loans and funding for MLS programs

[entheogeneric]

So, I'm applying for MLS programs (and one dual MLS/MA in English lit program). And I don't think I'll find a ton of funding. My not so great gpa, the traditional lack of super great funding for MLS programs, the fact that I'm applying to mostly public universities, etc. So, I'm thinking I'll be taking out loans. But: I keep hearing you shouldn't

Comments

[coaldustcanary]

This, basically. I know a fair number of people with MLS degrees from Top Programs and most of them are unemployed or underemployed in non-library settings.

OP: I'm not saying don't do it, but definitely go where you get the best opportunities for funding and, if you can, a low cost of living.

[entheogeneric]

I think the places I'm looking at have generally low cost of living (or the tuition is low enough to maybe make up for it being higher? I'm also from New York City, so my sense of money and cost of living is...different)

I guess I'm kind of just freaking with the terrible economy and the money I already have out for undergrad (24K, which is...not a ton considering it got me through 7 years of undergrad at a CUNY)

I'm also really curious about what other people find to be their absolute upper limit in terms of how much they're willing to take out/owe for a good chunk of their lives.

[coaldustcanary]

For me, it was 30k, and even that makes me deeply uncomfortable. My Master's was partially funded, which led to 2/3 of that, and the last 10k has been summer-living-money while finishing my PhD over the past 4 years. With consolidation, and at the interest rates I have, that will be ~$225 per month for 20 years. That is a long damn time to be paying that much.

[entheogeneric]

I went to CUNY and lived at home undergrad, but needed the money to pay tuition/books/bills/etc. and that's even with working for the vast majority of the time I was there. I have no idea how much I'll be looking at in scholarships/assistant-ships so I don't know what to keep in mind as a good figure for LOANS. It looks likely that it will be between 25-40. I think I should shoot for 50K being my absolute limit in total loans out, but we'll see. I don't want to spend my life paying these things off. When I'm ready for retirement, I want to retire.

[coaldustcanary]

You might want to figure out, based on current interest rates, how much you can imagine paying monthly toward the loans. Certainly, there are income-sensitive repayment plans (if all of your loans are federal ones, that is - if they're private, you may be SOL on that score) but 50k in loans is probably in the $450 per month range. Doable?

[roseofjuly]

LOL, I know what you mean - I live in NYC for my graduate degree and my sense of money, salaries and CoL is all fucked up now.

I don't have an absolute upper limit; it depends on the salary range and career prospects in the new job. I'd borrow $70,000 for an accounting or nursing master's because I know I could reasonably pay that back, but the library science field seems saturated and has relatively lower salaries, so not so much.

[entheogeneric]

definitely did, thanks so much.

May I ask where you're studying?

[entheogeneric]

that's such a good program, though!!! *jealous*

I would prefer to leave NYC if possible, so I don't think I'd like to do an online program. But I think 45K for undergrad and grad is pretty reasonable. Esp at such a high ranked program.