MSW-- How much debt are you comfortable going into?

[HaleyWantstobeaTherapist]

Hey, everyone

I was recently admitted to Simmons and Smith MSW programs, but both were entirely too expensive (around 80k in debt, taking into account both scholarships and grants). I've been pretty bummed about it and now I'm worried I won't be able to pull off going to grad school in the fall, even despite getting accepted.

I have also been admitted to BC and Loyola, but haven't heard back about funding for either. I'm hopeful, but still skeptical. 

I have read a few threads asking how much debt is too much, etc. and it seems that the general consensus is that it's a personal preference. This has made me curious. How much are you, personally, okay with going into debt for a MSW? What is your thought process to come to that conclusion? What are the ways that you expect going into that debt will be worth it in the long run? 

I still realize that this will end up being a personal preference, but I think it is a worthwhile conversation. I hope somebody can bring some points to light that I hadn't previously thought of. 

[12sliders]

7 hours ago, HaleyWantstobeaTherapist said:

Hey, everyone

I was recently admitted to Simmons and Smith MSW programs, but both were entirely too expensive (around 80k in debt, taking into account both scholarships and grants). I've been pretty bummed about it and now I'm worried I won't be able to pull off going to grad school in the fall, even despite getting accepted.

I have also been admitted to BC and Loyola, but haven't heard back about funding for either. I'm hopeful, but still skeptical. 

I have read a few threads asking how much debt is too much, etc. and it seems that the general consensus is that it's a personal preference. This has made me curious. How much are you, personally, okay with going into debt for a MSW? What is your thought process to come to that conclusion? What are the ways that you expect going into that debt will be worth it in the long run? 

I still realize that this will end up being a personal preference, but I think it is a worthwhile conversation. I hope somebody can bring some points to light that I hadn't previously thought of. 

Thank you for this post. I am wondering the same. Thanks in advance for anyone's input!

[qt_dnvr]

I've heard you shouldn't take out more than your median target career salary. That would put most social workers between 40-60k for a cap for both undergrad and grad which is pretty low for some of these private schools.

I'm aiming for a total of about 70-80 with undergrad included. My personal goal was to take less in grad school than the 50k NHSC repayment- so I would "come out ahead" by going to school. I went to public schools and took one foolish year at a private arts college in undergrad that cost me more than 50% my total debt to date.

I wanted the expensive school this time because I want the resources. I want the funded summer internship, the alumni network, the midnight library, the movie screenings, the free workshops and professional development experiences, the connections in social science academia, the clout, etc. My goal is to feel like I got what I paid for at the end.

 

[bquinn]

Good thread. I have about $19k in debt from undergrad (parents paid for one year at private school, transferred to community college and paid out of pocket there, then transferred to a state university with instate tuition), and with UConn, I'm looking at about $48k, not including loans for costs of living. My husband will also have about $35k in debt when he graduates next year. I think with everything, including loans for living expenses, I'll be looking at $120k ($155k with my husband's debt included). This is all without knowing funding from UConn, but I'm not expecting much, as I've heard they aren't great with it. Hope I'm wrong, though! Similar to the poster above, I am looking for resources, networking opportunities, and a solid macro program founded in social justice. UConn is my cheapest option for that in my area. 

[MSW&MD]

I went to York for MSW. Free tuition and some pocket money   

[HaleyWantstobeaTherapist]

Thank you all for responding! I'm not carrying any debt from undergrad (in state tuition and scholarships) so that's a big plus. I was trying to stay around 40k for my MSW, because of that whole "don't take out more than you'll make in a year" philosophy. However, I'm realizing now that that's pretty unrealistic no matter what I do. I think I'll shoot for 60k, maybe?

If I chose to stay in state, this wouldn't even be a problem for me. However, I've wanted to move north for literally my whole life and I've heard that getting your MSW wherever you can you can see yourself staying for a while is the best idea. I can't imagine living in Florida for too much longer so I figured I'd bite the bullet and try to move north for grad school.

