How much is too much? Graduate debt!

[kuniklos]

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

Comments

[greekdaph]

You're raising a series of really good questions, heartbreaking though it is to have your aspirations limited by practical financial realities. Have you talked to graduate coordinators and students at these programs to find out what resources are available and what the experience is like on the ground? I've found grad students to be quite forthcoming about stuff like this, so it's worth asking

[kuniklos]

Yes I'm going for the MA first merely because I want to start working and getting more experience sooner rather than later. Not to mention make some money so I can settle and then begin work on my PhD.

I have spoken with a current grad student at the school I want the most. And she was honest. This is why I am asking about this here because she made it seem impossible without insane debt.

I appreciate the advice and I am taking everything here into considerations. I'm jut not sure what weighs more, the bad or the good.

[greekdaph]

Ah, I see what you mean about the MA. But, there's always the--slightly dubious, but not, I think, entirely morally bankrupt--option of leaving a funded PhD program after the MA. And there's always the chance that you'll want to stay on for the PhD anyway. Are there PhD programs in your field that lean more towards emphasizing work/field experience? Such programs could be the best of both worlds. And are there jobs that require an MA but wouldn't require a PhD? That is, what would the pre-PhD work experience look like, and would it be that different from the kinds of positions you could land with a BA?

Also, though application fees cost a pretty penny, it might be worth deferring the weighing until after you get in and, particularly, after you go to the visiting weekend and see how the program sells itself and meet the people who would be in your cohort. Gut instinct on those visits can go a long way, and decisions become much clearer after you know exactly what the options are.

[circumfession]

*nods* I was going to suggest this as well, though it is a very tough call...and a fine line to walk. Many students do go into Ph.D programs without knowing whether or not they're going to stay. (And many more, I suspect, plan to stay but end up leaving after the MA). If you do plan to get a Ph.D eventually, it may be worth it to apply to Ph.D programs to begin with. And I have no idea what your field is like, but is finding a funded MA (or at least one with tuition remission) possible? They are rare, but they do exist in my discipline (English).

I also wanted to echo Daphna's suggestion of looking at programs with emphasis on work experience (if that works best for your career goals). It seems that your end-goal isn't common among other students in your discipline, it would make sense (at least to me, as the outsider) that there strong programs that cater to your goals.

You might also want to look into external fellowships (though again, they tend to be rarer at the MA level).

[fullofpink]

1: I understand your concern about debt, but as an aside, you should get your credit score checked. Without a credit card and only student loans you may not have a good credit rating which may affect your chances for loans later in life. It does not sound to me that you are considering what other options, or circumstances, may be affected by that. It can't hurt to check

[kuniklos]

Oh believe me, I know 40k a year is unrealistic, and honestly I couldn't even imagine paying off my debts or surviving in the city with less than that. I've always wanted to work in archaeology, but I primarily enjoy the individual research of material culture which ends up being more and art history local. This program makes me wild with envy, but I know the debt is going to be mind boggling. There's not way I can easily work with it.

Sadly the school I am looking into basically has no funding for anyone no matter how awesome you are. If you get an assistant you're lucky to get $12,500 as a max. I learned about the program from someone who goes there now and visited my current school. She definitely told it to me straight. However, she's in the same financial stitch too, but went for it anyhow.

Thanks for the advice!

[fullofpink]

In that case, it's just too expensive. You'll spend years paying it off and if you are like me, will have the worst anxiety over it (I'm also super debt conscious!). On Scrubs, when Elliot gets booted from her lifestyle by her father, she starts freaking out about what she can do, and JD responds: "I have 150,000 in debt. You'll be fine." Unfortunately, they are doctors and will ALWAYS make more than us lowly humanitarian kids.

There's always external funding, but it's competitive and usually not enough to live off of.

Good luck with your decision. :( I know its not easy - just be aware there are other housing options!!! :P

[captiv8ed]

I wouldn't do it. It is a field that is difficult to get into, and even if you do, the pay won't be that high. That sucks though. :(

[fancymcpants]

I finished my MA in Museum Studies a couple of years ago with $50k in debt. I now pay $700/month in loans (which is more than my rent, and I live in New York City, mind you). It's really a huge amount of debt that at this point, doesn't seem to have been worth it. I've had a few jobs in the museum field now, and they've been a lot of fun, but none of them required an MA. Most entry level museum jobs don't seem to require one, and for the ones that do, they are more likely to hire people who have inside connections. One of the big problems I've found with the museum field is that with such a huge amount of interns, not only do they have free labor, but when positions open up, they hire people they already know (and who can fault them for it?). Which isn't to say you'll never get a job in a museum; if you try long enough and work hard enough at anything, you can do it, you just have to have extreme amounts of patience. I spent about 18 months looking for a full time museum job until I got one; I have friends who have been looking

[kuniklos]

Thanks for posting. I see where you are getting at. I'm not sure I want to stop and work before graduate school. If Bard blows me away and it's the only place I want to go I suppose I don't have a choice. Luckily I actually have a small jon as a TA in Anthropology and Art History and a contract job as a part time archivist for a local museum. But even full time there wouldn't be much left to save. I also to archaeology abroad during my summers...that's a money zapper

[greekdaph]

Granted, I'm in a different field, and I spent my three years off teaching the subject I'm now a student in, so your mileage may vary... but, plenty of people in my English PhD program took time off to do work that wasn't immediately relevant to their studies, and they didn't suffer for it during the application process. Time off, even doing unrelated things, can give you the time to refine your materials to make you a stronger applicant, and it can give to the savings and psychological wherewithal to handle the demands of a program once you're ensconced in it. I, for one, in moments of crisis, am glad to know that there's a career that I've done and would be happy to return to; knowing this makes me not invest too much of my self-identity in the idea of being a grad student; it helps me weather the ups and downs more easily

[sisyphus_cog]

Yeah, this is tough; debt and dreams do not go together. :( And it is a really hard conversation to have with people

[kuniklos]

Yes, after she mentioned I realized I wasn't considering the variables for the statistics even if the people I had met form there were all going into great jobs. I'm sure there were people without much luck.