How to Make Plans For the Future?
December 8, 2009 7:16 PM Subscribe
I would like to go to grad school and further my studies in graphic design, but my financial situation is completely out of control. Has anyone ever been in this situation, and how was this situation handled?
After a few years of working in the industry, I have decided I would like to further my studies in graphic design by going into a Master's program, and eventually go into writing and teaching design. The thing is, I have an out-of-control debt (credit cards, school loans, random debts including one to the tax man, which I am currently paying off in increments), one where my poor management has resulted in a pretty horrible credit score. I have basically no savings and no assets and live paycheck-to-paycheck in someone's house because I do not have a good enough credit score to rent on my own (not that I could really afford it anyway, especially where I live). I do not have family I could move back in with, or a significant other. I have friends, but none of them have space for me to move in, and it wouldn't be any more financially effective. I'm not sure how I can ever get financial aid or even do a grad program if I go into it with such a horrible financial situation. What would be the best solution to this?
After a few years of working in the industry, I have decided I would like to further my studies in graphic design by going into a Master's program, and eventually go into writing and teaching design. The thing is, I have an out-of-control debt (credit cards, school loans, random debts including one to the tax man, which I am currently paying off in increments), one where my poor management has resulted in a pretty horrible credit score. I have basically no savings and no assets and live paycheck-to-paycheck in someone's house because I do not have a good enough credit score to rent on my own (not that I could really afford it anyway, especially where I live). I do not have family I could move back in with, or a significant other. I have friends, but none of them have space for me to move in, and it wouldn't be any more financially effective. I'm not sure how I can ever get financial aid or even do a grad program if I go into it with such a horrible financial situation. What would be the best solution to this?
Barring bankruptcy or foreclosure, lots of serious credit problems can be cleared up with just a few years of on-time payments, paying off accounts, etc. Which it sounds like you should be doing anyway before you even consider borrowing more money for school.
Since you're already working in the industry, why not continue that for a while, and get your head above water financially. Graduate school will always be there when you're in a better position. Perhaps you could fulfill some of your desire to learn new skills through self-instruction, free Web courses, etc.
posted by M.C. Lo-Carb! at 7:25 PM on December 8, 2009
Since you're already working in the industry, why not continue that for a while, and get your head above water financially. Graduate school will always be there when you're in a better position. Perhaps you could fulfill some of your desire to learn new skills through self-instruction, free Web courses, etc.
posted by M.C. Lo-Carb! at 7:25 PM on December 8, 2009
A) A lot of (but not all) grad school financial aid is not need-dependent. It's merit aid, or work study, in undergrad terms -- you get the money in exchange for TAing a class, or for helping a professor with their research, or just for being there and studying. So that kind of aid is available to you regardless of your credit score, savings, etc.
B) However, other than some kinds of student loans, all your debts will still need to be paid while you are in school. Even if you got into a well-funded phd program and got a stipend of, let's say, $24k/year with free tuition, you will need to cover rent, books, and all sorts of expenses out of that, and then your debts on top of that? And that's like the financially best grad school option out there -- most masters programs offer partial funding at best, and if you aren't eligible for student loans you are pretty well screwed.
So I think C) is that you probably can't afford to do this unless you do it part-time while holding down your day job to be able to make payments. Unless you can draw up a realistic budget that accounts for your payments, school costs, and living expenses, I don't think that grad school is in your immediate future. You'll probably need to get your financial house in order first, and then go back to school second.
posted by Forktine at 7:30 PM on December 8, 2009 [2 favorites]
B) However, other than some kinds of student loans, all your debts will still need to be paid while you are in school. Even if you got into a well-funded phd program and got a stipend of, let's say, $24k/year with free tuition, you will need to cover rent, books, and all sorts of expenses out of that, and then your debts on top of that? And that's like the financially best grad school option out there -- most masters programs offer partial funding at best, and if you aren't eligible for student loans you are pretty well screwed.
So I think C) is that you probably can't afford to do this unless you do it part-time while holding down your day job to be able to make payments. Unless you can draw up a realistic budget that accounts for your payments, school costs, and living expenses, I don't think that grad school is in your immediate future. You'll probably need to get your financial house in order first, and then go back to school second.
posted by Forktine at 7:30 PM on December 8, 2009 [2 favorites]
I don't know about graphic design, but in many industries it's possible to get a master's paid for by your employer if it will give you skills that they need. If you can swing this sort of arrangement, it's usually better than trying to get graduate financial aid, since just about any skilled job pays better than TAing and your tuition is covered either way. The downside is that it often means taking classes part-time, so the degree takes longer to finish. But in your case that seems like a reasonable tradeoff for financial stability.
posted by nebulawindphone at 8:23 PM on December 8, 2009
posted by nebulawindphone at 8:23 PM on December 8, 2009
I'm a graphic designer, and I don't have a Masters. At this point, getting a Master's makes no sense because the income increase just isn't reflective of higher education in our field. Maybe reconsider the Masters, and instead take on extra freelance work to help pay off your debt.
posted by timoni at 10:01 PM on December 8, 2009
posted by timoni at 10:01 PM on December 8, 2009
Another consideration on employer-paid grad school is that the benefit is taxed as income. I took huge tax hits on my graduate tuition benefit. I also owed the company a year of work after graduation. I wish I had borrowed, because immediately after graduation the job market was better than it is now and I wouldn't have owed time.
Huge additional tax bills are not going to help you!
posted by jgirl at 4:59 AM on December 9, 2009
Huge additional tax bills are not going to help you!
posted by jgirl at 4:59 AM on December 9, 2009
At this point, getting a Master's makes no sense because the income increase just isn't reflective of higher education in our field
I second this. Unless you want to teach there seems to be no reason for a masters in design. Good portfolio, creativity, experience and an ability to work well with business people who might not be creative are much more important skills to work on than a higher degree.
You don't need a masters to write about design. Start a blog (or guest write on others), get some followers and if you are actually good and insightful and market yourself it will come.
posted by Bunglegirl at 8:34 AM on December 9, 2009
I second this. Unless you want to teach there seems to be no reason for a masters in design. Good portfolio, creativity, experience and an ability to work well with business people who might not be creative are much more important skills to work on than a higher degree.
You don't need a masters to write about design. Start a blog (or guest write on others), get some followers and if you are actually good and insightful and market yourself it will come.
posted by Bunglegirl at 8:34 AM on December 9, 2009
Your portfolio is worth more than any Master's degree, and it costs only time to build.
posted by fake at 8:59 AM on December 9, 2009
posted by fake at 8:59 AM on December 9, 2009
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Getting out of debt will give you the freedom to do the things you always wanted to do.
posted by timpanogos at 7:24 PM on December 8, 2009 [1 favorite]