My mind is telling me yes... but my body--my body--is telling me no.

May 16, 2010 9:10 AM

Help me feel good about grad school.

(Or tell me cut and run. Or defer. The deposit was big but nothing compared to the time and debt commitment.)

A few weeks ago I made my deposit for a masters program in international development. I thought and thought and thought about this decision, and finally decided on this program because I'm really excited about the coursework, the school is top notch (and well connected for jobs afterward), and I'll be living in a city I want to live in. I think it's the right decision.

But it sure doesn't feel right. Several minutes after making my decision, the giddy feeling of relief gave way to a deep sense of dread and occasional panic. Part of the problem: the average debt load afterward is $70k. Part of it I think also is being intimidated by the program and the intense, very adult world it represents. Part of it is having to give up all the other school options I had (that were cheaper or appealing for other reasons).

I've never given my emotions much sway in big life decisions. This seems like a bad time to start. Right?

Basically I'm looking for kick-in-the-pants type advice, in the vein of either "go for it!" or "bail the eff out!" Real-world stories of debt (not being a big deal or ruining your life) would be appreciated as well.

posted by ropeladder to Education (14 answers total)

I just put that loan into an online loan calculator. Assuming a 5% interest rate and a 20 year repayment period, you are looking at about $460/month.

So there's your financial question in plain terms: will the master's program raise your income enough to make that kind of loan payment easy to absorb?

Personally, I wouldn't do that, unless the degree was directly and clearly opening professional doors that would otherwise be closed to me. That debt load may prevent you from taking the low-paid (or unpaid) internship or volunteer position that will lead to a real job, for example -- you are locked into earning NOW, whether or not that's the best option long-term.

And I also wouldn't do it without exhausting (now, and as an ongoing thing while enrolled) all possibilities for grants, fellowships, and other options for walking out of there with less debt. My experience is that most masters students take the debt as a given and never even ask about alternatives, much less actually apply for it.
posted by Forktine at 9:28 AM on May 16, 2010

School debt is different from regular debt. You can also get assistantships that can cover tuition and give you great experience while earning a little bit of money as well. (Yes, TAships may be taken already, but there are other kinds of positions all over campus.)

I've been in that mental space where your brain says, "OH FFFFFFFUUUUUUUUUUCCCCCCKKKKK" when you've actually taken the action that will change your life. I think it's a reaction to all of the anticipation -- and hope -- that you've put into these kinds of decisions. You don't have the same kind of Big Thing to focus on anymore; the decision itself is all about dreaming and excitement, and now you have to actually put in the work. Your energy has to be shifted to something very different. That's a big [f'ing] deal! So of course you'll feel stressed out.

You need to remember that you made this decision after a lot of thought and getting the best information available to you. Things (good and not-so-good) will probably appear that you never could have anticipated. If things don't work out, that's because you'll have found different information. But you just have to learn how to react to whatever comes your way, and prepare for the possibilities. Again: tough but probably not as tough as you might think.

Plus you will have learned things and made connections that will give you great advantages in the future. The things outside of the classroom will be almost more important than the degree you get later on. You can take tose things with you no matter what.

This is all about relying on yourself, not others, and that's hard to get used to. But once you've been in it for a while, you won't even take notice.

You've got so much exciting LIFE ahead of you! Congratulations!
posted by Madamina at 9:36 AM on May 16, 2010 [1 favorite]

Have you talked recently with any people who have finished the program and are now enjoying the fruits of their investment? If not, you might want to call the program office and see if they can put you in touch with some alumni. (Most academic programs know where their successful alums are, because that's where donations come from.) I bet if you chat with a couple of people who have done well after going through this program, you'll feel a lot better about your choice.
posted by philokalia at 10:07 AM on May 16, 2010

I would bail the efff out. Unless there is a practically guaranteed income stream at the end of such a large debt (ie: becoming a doctor or dentist, etc), I can think of no sane reason to take on a $70k loan. I'm not sure what you would go into with a masters in international development but if you are working in fields related to developing nations I would remind you that those nations are poor and have very little money. Non profits that work in such areas are also struggling for money. Getting a masters is great, doing so with TA jobs, scholarships, and grants you don't need to pay back is better. Getting out of school without debt the size of a mortgage...priceless.
p.s. You may want to move to the city the schoo lis in since you love it and take one class to get your feet (that you can pay for with cash), then hammer away on scholarships and other ways to get you through the program debt free.
posted by MsKim at 10:11 AM on May 16, 2010

School debt is indeed different from other debt.