[CCD2016]

26 minutes ago, HaleyWantstobeaTherapist said:

Thank you all for responding! I'm not carrying any debt from undergrad (in state tuition and scholarships) so that's a big plus. I was trying to stay around 40k for my MSW, because of that whole "don't take out more than you'll make in a year" philosophy. However, I'm realizing now that that's pretty unrealistic no matter what I do. I think I'll shoot for 60k, maybe?

If I chose to stay in state, this wouldn't even be a problem for me. However, I've wanted to move north for literally my whole life and I've heard that getting your MSW wherever you can you can see yourself staying for a while is the best idea. I can't imagine living in Florida for too much longer so I figured I'd bite the bullet and try to move north for grad school.

This is remarkably similar to the situation I am in. $0 undergrad debt, wanting to keep grad debt ~$40k, but I am realizing this is increasingly unlikely. Even with a fairly substantial scholarship offered at admission. There will be more to develop, but I am incredibly anxious about debt, living expenses, etc. I have a lot to think about over the next few months, for sure. 

[HaleyWantstobeaTherapist]

6 minutes ago, CCD2016 said:

This is remarkably similar to the situation I am in. $0 undergrad debt, wanting to keep grad debt ~$40k, but I am realizing this is increasingly unlikely. Even with a fairly substantial scholarship offered at admission. There will be more to develop, but I am incredibly anxious about debt, living expenses, etc. I have a lot to think about over the next few months, for sure. 

It's really very stressful. I thought for sure I had everything figured out but that doesn't seem to be working out that way. Where did you apply?

[qt_dnvr]

Also want to point out you can always calculate what your payments will be at https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action

When I add the worst case- 41,000 of Stafford loans (the max over two years) and an extra 12,000 in Plus loans, I'm looking at 30$ more a month on PAYE with a similar salary to what I'm leaving to go back to school. That I can handle.

[iraqiyyya]

I'm having serious anxiety about this. I don't have any debt from undergrad, but the tuition + housing costs to attend my #1 (Berkeley) will be 40k a year. Are there even enough federal loans to cover that? Will I have to resort to taking out private loans? This is insane...

[Rose2017]

@HaleyWantstobeaTherapist Thanks for staring this conversation!! I'm just reading it now and it makes me feel so much better  to know that other people here are also looking at around $60k, I too was trying to stay under $40k ($30k preferably) but with only one in state school and all the other programs I applied to being out of state or private schools I'm looking at around $64k - $72k minimum with no aid. Hopefully there will be aid but so far I'm still waiting to hear back about it!

[Psychotea]

I think it's really smart you are all heavily taking the cost into consideration.  When I got my first masters degree, I think I just didn't realize I actually had to pay back all the money I took out in loans (clearly I was delusional).  Now, I only applied to working professional programs and many of the programs offer a great online component (Boston & Fordham) to at least give you the ability to work as you go.

[LWil]

I've already come to the conclusion that I'll be paying back student loans for the rest of my life so I am in a very apathetic stage regarding my debt right now.  Anyway, I am probably looking to be around $60-70k in debt when all of this is over. 

[TBMSW2017]

Hey all, 

Glad this thread was started. Also very helpful in me making my decision making process. I have undergrad loans of about $40,000. 

I am looking at PSU, San Jose state no UW as options, and was accepted into UW and PSU. UW is very very expensive, in which I would be $100 in loan plus my undergrad loans, where the other schools would be a combined 56-64,000. Although UW has the name and fabulous program,  it is wildly expensive.

i am comfortable in taking out close to $60,000 in loans- this is a career move, I value the flexibility of social work and you could make up to 70,000-80,000 in some social service positions. I'm just adding to the conversation, but you need to go to graduate school to pursue the professional side of social work and there's really no way around it. 

[TBMSW2017]

Is anyone else deciding on UW but deeply conflicted by the tuition and fees? 

