grad school college tuition, is it worth it??

anicholel · #1 Jun 10, '12, 11:26 pm

I am supposed to start graduate school in about a month. However, I am very stressed about the amount of student loans that I will have to take out. It is a three year psychology/nutrition program, at the end of three years I will be a licensed psychologist/counselor and licensed nutritionist which would provide me with some really great career oppurtunities. Im just freaking out about the fact that if you include my undergrad student loans (which i guess isnt too much) and graduate school (which is going to be expensive) I could have close to 85,000$ of debt at the end. =0 not what I want!! yikes, but if I dont go to grad school then I am stuck, with an undergrad bio major theres not many options. I am curious do you think it is worth it to go into that much debt to become a psychologist/counselor etc??

Also, does anyone know any information/advice on loan forgiveness programs? I have found one that is through the American healthcare corpes (or something like that?) my question however, is how reliable are these types of programs, do you think they will be around in three years??

Any advice is appreciated, thanks!!

meltzerboy · #2 Jun 11, '12, 4:57 am

Would it be possible for you to work while you are attending the program? If so, perhaps you can pay for at least some of the costs of graduate school without incurring such huge debts. Further, maybe you can begin to save some money, difficult as that is nowadays, so that by the time you graduate, you can pay off a larger portion of the loans on a monthly basis. I would also advise you NOT to defer payments since the interest on the loan only accumulates that way and you'll eventually have to pay more money and for a longer period of time. As of now, student loans cannot be discharged even if you file for bankruptcy; however, there is some talk about changing that policy in the future, but I wouldn't count on it. If you must take out loans, go with the ones that have the lowest interest rates, which are usually public rather than private loans. I would say that if this is your passion and there are jobs available to you after you graduate, then go for it! But, at the same time, be careful about spending and saving money in the next three years.

aicirt · #3 Jun 11, '12, 5:54 am

Have you and are you now working in the bio field? Do you think you want to work as a psychologist/nutritionalist when you get your masters?

The reason I'm asking is many go into a different field when they realize there aren't any jobs or aren't jobs that pay in their chosen field. Have you tried sales and marketing?

midori_ · #4 Jun 11, '12, 6:20 am

When my dad was doing his Master's and PhD, I want to say he was one of those grad students who worked as assistants-- teaching, lab work, experiments, etc, and was paid for it. I don't know the details, but when my brother did his Masters, I believe he also worked for his department, and was essentially paid to be a grad student.

When I did my Master's, I did my program online via WebCT while I worked my day job. I worked for an employer who reimbursed me for half my tuition after I turned in good grades at the end of each semester, but the caveat was that I was not able to seek employment elsewhere for two years after I graduated.

When my husband did his JD (at the same time I was working on my degree), he did it on the night program. He worked a full 40-hr week, and then went to the night school track. It took an additional semester than the day students took, and was grueling and stressful, but he graduated with no debt.

School also makes a difference. I did my undergrad at a solid private university. Between scholarships, student jobs, and working during the summer and Christmas breaks, I was able to graduate with half a year's salary in debt. I worked on paying it off for the year in between my undergrad and master's, and that process definitely had an effect on my outlook in terms of how to approach my advanced degree. I had chosen my undergrad degree with a view as to what was interesting, and had picked a school based on who offered an obscure major. I chose my graduate degree with a view as to practicality, flexibility, and marketability, and chose a state university with an eye to affordability and ability to be a full-time grad student (only 9-12 hrs, as I found out the hard way!) while working full time.

It took me three (? four?) years to pay off my undergrad debt, but was also able to pay for my half of my Master's degree and my husband's JD simultaneously because we had the opportunity to work during our advanced education. I'd highly, highly recommend that if you have the opportunity.

**SamH** · #5 Jun 11, '12, 6:25 am

Quote:

Originally Posted by anicholel

Also, does anyone know any information/advice on loan forgiveness programs? I have found one that is through the American healthcare corpes (or something like that?) my question however, is how reliable are these types of programs, do you think they will be around in three years??

Any advice is appreciated, thanks!!

You need to talk to the school's student financial aid office to find out more about those programs. Some need to be signed up for BEFORE the expenses are incurred. In other words you have to commit to them now for work you will do years from now.

I agree with meltzerboy on working to offset some of your expenses. Every dollar you earn now is one you don't have to pay back with interest later.

meltzerboy · #6 Jun 11, '12, 6:55 am

Quote:

Originally Posted by SamH

You need to talk to the school's student financial aid office to find out more about those programs. Some need to be signed up for BEFORE the expenses are incurred. In other words you have to commit to them now for work you will do years from now.

I agree with meltzerboy on working to offset some of your expenses. Every dollar you earn now is one you don't have to pay back with interest later.

