Paying for Graduate School?! Help

[iamjess]

I have just received my financial aid packages from graduate school programs and have estimated that after I finish the 2 year program I will be in $90,000 worth of debt. The program requires me to go full time, and none of the schools offer work- study for graduate students. I am willing to work part time, and have been applying for any scholarship I can find- but I feel hopeless. Can anyone shed some light on how to get through this?

[Xin Lu]

You should really see if graduate school is worth it for you. I wrote a post about this a while ago:

http://baglady.dreamhosters.com/2007...aduate-school/

Is the debt worth it? Can you get a job to pay it off? How long would it take to pay it off? Will graduate school improve your life? You need to assess your situation and see if it makes sense to take on that much debt. Hope this helps!

[Ginger]

Originally Posted by Xin Lu

You should really see if graduate school is worth it for you. I wrote a post about this a while ago:

http://baglady.dreamhosters.com/2007...aduate-school/

Is the debt worth it? Can you get a job to pay it off? How long would it take to pay it off? Will graduate school improve your life? You need to assess your situation and see if it makes sense to take on that much debt. Hope this helps!

I TOTALLY AGREE! I am on the other side of you and wrote about it last week: http://www.girlsjustwannahavefunds.c...ate-education/

Do your research especially in the areas of projected salary, work environment etc etc. Try to get to know your intended field in the best way that you can. Its all good to want to do something but it is quite another if it won't pay the bills.

I am planning to go back to graduate school for computer forensics if I can help it because it is what Ive always wanted to do but followed my "heart" (and other silly reasons) instead of figuring out if my intended career path would support my lifestyle.

Thats my bit! Good luck!

[mbhunter]

$90,000 for two years!? Yikes.

Yes, make sure that the payoff is worth it. You didn't mention the field but that's all right; you can certainly track down what the salary differential is.

[gt0163c]

You might check to see if your school offers a co-op program for graduate students. It will take longer to get your degree, since you will be taking at least one term off to work. But co-op jobs are paid positions (not tons, but it helps, especially if you can live really cheaply) and you graduate with relevant work experience.

[yourbeginnings]

I could not agree more with Xin Lu.

I completed a Masters in IT 5 years ago which was sold to me as "you will be able to write your own ticket", etc. If I would have just looked at the job ads, most employers want certifications in specific technologies. I could have spent about $5K for a certification in Oracle, rather than $50K on a Masters.

[Thursday Bram]

If the degree is worth it to you, you do have a couple of options:

1. Put off getting the degree long enough to save the money to pay for it.
2. Take a part-time job — it can be tough, but it is doable (especially if it's a position with no set hours, like freelancing).
3. Bite the bullet, take on the debt and pay it off as fast as you can after you graduate.

Admittedly, they're not the greatest options in the world. There is no magic wand when it comes to paying for grad school. However, my recommendation is the job. I'm working on my MA part time and I'm working full time. I've actually been considering stepping up to full time studies, but am still trying to figure out a few logistics.

[stardanced]

I know you said that there is not a work-study program for grad students. It might be possible to do some other service for the school in exchange for tuition, though. Many graduate programs hire grad students to teach undergrads in exchange for tuition and a small stipend (that's how I'm getting my doctorate debt-free). Other schools offer discounts on tuition for employees of the university. There might be other options. Good luck!

[Xin Lu]

Oh right, if you get a job that would pay for your graduate studies that would be a win win. Many large technology companies here in the Bay Area offer that option. I've known people who got master programs paid for even though they went to Stanford or Santa Clara University. Actually some of the corporate students have an easier time getting into Stanford because I guess the school knows they have corporate support. It is tough to work full time and go to school, but many people do it.

[Dani]

I just finished grad school, at about $1200 x 4 semesters. I was able to continue working full time and paid as I went.

As a teacher, that put me on the highest end of the pay scale, for the duration of my career, so the program made financial sense. Otherwise, I wouldn't have wasted my time and the financial investment.

Full time in a MA program meant about 6 units per semester. I was busy, but I'm not in a tremendous amount of debt in the end.

Like others have pointed out, I wonder if you are aware of your earning potential after grad school, and whether it's worth it once you add in your loans with interest.