CCD2016 Posted November 5, 2016 Share Posted November 5, 2016 (edited) Hello all, I am currently serving a year in AmeriCorps VISTA and am starting the graduation app. season strong. While I just finished up my first app, I guess in the preliminary periods of researching programs I didn't consider the full gravity of tuition rates. I am not applying to many programs that provide a lot of assistantships, etc. and none in my home state (my home state is quite expensive, anyway). I have zero undergrad debt and will get a $5.3k education award from AmeriCorps when I finish. How much debt for an MSW aspiring to work in hospital/health social work seems justifiable? I have heard of the "not more than a year salary" rule, but that seems like it would really limit options for MSW students.... because initial salaries can start low and it's not like the high end is particularly high to begin with. If I was hovering around 40k, how quickly should I say no, etc. Thanks, y'all. Edited November 5, 2016 by CCD2016 Link to comment Share on other sites More sharing options...
Quickmick Posted November 5, 2016 Share Posted November 5, 2016 (edited) The "how much is too much" question is one only you can answer, but I would play around with some loan calculators to get a sense of how that loan actually translates to impact on your life. E.g. 40k borrowed over two years accruing interest at 6% means you borrow about 45k. 45k at 6% means you pay 500 a month for 10 years to pay it off, and end up paying 15k in interest. here is the website: http://www.finaid.org/calculators/scripts/loanpayments.cgi another option might be to plan on working for the federal government in a capacity that offers loan forgiveness after a period of service (10 years I think) good luck, I hope this helps a little. Edited November 5, 2016 by Quickmick Link to comment Share on other sites More sharing options...
Shelbeth Posted November 8, 2016 Share Posted November 8, 2016 I am going through the same struggle! I have applied at USC and WOW at how much money it will cost me?But I was told anyone going into public service i.e., social work, that the loan forgiveness may apply. As you stated, social workers don't make enough to pay for the education it cost to become a social worker lol!! Good luck!! Link to comment Share on other sites More sharing options...
green_dots21 Posted November 14, 2016 Share Posted November 14, 2016 Look into programs that offer special funding for AmeriCorps alumni. Some offer up to 50% tuition remission. Link to comment Share on other sites More sharing options...
Shelbeth Posted November 14, 2016 Share Posted November 14, 2016 Thank you I will do that!! Link to comment Share on other sites More sharing options...
green_dots21 Posted November 14, 2016 Share Posted November 14, 2016 2 minutes ago, Shelbeth said: Thank you I will do that!! Good luck with your search! I dropped out of my AmeriCorps service because it was impossible to live off the stipend. I wish I stayed for many reasons including the additional opportunities for graduate school funding. qt_dnvr 1 Link to comment Share on other sites More sharing options...
academicbirb Posted December 17, 2016 Share Posted December 17, 2016 Like others have said, how much is too much is up for you to decide, but you might qualify for loans/grants from the fed and depending on the school you might get a good financial aid package. For me, the MPH/MSW programs I've applied to will run me anywhere from ~50 to 100k without any assistance and these won't be terminal degrees for me either. If you're planning on ending with the MSW then more debt won't be as big of an issue because you won't be accumulating as much in interest than someone who goes on to PhD for 5-7 years. Link to comment Share on other sites More sharing options...
Shelbeth Posted December 17, 2016 Share Posted December 17, 2016 Thank everyone for their comments! Link to comment Share on other sites More sharing options...
Supersocialworker Posted January 15, 2017 Share Posted January 15, 2017 Something I heard long ago made a lot of sense to me... you shouldn't have student loans costing more than what you make yearly in a salary. This can obviously be impacted by if you are instate or out of state, but sticking to this principal will help keep loans manageable. I graduated my undergrad with $46k in student loans and ive been paying them about 3.5 years, and my one year masters program will likely cost about $11k. Link to comment Share on other sites More sharing options...
Shelbeth Posted January 16, 2017 Share Posted January 16, 2017 May I ask where u are going to grad school? Link to comment Share on other sites More sharing options...
taracot Posted February 16, 2017 Share Posted February 16, 2017 On 11/4/2016 at 9:35 PM, CCD2016 said: Hello all, I am currently serving a year in AmeriCorps VISTA and am starting the graduation app. season strong. While I just finished up my first app, I guess in the preliminary periods of researching programs I didn't consider the full gravity of tuition rates. I am not applying to many programs that provide a lot of assistantships, etc. and none in my home state (my home state is quite expensive, anyway). I have zero undergrad debt and will get a $5.3k education award from AmeriCorps when I finish. How much debt for an MSW aspiring to work in hospital/health social work seems justifiable? I have heard of the "not more than a year salary" rule, but that seems like it would really limit options for MSW students.... because initial salaries can start low and it's not like the high end is particularly high to begin with. If I was hovering around 40k, how quickly should I say no, etc. Thanks, y'all. Hi! If you still get this notification, could you tell me more about AmeriCorps? Thanks! Link to comment Share on other sites More sharing options...
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