I'm assuming that your aid package is probably going to be predominantly loan-based, unless you're extraordinarily lucky. Most grad students aren't that lucky. If your debt is all loans, it becomes repayable right after you get out of grad school, unless your loans are federal loans and you're able to defer or get forbearance.

Take Forktine's advice and try to figure out a way to get your aid package to be as much grant-based as you possibly are able to manage. I hope that your school is generous with its financial aid packages (i.e., that it gives grants and not just loans), has a helpful financial aid office that knows what it's doing and isn't just trying to pack lecture hall seats with warm bodies, and that your program is worth it. Get in touch with your university's financial aid office first thing and get a feeling of how useful they are going to be in navigating you through the maze.

Debt is never not a big deal, especially when it's school debt, and especially in this economy. If your debts are loans, and you don't have a sure way to pay them back, they can make your life very difficult. And I'm being extremely euphemistic.

It's a healthy thing that you're worrying. Most students don't think twice.
posted by blucevalo at 10:29 AM on May 16, 2010

You could check out Dave Ramsey's advice on student debt, which is don't do it, unless you're going to be a doctor, lawyer, etc.

Also, you could do what helps me....put your choices on a tail or head of a coin, flip it, and see which one makes you happy or sad.

Not sure what school you're going to, but a lot of graduate programs have graduate assistantships that pay for tuition while giving you a stipend each month for working on campus.

Apply for lots of scholarships. The employers who met with undergraduate and graduate students at our school, at dinners or whatnot where the winners were announced, came away very impressed.
posted by Honkshu at 10:52 AM on May 16, 2010

NO. Hell no. Not for 70k in the hole. How is that even possible for a Masters? I have a tense relationship with grad school in general (but that's another rant for another time), so take this with a grain of salt, but I would never go that much in debt for an unfunded (is it?) Masters -- not even for a PhD. This is my gut response, but I think more information is necessary: How long is the program? Are you funded? Can you apply for funding? What jobs can you get with this Masters? How much do they pay? Do you need this degree to do this job?
posted by pised at 10:54 AM on May 16, 2010 [3 favorites]

Don't do it. In addition to the debt, there's the opportunity cost of not working for (I'm guessing) two years. So there's all that money you won't be making, assuming you'd otherwise have a job instead of going to grad school.

Here's a compromise idea: Bail (as long as you have a job to fall back into) and re-apply for the following year to a bunch of schools. If you get some amazing grant-based aid package that would seriously reduce your likely debt load, consider going. Otherwise, don't take on the $70K. And that's just the average, you say - which means you could easily wind up with more.
posted by Conrad Cornelius o'Donald o'Dell at 11:17 AM on May 16, 2010

I faced the same decision as you when it came to choosing a Master's program, for almost the exact same amount of potential loan money and in a similar field. What did I do? In the end, despite all the comparisons, the pro and con charts, talking to alumni, etc. what it really came down to was that the huge debt load made me feel too uncomfortable and worried. If it didn't prove a good investment, a good gamble, really, and I couldn't find a good job, I would be in serious trouble. I bailed. I went to a cheaper school that cut my debt load in half. How do I feel about it, two years out of school and in the working world? I wouldn't change my decision. I mean, who's to say that I wouldn't have been better off if I had gone to the pricier (and seemingly better connected and with better coursework) school? Who knows? But my life is fine now, and I'm not looking back.

