Let's Talk Debt

[littlelaoshu]

I don't really have a horse in the race right now as I'm just starting my career (23, graduated, about to move to DC for an internship), but I also would like to know how those who are getting huge scholarships at SAIS, admission to WWS, etc, are doing it.

It seems like I can't expect to make more than maybe 60k out of the gate from one of these programs, so I'd really rather only go to one if I get a huge amount of scholarship money. Otherwise it just doesn't seem worth it. I've been trying to chat with the people on here who get good funding on how they did it, but I'd really love more tips and perspective.

[woodscommaelle]

I know that my heart is in policy, but my undergrad is in econ. I'm down to deciding between an MS Econ program and the MPP at Georgetown. I know normally these wouldn't be comparable, but I have a full ride/stipend at the econ program and the net cost is literally $17 for me to go to school+ live for two years. I got a full ride for undergrad and my parents are willing to give me the money they would have spent, so I'd go about $13k into debt if I went to Gtown. I'm usually a very logical and risk-averse person and the recent downturn of the economy makes me feel physically ill -guilty, even- to think of putting that much money into an education, but I just can't seem to shake the MPP opportunity. There's no good reason on paper that I shouldn't pick the econ program, there's a slight chance I could still leverage it into policy work and it's a spectacular department, even if extremely narrow career-focus wise and smack in the middle of a cornfield. Someone please either make me hate Georgetown or tell me how much of an idiot I'd be.

[GradSchoolGrad]

2 hours ago, woodscommaelle said:

I know that my heart is in policy, but my undergrad is in econ. I'm down to deciding between an MS Econ program and the MPP at Georgetown. I know normally these wouldn't be comparable, but I have a full ride/stipend at the econ program and the net cost is literally $17 for me to go to school+ live for two years. I got a full ride for undergrad and my parents are willing to give me the money they would have spent, so I'd go about $13k into debt if I went to Gtown. I'm usually a very logical and risk-averse person and the recent downturn of the economy makes me feel physically ill -guilty, even- to think of putting that much money into an education, but I just can't seem to shake the MPP opportunity. There's no good reason on paper that I shouldn't pick the econ program, there's a slight chance I could still leverage it into policy work and it's a spectacular department, even if extremely narrow career-focus wise and smack in the middle of a cornfield. Someone please either make me hate Georgetown or tell me how much of an idiot I'd be.

At the end of the day, it depends on what you are career goals are. If you want to do Econ, be it in a research or academic capacity, do the MS Econ program. Right now, I haven't picked up your career oriented reason to do an MPP. 

I will say, I strongly advise people not to do an MPP straight from undergrad (it sounds like that is the case). Granted, McCourt MPP undergrad students tend to be better students than everyone else, the jobs they end up in aren't exactly graduate level. Interestingly, the average salary for a McCourt grad is less than a Georgetown average undergrad graduate salary. McCourt is also not exactly a fun place (I mean, I guess it depends on your definition of fun). It is being a around a lot of people who thought they were passionate about public policy, but end up realizing that it is a means to a job. I met very few people that were actually passionate about public policy, other than it being a status symbol. 

[spnfiim]

Hello everyone!

Could someone advise if taking loan of about 70-80 k for HKS MPA/ID program is worthy enough? Can we repay it back? I also have full-ride at SIPA but I am more hinged to MPA/ID because of its unique structure and focused approach.  

[GradSchoolGrad]

On 4/5/2020 at 7:06 AM, spnfiim said:

Hello everyone!

Could someone advise if taking loan of about 70-80 k for HKS MPA/ID program is worthy enough? Can we repay it back? I also have full-ride at SIPA but I am more hinged to MPA/ID because of its unique structure and focused approach.  

100% absolutely not. Yes... you may get a more catered academic experience at HKS, but honestly, unless you are doing something fringe (as in crazy different and niche), you are competing for the same pool of grad school jobs, and at a certain point, they will care more about the projects (hint opportunities to get involved in NYC) you were involved in rather than where you went to school. 

The HKS brand is is not worth 70-80K more than SIPA. Also, you might end up needing more than 70-80K due to how almost grad student I know underestimates costs... this is especially true at HKS, as trips, group experiences, and etc. pop up that require money. 

Edited April 6, 2020 by GradSchoolGrad

[Yass]

On 3/29/2020 at 7:49 AM, littlelaoshu said:

I don't really have a horse in the race right now as I'm just starting my career (23, graduated, about to move to DC for an internship), but I also would like to know how those who are getting huge scholarships at SAIS, admission to WWS, etc, are doing it.

It seems like I can't expect to make more than maybe 60k out of the gate from one of these programs, so I'd really rather only go to one if I get a huge amount of scholarship money. Otherwise it just doesn't seem worth it. I've been trying to chat with the people on here who get good funding on how they did it, but I'd really love more tips and perspective.

Why don't you chat with financial aid teams from the respective schools you're interested in? I would say that if you have solid GRE scores, decent work experience and make a good narrative on why you want to attend that program and how it aligns with your future career goals, that would help. But then again, I'm just an admitted student and don't know how people actually allocate funding to the different students. The Hopkins-Nanjing Center at SAIS has guaranteed scholarships for admitted students for example.

[rnk]

Slightly seperate question - bringing this thread back - but I'm curious how much people attempted to save before going to grad school? Thinking about the tradeoff of waiting another year to increase savings vs. taking on more debt

Edited January 23, 2021 by rnk

[hesadork]

Great question rnk. I think a good rule of thumb (and advice I was given that I'm grateful for): $0 non-ed-related (ie, credit card, auto) debt, 3-6 months living expenses.

[RickyTheGreat]

I'm curious. Why do schools like HKS strongly encourage applicants to submit financial aid application? What's the incentive? Does this have any bearing on application in some way?