Student Debt

[Rorororosy]

Wanted to start a thread about funding yourself through graduate school, how did student do it and how much debt are you in? 

Did you work part time, was that manageable, did you get a GA? 

How are you going to pay it back? 

If you went to an expensive school do you think it made a difference? Would you do it again? 

 

[jpiccolo]

I qualified for federal loans which wasn't nearly enough for my added expenses of rent food books car etc. I had enough saved  up for one summer of tuition and had a little help from parents when it got tight. I'm in debt 24k. I was able not to need a part time job but many in my cohort did a GA, TA'd, or had a job off campus. 

Current plan is just to pay back using salary and trying to budget wisely to pay off asap. It's not that much debt really. If I end up in a school setting maybe I'll look into degree forgiveness but that requires usually ten years of work in a certain school. 

My school wasn't that expensive but the quality of education was good. I was tempted by more expensive schools but idk that it would've been worth it and have 70k or more debt. Especially since now I'm going to have an unplanned car payment soon too plus rent, I'm relieved not to have excess student loans. Still, if those were my only offers I wouldn't have thought twice. 

[ElKel87]

@jpiccolo For loan forgiveness, it actually doesn't need to be in the same school for 10 years or even in a school at all. It just needs to be in an area of public service for 10 years. So any nonprofit (like a nonprofit hospital) or government organization (like the VA) would qualify. You can move around between jobs as long as they all qualify as "public service" and it's 10 uninterrupted years. And you need to make regular monthly payments during those 10 years. So basically you set yourself up with the income based repayment plan, which usually allows you the lowest possible payment per month, and then after 10 years (and I assume a good amount of paperwork) the balance on your loans can potentially be forgiven. The law was signed in I think 2007 or 2008 so, because of the 10 years stipulation, the first person to qualify for the program won't be eligible until this year or next.

Sorry for the long winded post, I've been doing a lot of research into loans to keep myself busy while I wait for decisions 

Here's a link with more info in case anyone else is interested!

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

[maurmaur]

I didn't have to take out loans or anything for undergrad so this is coming from a place of ignorance (I know that's lucky and stuff), but as someone who won't have a ton saved by the time grad school begins, is it possible to go to school and live and pay tuition completely off loans? There's a limit to the ones with low(er) interest right? And what kind of resources do you use to figure this all out? I'm assuming the school we end up going to but are there resources apart from that any of you have found helpful? I'm the oldest and haven't had to think about all this until now.

[JcSLP]

@maurmaur Yes, I payed for my whole undergraduate degree (unfortunately, but I had no other choice) in loans, both federal and private. Your FAFSA automatically calculates the cost of attendance for each school, so for me I took out the max federal loans every year and covered the rest with private. In your cost of attendance that includes room/board, so when I wasn't living in a dorm/with a meal plan anymore, that money was refunded to me. That's what I used to pay my rent each semester.

It really helps to just go to the federal student aid website and read in depth about all the different types of loans/grants. My plan for grad school is to hopefully get a GA/TA position in addition to most likely going to an in-state school, so I'm hoping to take out the bare minimum for loans this time around now that I understand more of the financial aspect. As a graduate student, you're automatically considered independent from your parents (you don't have to report their financial information on the fafsa) so the "expected family contribution" is essentially zero. This means you qualify for way more in federal subsidized/unsubsidized loans than as an undergraduate.

Hope this helps a little!

[Allegro8032]

After both undergrad and my first master's I ended up with $45k in loans. However, just as important as the loan amount is the interest rate. I consolidated after I got my degree and locked in a 2% interest rate, so once I started working I was able to pay down the principle pretty fast (plus its less painful to pay when you see that balance go down). You also can write the interest paid off on your federal (and in my case, again on my state) taxes which really boosts my tax refund.

Do the research on your total borrowing, but also your interest rate and what your monthly payments will be like (and how much of that payment will go to interest for how long) before making a decision on how much is too much. Also whatever you do, don't get a variable interest rate - that will screw you. I know people who are paying credit-card level interest on their student debt and there is no end in sight for them. They are barely paying the interest.