[flowerthor]

I completed my MSW at a Cal State University in California. Now this may just apply to California students, but there is a program call Title IV-E Child Welfare. The program is both for 2 year and 3 year track students. It is a loan given by CalSWEC for students who are interested in working in child welfare. If you are given the loan (stipend) it will cover for tuition and still have some spending money as well. The only catch is, you will have to work in Child welfare (cps) after you graduate in order to "pay back" the loan. So if you receive it for 2 years, you will have to work 2 years in CPS. During the payback you will still get paid like a regular job but they just forgive the loan as you continue to work as a CPS social worker.

 

2/3 years goes by super fast and with the high demand (fast burn out rate) you'll very likely find employment after graduation. If you are attending a college in Cali, I encourage you look into this and apply.

[qt_dnvr]

This program is federally  funded so many can participate in other states. Some states only provide the grant to current CPS workers, others its not really enough $ to maybe be worth the commitment, but its worth looking into.

I thought about it, but after being a CASA I don't want to work in that system.

[lulumanila]

On 3/24/2017 at 5:27 PM, TBMSW2017 said:

Hey all, 

Glad this thread was started. Also very helpful in me making my decision making process. I have undergrad loans of about $40,000. 

I am looking at PSU, San Jose state no UW as options, and was accepted into UW and PSU. UW is very very expensive, in which I would be $100 in loan plus my undergrad loans, where the other schools would be a combined 56-64,000. Although UW has the name and fabulous program,  it is wildly expensive.

i am comfortable in taking out close to $60,000 in loans- this is a career move, I value the flexibility of social work and you could make up to 70,000-80,000 in some social service positions. I'm just adding to the conversation, but you need to go to graduate school to pursue the professional side of social work and there's really no way around it. 

What careers/positions have a salary of 70K-80K with an MSW? I'm curious--all I've seen is an average starting salary of $40K-$43K which depends on the state (NY, CT, CA having the highest) and practice concentration (Child Welfare, School)

[qt_dnvr]

When I see job postings in the 60s they are largely either high paying (and rare) administrative positions or hospital social work. I think you could also get into the 60s and beyond with a well developed private practice.

Hardly a starting salary, that is for sure. 

[TBMSW2017]

5 hours ago, lulumanila said:

What careers/positions have a salary of 70K-80K with an MSW? I'm curious--all I've seen is an average starting salary of $40K-$43K which depends on the state (NY, CT, CA having the highest) and practice concentration (Child Welfare, School)

School counseling- in which most MSW's can receive these positions- can make up to 70-80,000- depending on the state and public/private school setting. Positions in the school setting within the department of education tend to have higher salaries. Im not necessarily saying its a starting salary, but it is very possible.  In the non profit sector, ive definitely never seen anything in the 70-80,000 range, and those are the typical places where I have worked. So I think as you mentioned its a matter of location, field, and career advancement within that space or institution. 

[Aleh290]

On 3/24/2017 at 3:41 PM, flowerthor said:

I completed my MSW at a Cal State University in California. Now this may just apply to California students, but there is a program call Title IV-E Child Welfare. The program is both for 2 year and 3 year track students. It is a loan given by CalSWEC for students who are interested in working in child welfare. If you are given the loan (stipend) it will cover for tuition and still have some spending money as well. The only catch is, you will have to work in Child welfare (cps) after you graduate in order to "pay back" the loan. So if you receive it for 2 years, you will have to work 2 years in CPS. During the payback you will still get paid like a regular job but they just forgive the loan as you continue to work as a CPS social worker.

 

2/3 years goes by super fast and with the high demand (fast burn out rate) you'll very likely find employment after graduation. If you are attending a college in Cali, I encourage you look into this and apply.

How doe they disburse the stipend? do they give you the money or does it go straight to tuition?

[flowerthor]

@Aleh290

If I remember correctly, they give you the check every semester and you're responsible for using it pay for your tuition. Then what's left over is for other expenses.