How much is too much? Graduate debt!
This is a question I have asked both my advisors and I can't get a helpful answer. I'm a debt-a-phobe. I don't even own a credit card. I save for emergencies and I never buy what I can't afford. But there is one thing I can't afford: graduate school. And I need to resolve my issues about loan debt. I'm lucky I get to leave undergrad with only $5000 in debt which I'm sure I can pay off with not much worry.
Now comes the scary part. Graduate school. The two programs I adore the most and know I will get the most out of will put me in $50,000-$100,000 in debt. Tuition for both schools for two years will cost $50,000 before books and materials. Living expenses aren't even accounted for. One of the schools, the best one for what I'd like to do is in NYC. Lo-and-behold massive rent. I am not willing to commute because it effects study, sleep, eating habits. I'd have to stay in the city limits. But this program is the one I want most. The other is nice and in a much more affordable area, but I will lose valuable experience and contacts.
I'm an art history and archaology major. I am applying to both art history and archaeology/anthropology programs for the basically the same thing: medieval and viking material culture. Both schools prepare me for work in field, to teach as well as in museums. However, if I go by the rule of, "Will it increase my earning but X amount?" The answer would be no. It merely increases my chances at the job I want, not the pay I'd like. I will be lucky to start with 40k a year.
How do you decide how much is too much for your education? What do you consider? My advisors simply tell me that if I want something bad enough the price tag won't matter. But the price tag does matter, because I fear at that rate I won't be able to pay the rent, let alone stay ahead of the interest. I'm not even sure its worth the fees and trouble to apply where I might not be able to afford.
Help?
Now comes the scary part. Graduate school. The two programs I adore the most and know I will get the most out of will put me in $50,000-$100,000 in debt. Tuition for both schools for two years will cost $50,000 before books and materials. Living expenses aren't even accounted for. One of the schools, the best one for what I'd like to do is in NYC. Lo-and-behold massive rent. I am not willing to commute because it effects study, sleep, eating habits. I'd have to stay in the city limits. But this program is the one I want most. The other is nice and in a much more affordable area, but I will lose valuable experience and contacts.
I'm an art history and archaology major. I am applying to both art history and archaeology/anthropology programs for the basically the same thing: medieval and viking material culture. Both schools prepare me for work in field, to teach as well as in museums. However, if I go by the rule of, "Will it increase my earning but X amount?" The answer would be no. It merely increases my chances at the job I want, not the pay I'd like. I will be lucky to start with 40k a year.
How do you decide how much is too much for your education? What do you consider? My advisors simply tell me that if I want something bad enough the price tag won't matter. But the price tag does matter, because I fear at that rate I won't be able to pay the rent, let alone stay ahead of the interest. I'm not even sure its worth the fees and trouble to apply where I might not be able to afford.
Help?