Edited March 1, 2017 by Allegro8032

[slpfall14]

I went to an inexpensive graduate program in NM and had to take out loans.  The loans covered all my expenses.  I was able to work as a grad assistant and get in-state tuition.  My grad program was actually cheaper that my undergrad program.  In total I took out 30k in loans for grad school.  The actual tuition only cost about 12-15k in total.  But I needed the loan money for housing and living expenses.  I'm doing the 10 year loan forgiveness program like someone else who posted above just because I took out undergrad loans too. 

I'd suggest going to a inexpensive school.  In this profession, where you go to school doesn't matter.  What matters is if it's accredited by ASHA. Once you're done with school, you'll make the same amount of money as someone who goes to an expensive school. Even if you want to get a PhD later on, what school you went to still may not matter.  

[twinguy7]

@slpfall14 @Allegro8032 @ElKel87 @jpiccolo

Most people seem to not know about the 5 year loan forgiveness program for SLP's in schools. Here is the summary for qualifications:

Teacher Loan Forgiveness

The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans. If you have PLUS loans only, you are not eligible for this type of forgiveness.

Here is the site:

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher

SLP's qualify under Special Ed teachers.  As long as your in one of the qualified low income districts, all you need to do is fill out the paperwork at the end of the 5 years and they will forgive up to $17,500.  

Just another option, I know the 10 year program forgives the entire debt remaining so this option is better for people with like $40k in debt or less probably.

[jpiccolo]

Nice! I haven't spent any time looking into this stuff yet. Trying to decide where my interests are for settings at least to start for my CF. thanks for the link!

52 minutes ago, twinguy7 said:

@slpfall14 @Allegro8032 @ElKel87 @jpiccolo

Most people seem to not know about the 5 year loan forgiveness program for SLP's in schools. Here is the summary for qualifications:

Teacher Loan Forgiveness

The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans. If you have PLUS loans only, you are not eligible for this type of forgiveness.

Here is the site:

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher

SLP's qualify under Special Ed teachers.  As long as your in one of the qualified low income districts, all you need to do is fill out the paperwork at the end of the 5 years and they will forgive up to $17,500.  

Just another option, I know the 10 year program forgives the entire debt remaining so this option is better for people with like $40k in debt or less probably.

 

[Rorororosy]

Thank you everyone keep it coming. SUCH Great information. Its so scary to think about being in a lot of debt. 

[Callen]

Wow I thought I knew what was up based on the loans I took out from undergrad, but all of this information is telling me I know a slim amount haha.

I'm finding it hard to understand different schools prices - I hate when they do "tuition calculator" and have you try to fill in the blanks.

[Kate22192]

Do people ever actually get aid packages from schools? I'm seeing some posts about schools offering scholarships and whatnot and I'm sitting here like, "whaaa?" I was under the impression the only type of aid you might get for an SLP Master's program is if you secure a GA or TA position

[JcSLP]

58 minutes ago, Kate22192 said:

Do people ever actually get aid packages from schools? I'm seeing some posts about schools offering scholarships and whatnot and I'm sitting here like, "whaaa?" I was under the impression the only type of aid you might get for an SLP Master's program is if you secure a GA or TA position

Same, I was really surprised when I saw people on the results board getting these huge scholarships... I didn't even know you could get scholarships for grad school haha I thought only GA/TA/RA postions

[Kate22192]

On 3/3/2017 at 0:04 PM, JcSLP said:

Same, I was really surprised when I saw people on the results board getting these huge scholarships... I didn't even know you could get scholarships for grad school haha I thought only GA/TA/RA postions

Right! Maybe it's some strange, very unusual occurrence. 

[Auuudriana]

On 3/3/2017 at 11:02 AM, Kate22192 said:

Do people ever actually get aid packages from schools? I'm seeing some posts about schools offering scholarships and whatnot and I'm sitting here like, "whaaa?" I was under the impression the only type of aid you might get for an SLP Master's program is if you secure a GA or TA position

Yep. I got a $20k scholarship for one year.  They say they have them available for next year as well. But besides that, I have a full-time job.

[plume]

Some programs have funding for scholarships, some don't. It looks like UT Dallas used to offer almost all out-of-state admits in-state tuition and Emerson gives 1/3 of theirs scholarships. It does not seem like a common thing, though!

