Terminal MA people--how are you going to pay for living expenses for two years?

[gazelle]

For those of you going into terminal master's programs (e.g. going to have to pay living expenses out of pocket), how are you going to be doing this? Are you going to be working, living off savings, or what?

I know they prefer that students don't work while in grad school but that's kind of absurd if they aren't handing out living stipends like candy, particularly if your school is in a location where a car is pretty much a necessity.

So how will you fund two years of your life?

[pea-jay]

For those of you going into terminal master's programs (e.g. going to have to pay living expenses out of pocket), how are you going to be doing this? Are you going to be working, living off savings, or what?

I know they prefer that students don't work while in grad school but that's kind of absurd if they aren't handing out living stipends like candy, particularly if your school is in a location where a car is pretty much a necessity.

So how will you fund two years of your life?

I'm pretty close to debt free at the moment (only minimal credit card debt) and working on building a savings war chest of at least $15K. I hope to get at least a modest amount of assistance somewhere and plan on utilizing loans elsewhere to cover school stuff and my portion of the family budget. I know this isnt an option for everyone, but my wife will be working FT, so she will cover the rest. That's the plan anyway.

[stilesg57]

I walked into grad school with $8k in credit card debt and no more undergrad debt (yay!). I'm living entirely off loans this year for living expenses, but I've almost paid the credit card off (8.5% on my student loans is better than BOA's new 27% rate on my credit card!) and I'll make enough this summer to live off of all next year. So yeah, loans the first year and internship money the second.

[HopefulIR]

Loans.  Applying to as many scholarships/fellowships as I can.  

In May I should have everyone's reply about financial aid.  I'll probably end up making a compromise with the school that offers me the most money/their stats on job placement for alumni/their courselist appeal.

[gazelle]

Will the US Dept of Education and other lenders actually let you take loans just to cover living expenses? I always thought it would only be just be enough to cover tuition/fees.

[gollux]

Will the US Dept of Education and other lenders actually let you take loans just to cover living expenses? I always thought it would only be just be enough to cover tuition/fees.

i also used to labor under that misapprehension. but i have learned. they definitely cover living expenses. my sig. other is doing a professional degree. even though i work full time, i don't make a ton of money, and we have counted on the semesterly infusion of cash to make ends meet. i suppose it just depends on how much you take out in loans, but most loan packages assume that the student will not be working (or not working enough to pay rent, etc.), and there are a few extra thousand dollars after the school has been paid. that's my understanding at least.

[gollux]

i should add that some people obviously take out only what they need to pay the tuition, because they either have savings or family contributions. you are not required to take living expense money or anything.

[coaks]

Yeah, check out the cost of living calculations for your target programs. Lenders, federal and private, should allow you to take up to that amount. Some rare private loans will allow you to take more than that if justified by extraordinary circumstances. Plus if you have some significant and justifiable reason for needing to take out more, you can try working with the financial aid office at your target institutions. They may be able to increase their calculation for you.

[stilesg57]

I believe they will loan you up to the COA (cost of attendance) at student loan rates - that's what I got. It's typically about $16-20k more than tuition depending on the school's location.

[Mike T.]

For those of you going into terminal master's programs (e.g. going to have to pay living expenses out of pocket), how are you going to be doing this? Are you going to be working, living off savings, or what?

I know they prefer that students don't work while in grad school but that's kind of absurd if they aren't handing out living stipends like candy, particularly if your school is in a location where a car is pretty much a necessity.

So how will you fund two years of your life?

The usual - slangin' rocks, runnin' hoes.

Not really.

[coaks]

The usual - slangin' rocks, runnin' hoes.

Not really.

Yeah, I'm not sure you'll have time to do both mining and landscaping work, given the rigors of a Master's degree program.

[fadeindreams]

Yeah, I'm not sure you'll have time to do both mining and landscaping work, given the rigors of a Master's degree program.

I think they were planning on terraforming. Maybe it's part of their proposed dissertation research....