stormparade Posted April 10, 2017 Share Posted April 10, 2017 (edited) Hi, everyone. I got into a bunch of master's programs that are focused on applied stats for social sciences/quantitative research methods. I either want to pursue a PhD in organizational behavior (I need research experience, which is why I applied to these master's programs) or work with data for social good. The problem is that I have a ton of student debt and other debt (from prior schooling), and I'm experiencing paralyzing sticker shock. I have a full-time job now, and wanted to switch gears and become a full-time student. But I'm not sure that's a good decision. Should I wait until I have paid off more of my debt and saved up money before attending? Should I just bite the bullet? I haven't made any decisions, because I'm not sure what to do. I'd really hate to bother my letter-writers again if I re-apply, but maybe I'm getting ahead of myself. Here are the programs I've narrowed my focus to: - Columbia Quantitative Methods in the Social Sciences (QMSS) (con: expensive) - NYU Applied Statistics for Social Science Research (A3SR) (con: expensive; classes mostly scheduled during the day so hard to attend part-time if I wanted to save money and continue working full-time instead of attending full-time) - Columbia Teacher's College - Social-Organizational Psychology (con: expensive) [only dedicated OB program in the bunch] - CUNY Hunter Graduate Program in Applied Social Research (GSR) (pro: least expensive program since I'm in-state; con: could be mistaken, but focus does not seem as rigorous or on new technology--also, I'm interested in micro-OB, and this is based out of a sociology department) Any insight? Thanks. Edited April 10, 2017 by stormparade Link to comment Share on other sites More sharing options...
eveline Posted April 10, 2017 Share Posted April 10, 2017 Have you tried finding paid RA positions? RA positions at a university, or maybe even a Consultant role in the corporate world that could be applicable? A wide range of industries are utilizing stats, big data; a lot of companies seem to be pretty into OB right now. Maybe you could find some kind of related paid role and simultaneously volunteer at a lab with absolutely perfect research fit. You already have debt, will gain more debt by entering a masters program, then when you (hopefully) are accepted into a fully funded PhD program, you'll still be poor (and in debt). Entering this masters program will have a spiraling effect on your quality of life for years to come. I wouldn't "bite the bullet" if I were in your shoes. I would explore all other avenues before committing. Good luck! Link to comment Share on other sites More sharing options...
juilletmercredi Posted April 12, 2017 Share Posted April 12, 2017 Depends on how much debt "a ton" is, but generally, I'd say you probably should not bite the bullet and add more debt. If you already had $60K in debt, for example, and you borrowed an additional $60K of debt to attend one of these programs - then let's say 2-7 years later you get a job that pays you $80K. Well, that's great, except that now you have $120K of debt to repay, which is kind of an untenable position to be in. And based on the way the coming administration is going, there's no telling how long loan relief programs like IBR or loan forgiveness will last. Your debt load needs to be manageable relative to a solid average salary you can expect to make coming out of the MS program (or your eventual goal). Link to comment Share on other sites More sharing options...
thelionking Posted April 13, 2017 Share Posted April 13, 2017 (edited) I also agree with the others' comments. Your concerns are very legitimate. Unless you plan to enter a field that will give you an excellent salary upwards of $100,000 annually, then it will take a really long time to pay off your loans. In 5-10 years time, you might have other life goals such as buying a new car, getting a mortgage or starting a family and all of these plans could be involuntarily delayed due to your heavy debt load. In my opinion, studying part time (or possibly doing an online program, if it exists) sounds like a great idea, if you could attend class outside of your working hours. It might take longer but at least you could either graduate debt-free or graduate with a light debt load that you could comfortably pay off afterwards. You could also explore paying off your first loan before taking on another one. But you didn't mention how long this could take, and by that time you might not want to wait that long to recontact your references. Edited April 13, 2017 by thelionking Link to comment Share on other sites More sharing options...
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