[Kate22192]

How do people even GET scholarships though? I've seen nothing from NJ schools I applied to

[plume]

37 minutes ago, Kate22192 said:

How do people even GET scholarships though? I've seen nothing from NJ schools I applied to

They are usually included in your admission offer. Some schools let you know about funding later. you would have to contact the schools you applied to to see if they offer funding and if it has already been distributed.

Some schools redistribute funding after the deadline they give you to accept/reject their offer. If students with funding don't choose to attend, they reallocate it. However, not all schools do this.  

[Auuudriana]

59 minutes ago, Kate22192 said:

How do people even GET scholarships though? I've seen nothing from NJ schools I applied to

My school just offered it to me. I didn't apply for it or anything.

[VitaSineLitterisMorsEst]

10 hours ago, Kate22192 said:

How do people even GET scholarships though? I've seen nothing from NJ schools I applied to

I think it depends on the school. A lot of the private schools are ridiculously expensive, and they offer funding to their students right off the bat. The only public school that offered me anything so far is the University of Nebraska, and I applied there partly because they are notorious for handing out aid.

But don't feel bad if you didn't get anything. A lot of schools just don't even allocate those kinds of resources for this degree, they save it all for their Ph.D students. My undergraduate institution gives exactly 4 full tuition scholarships to their GAs and that's it. I felt pretty sad about not getting anything from UF but they tell me that students mainly can apply for positions and scholarships around the school later on, after accepting admission.

[tvl]

On 3/5/2017 at 0:35 PM, Auuudriana said:

Yep. I got a $20k scholarship for one year.  They say they have them available for next year as well. But besides that, I have a full-time job.

If you don't mind me asking, a full time job doing what? People keep telling me working while in grad school is impossible.. let alone full time! However, I am totally freaking out about bills and tuition as my parents can't financially help out. 

[SpeechLaedy]

Oh wow. With all these schools possibly giving it funding now, I guess that means I should hurry up and finish this FAFSA ?

[poor_salieri]

I went to a more expensive private university in a bigger city. I received a large scholarship, but had to pay for living expenses since I moved far from home. I lived like a peasant and with paying for partial tuition, rent (a room in a house), supplies, and basic living necessities I still managed to have around $50,000 in debt (6 semester grad program).  I can't even imagine some of the students who had to pay around 100,000+ for tuition/school expenses alone. Do I think it's worth it? For me no, but it may depend on the type of person you are. I moved far away only to move back to my home area, so while I made connections at grad school, they didn't benefit as much as ones nearer to where I ended up would have. I also didn't think the quality was better- the education really depends on learning styles and whether you click with the professors and the style of learning the school promotes- not really big name college vs smaller not big name college. Also at bigger universities or in cities with many schools you may be competing with other classmates and other schools for clinical spots. So although many people want to go to those schools thinking that they will get good medical expenses, we may or may not end up getting your ideal placement. 

I also am more conservative with money and don't like to have debt (aside from school I don't have any). While I know there are loan repayment opportunities, I don't want to be paying my loans for 5 to 10 years + only to not have that work out or to still have a large monthly payment (which is why I didn't pick the most expensive school I got in to). And the interest can make it difficult to see a dent put into your loans.

If you do decide to spend a lot on grad school the best way to pay it off would maybe include some of the following:

-part time job, fellowship, or assistantship to make small payments while in school (or reduce the needed loan amount)
-continue to live modestly for a few years after graduating to make extra payments toward loans 
-live with family or friends for a few months after to make a large dent in the loans 

[jabo21]

I have gotten funding from 2 schools. I think I am going for the school with the lowest ranking, but best financial aid package and lowest cost of living.

I feel like owing $10k in debt is a lot better than $30k...or $80k.....or even $120k....

Given that the salary cap on this profession is around $120k, I don't think it's worth owing more money than I have to. I know friend in law school have said connections really matter--but I think in the health sciences it isn't such a big deal if your school has the "brand name" or not. But perhaps I'm wrong?

[Auuudriana]

On 3/10/2017 at 7:07 PM, tvl said:

If you don't mind me asking, a full time job doing what? People keep telling me working while in grad school is impossible.. let alone full time! However, I am totally freaking out about bills and tuition as my parents can't financially help out. 

I'm the first assistant manager at McDonald's. I've been there since I was 15 and it is flexible enough that I can work something different every week.