Grad school debt

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't go to grad school without a teaching or research assistantship. At the very least, get in-state tuition.

Not applicable to law school, med school and most Master's programs. In-state tuition dries up at the law level. The instate fees vs out of state for UVA law are only a few thousand apart.

I meant to distinguish between law/med school and everything else. Those are different.

Also, I had both teaching and research assistantships as a Master's student.

But most Master's are MBA, MPP, etc. which are tuition programs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The top 20 most affordable med schools average about $25,000 a year in tuition. Average for in state is about $40,000; private runs to nearly $60,000.

All of the top 20 except one are for in state public. Only one is on the east coast. Mayo, which is private and, thus, has high tuition, gives so much aid it is in the top 20 most affordable, and its graduates finish with the least amount of debt.

I just graduated from an in-state med school in NY and have about 220k out in student loans (including interest) and that was with my parents paying 100% of undergrad including living expenses and paying for my rent, groceries, car, and phone during med school. Its crazy out here folks!

How much will you earn next year?

Likely she will be a low paid resident. It is only after residency that comfortable money is made.

Ill be making 59k next year as a first year resident. Going into pediatrics, most likely going to subspecialize in Pediatric endocrinology or pediatric adolescent medicine. When I'm done with training will likely make about 200k, but that won't be for 6 more years (after residency and fellowship).

[Anonymous]

Grad school can make a considerable difference in earnings/stability/flexibility in some fields. Educators often need to go to graduate school to maintain licensing credits or move up in salary. It can be worth it to take out loans for this guaranteed bump + flexibility--but it makes no sense to pay top dollar to do so. Go to a solid public option if available.

[Anonymous]

Except for professional degrees, you don't belong in graduate school if you have to pay for it.

Professional degrees (law, medicine, MBA) are exceptions because you can earn more later.

Otherwise, only get a graduate degree if you are on a fellowship or your employer pays.

[Anonymous]

Anonymous wrote:Except for professional degrees, you don't belong in graduate school if you have to pay for it.

Professional degrees (law, medicine, MBA) are exceptions because you can earn more later.

Otherwise, only get a graduate degree if you are on a fellowship or your employer pays.

+1.

[Anonymous]

Anonymous wrote:I have heard that a good rule is to not take out more than you can reasonably expect to make your first year out.

Very interesting. I was able to do a one-year master's over 20 years ago on one 20K loan. My parents, who were retired and blue collar, lent me 10K to cover expenses. I had 3 room mates to keep housing under $500/month. I never asked, but it was an Ivy and they were over the moon. I paid them back with more than interest.

That said, this year's tuition is more than twice what I paid yet the salary I earned upon graduation has not doubled for comparable positions today.

[Anonymous]

Anonymous wrote:I can't see the article but I know of someone who took out $150K loans for Northwestern's speech pathology program. I couldn't wrap my mind around that.

I would say it all depends on the person's expected future earnings. Some of the therapists in this area make anywhere from $180 to $210 an hour and they don't take insurance. I assume speech therapists can charge around that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I can't see the article but I know of someone who took out $150K loans for Northwestern's speech pathology program. I couldn't wrap my mind around that.

I would say it all depends on the person's expected future earnings. Some of the therapists in this area make anywhere from $180 to $210 an hour and they don't take insurance. I assume speech therapists can charge around that.

I am a speech therapist and the percent of SLPs (in this area or otherwise) who make $200+/hour is so minuscule as to be irrelevant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't go to grad school without a teaching or research assistantship. At the very least, get in-state tuition.

Not applicable to law school, med school and most Master's programs. In-state tuition dries up at the law level. The instate fees vs out of state for UVA law are only a few thousand apart.

I meant to distinguish between law/med school and everything else. Those are different.

Also, I had both teaching and research assistantships as a Master's student.

Don't go to a tier 4 law school unless a) you can pay or b) you can join the family practice when you graduate.

Those people generally don't earn all that much.

[Anonymous]

Anonymous wrote:Ill be making 59k next year as a first year resident. Going into pediatrics, most likely going to subspecialize in Pediatric endocrinology or pediatric adolescent medicine. When I'm done with training will likely make about 200k, but that won't be for 6 more years (after residency and fellowship).

200k/yr is not a lot for a doctor and after 14 years of school, residency and training. My son makes 240k/yr with a BS degree in Computer Science.