There are three important things I learned. One is that you can't trust rankings and descriptions on paper. Later, while in my program at Less Expensive School, I learned through the grapevine what some of the students at More Expensive School thought about the program and what its shortcomings were. I even was able to take a class there and really was not impressed at all. I didn't think it was worth the extra debt based on that glimpse.

The second thing is that school is more than coursework. There's also connections -- through faculty and other students. I made connections that helped me at my school. The same may have happened at More Expensive School, but one of the things I also learned about it later was that the social life there was different, less dynamic, than the school I chose.

Finally, echoing what Forktine said, not having too much debt has proved helpful in that I've been able to take advantage of personal and professional opportunities that I wouldn't have been able to with a huge debt load -- travel, courses, and most important, the luxury of choosing a job based on more than just pay.

Good luck. I know how it feels to agonize over a decision like this.
posted by unannihilated at 1:12 PM on May 16, 2010

Don't do it.

70k for a masters is just stupid.
posted by k8t at 8:43 PM on May 16, 2010

I feel like a lot of commenters in this thread don't understand that an MA program like the one you're thinking about is different from the MAs that are often components of PhD programs. I'm graduating from one of these programs right now. They are much more like MBAs or JDs than an MA in English. They are professional schools for people who want to do development. My take on it is that you really won't be able to get very far in that field without a masters degree. Getting a degree in something technical would also help you break into that field. The other thing about grad school are the connections through the alumni network.

Unannihilated's point about going to a cheaper school is a good one.

Feel free to Memail me if you want to talk more specifically. I go to one of the schools in DC, btw.
posted by emkelley at 8:49 PM on May 16, 2010

I agree with most people here -- don't do it! That's just way too much money to spend on something that's not going to guarantee you a good-paying job. I say either see if you can get your hands on a ton of grant money, or see if a state school has a similar program (though this can still be very expensive, and may have less money for grants), or just try to get a job in the field you're interested in and work your way up. Do anything. Open mail. If you do a good job, are reliable, smart, and easy to work with, you will work your way up. You may eventually need to get an MA (if you still really want to work in that field), but by that point your work may be able to provide tuition assistance.

It might even be difficult to get a job opening mail. In that case, volunteer with organizations where you might meet some people who work in the field. Network! It really is the best thing you can do for your career. In the meantime, get the best job you can. I don't know how great you are at saving money, but I would really suggest that you use this time to focus on that. You're going to need it for something someday!

Another idea . . . Is there a part of the world that you would really like to focus on? Would you be able to work abroad? Perhaps you could go there and teach English, and maybe do some volunteering as well. It would also be a good opportunity to work on your foreign language skills.

I've really gotten to the point where I think higher education is frequently a scam. I mean, 70k (plus interest) in debt for a degree that will help you get a job that will (with luck) pay 50k a year in five years? And it could very well take 6 months to a year before you even find a job with that degree. Don't to this to yourself. Unfortunately, high-ticket degrees that lead to low-paying, competitive jobs are really only for those with family money. For the rest of us it just seems like a rip-off.
posted by imalaowai at 9:28 PM on May 16, 2010 [1 favorite]

FWIW, I have an MA in International Studies with a development focus.
posted by k8t at 9:34 PM on May 16, 2010

Response by poster: Thanks for the feedback, everyone.

RE the suggestions to look for cheaper schools: I'm asking this questions late--I already turned them all down. At this point I need to wait another year and apply all over again, something that is not very appealing.

I decided on this school because of the things I mentioned above (interest in the coursework, reputation and connections, and location). I've been out of undergrad for 5 years now, already done the abroad thing, etc... That's how I even got into this school in the first place. It feels like it's time to get started with my life "for real" now, and making some sacrifices later to do something I'm really passionate about seemed like a price I was willing to pay.

I realize getting a good degree isn't the same as getting a good job (I learned that after undergrad) but this degree really should open a lot of doors and I don't think getting a job will be overly difficult. But I could, of course, be wrong.
posted by ropeladder at 7:32 AM on May 17, 2010