A small miracle, Sam; we finally agree on something!

Rolltide · #7 Jun 11, '12, 8:55 am

I agree with Midori. Are there no Teaching or Research Assistantships? I know that when I was a Master's student, the vast majority of people didn't pay for their schooling, because they were working for the college (in fact, I'd say on the order of 90%). At least in my field, history, the object was to apply to like 10-15 schools, and then you go where the funding is. When you're looking at Master's programs, generally, unless you already have a job, you move to wherever has the best program and professors in the area of the field you want to specialize in (and that gives you money).

I applied to almost 20 schools, got admitted to five, got funding to three, and moved from Minnesota to Alabama sight unseen because UA was the best of the three schools in my field that admitted me.

BobCatholic · #8 Jun 11, '12, 10:46 am

Quote:

Originally Posted by anicholel

I am supposed to start graduate school in about a month. However, I am very stressed about the amount of student loans that I will have to take out. It is a three year psychology/nutrition program, at the end of three years I will be a licensed psychologist/counselor and licensed nutritionist which would provide me with some really great career oppurtunities. Im just freaking out about the fact that if you include my undergrad student loans (which i guess isnt too much) and graduate school (which is going to be expensive) I could have close to 85,000$ of debt at the end. =0 not what I want!! yikes, but if I dont go to grad school then I am stuck, with an undergrad bio major theres not many options. I am curious do you think it is worth it to go into that much debt to become a psychologist/counselor etc??

Also, does anyone know any information/advice on loan forgiveness programs? I have found one that is through the American healthcare corpes (or something like that?) my question however, is how reliable are these types of programs, do you think they will be around in three years??

Any advice is appreciated, thanks!!

This is a PhD program, right? There are no 3 year master's programs AFAIK.

You did not apply for any graduate assistantships or teaching assistantships or research assistantships? All PhD programs give these if you apply and qualify for them.

Otherwise, you are enslaving yourself with debt. Don't do it.

tafan · #9 Jun 11, '12, 2:33 pm

Avoid student loans like the plague!!!!

Go to grad school, but find a better way to finance it.

Do I understand your last paragraph correctly, you are planning on taking out student loans and already looking into means to not pay them back? That sounds highly questionable to me.

Sarabande · #10 Jun 11, '12, 3:23 pm

I agree about looking into becoming a teacher/research assistant. My husband worked as a teacher assistant while obtaining his masters and had no student debt when he graduated.

Aggies08 · #11 Jun 11, '12, 7:32 pm

Work while going to school, so you have smaller loans to take out.

Take out only the amount you NEED, not the full amount OFFERED. A coffee every morning from Starbucks is not what loans are for. My DH and I just finished off paying ours after 4 years- we've been living on 30,000/yr (2 kids), and it's hard. Do your best to work as much as you can, and take out as little as possible.

Cristiano · #12 Jun 11, '12, 7:54 pm

Quote:

Originally Posted by tafan

Avoid student loans like the plague!!!!

Go to grad school, but find a better way to finance it.

Do I understand your last paragraph correctly, you are planning on taking out student loans and already looking into means to not pay them back? That sounds highly questionable to me.

I think that he means that there are some institutions that allow you to work your debt out with them. The concept is like the army paying for your college while you are in the ROTC and then you serve for a predefined number of years.

tafan · #13 Jun 12, '12, 9:47 am

Quote:

Originally Posted by Cristiano

I think that he means that there are some institutions that allow you to work your debt out with them. The concept is like the army paying for your college while you are in the ROTC and then you serve for a predefined number of years.

Thanks for the clarification.

BobCatholic · #14 Jun 12, '12, 10:44 am

Quote:

Originally Posted by Cristiano

I think that he means that there are some institutions that allow you to work your debt out with them. The concept is like the army paying for your college while you are in the ROTC and then you serve for a predefined number of years.

Which institutions? Schools won't let you graduate with debt owed them. If you have student loans at a private lender, you're screwed.

My suggestion is avoid student loans like the plague. Once enslaved, you won't get out in this economy.

Iheartcoffee · #15 Jun 17, '12, 4:22 pm

Start searching for the job you want after graduation NOW so you can always have a good idea about your opportunities and the field. Jobs in psychology and nutrition are not nearly as a lot of people think. Definitely do not listen to what the schools say when they tell you about your job opportunities. I got burned big-time by believing what my school said about getting a science degree.

I know I sound really cynical, but I got burned and I'm a bit resentful. I will never ever let my kids take out student loans due to my experiences. I went into a "safe" field and I was told that student loans were "investments". The market crashed and I realized my loans were nothing but a huge gamble that I had been taking all along.