
newage2012 Posted February 22, 2010 Share Posted February 22, 2010 (edited) When I got my BS in 2007 I have about $7000 in debt. Now it is about $66,000 and just started the PhD program. Should be hitting $100K by 2012 no problem, and probably will need to start taking out PLUS or private loans after 2013 because I will reach the Stafford loan exaggerate lifetime maximum of $138K. And yeah that is with a salary of $20K a year, the tuition is covered, but many colleges here in UIC start exploiting a loop hole to increase a charge called "tuition differential" ,which is not covered by an employee tuition waiver. Same with RA's and TA's. A strike by the graduate employee union here is probably imminent soon. Edited February 22, 2010 by newage2012 Link to comment Share on other sites More sharing options...
breakfast Posted March 4, 2010 Share Posted March 4, 2010 First post!! : ) I know you wanted to hear from people WITHOUT stipends, but I am getting a stipend (@12K) -- for a 2yr MA -- that is definitely too small to cover all my living expenses. I am psyched to have gotten the stipend w/ tuition waver, but now I am faced with how to cover the rest of my living expenses. Thankfully I did not accrue any UG debt, so this will be my first foray into student debt. What do other people will small(?) stipends do to cover living expenses? Sorry if this is a stupid question. I am very new to all of this! Find an easy part-time job with a flexible schedule (cafe, restaurant, library?). I'd much rather do that than take out a loan for living expenses. Link to comment Share on other sites More sharing options...
VUbrat08 Posted March 5, 2010 Share Posted March 5, 2010 (edited) As of right now, I won't be getting any type of a stipend my first year, as I'm not eligible to be a TA until my 2nd year. But I have a good bit of money left over that would cover tuition easily if needed. The living situation is a different matter. I filled out my FAFSA, and even though I'm essentially broke (re: my bank account) I have too many investments to get any money worth anything. I figure I'll have to do work-study throughout. Edited March 5, 2010 by VUbrat08 Link to comment Share on other sites More sharing options...
Bluesprite Posted March 8, 2010 Share Posted March 8, 2010 I already accumulated $52,000 in debt with my UG because I decided taking loans out was preferable to working two jobs and going to school with time for nothing else and I don't regret it. It gave the free time to volunteer in my department's lab and devote every waking hour to my studies, my McNair thesis, and extra research, which led to being accepted to an incredibly prestigious program with a full 5 year fellowship. If it's an option for grad school, I'd personally recommend doing the same there, as higher grades and extra work can lead to future fellowships and awards that'll pay for later years (one of those times when grad school grades really do matter...) Just my opinion of course. And they say the number one reason for academic probation from poor grades is when people work too much. I know it's not always an option, it wasn't when I first started my degree, but you can get a lot more out of school when you have more time to focus on it. And hell, how many of us are actually going into this for the money? I do it cuz I love it and can't imagine doing anything else, so if I'm a little poorer for it, so be it. Link to comment Share on other sites More sharing options...
mppgal55 Posted March 30, 2010 Share Posted March 30, 2010 I unfortunately will have to finance my whole graduate degree with loans and part time work. Is anyone else in the same boat? I know I will be accruing roughly 50,000 in debt but I figure it will be worth it in then end. Right? I was curious what other students have accrued or expect to accrue in debt by the time they finish school, so that I don't feel so bad about mine! I'm looking at about 67K in loans, assuming I don't get some massive amounts of grants, which I don't think is even possible for graduate school. You are not alone. I am scared sh*tless about this amount of loans, though...especially since I had 1 fully-funded offer that I turned down, and another half-funded one that is still in the running. Am I crazy to even consider that much dept when I could go for free or much less? I don't know. I do know, though, that the more expensive school offers many many more post-graduate options, which matters to me. Hopefully the investment will pay off and it won't take me 20 years to pay off the loans. Link to comment Share on other sites More sharing options...
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