How do young people pay for graduate school?

[Anonymous]

Anonymous wrote:As a graduate student in STEM at University of Maryland, I had a stipend that covered everything. In exchange, I had to teach undergrads.

Same. For STEM it’s not hard to get funding as a TA. On the other hand, it’s probably better to keep working and do the degree part-time. I found that employers saw me as a “recent grad” even though I already had years of work experience before my Masters.

[Anonymous]

I got a scholarship for my MA which covered all tuition. I worked full time plus some savings for living expenses

[Anonymous]

Anonymous wrote:

Anonymous wrote:Funded PhD programs pay ~$30k/year. See the recent strike at the UC system.

+1 for most MA programs, you're on your own though. I tell students never to get in debt for a PhD. If you can't get funding, you are unlikely to benefit from a degree you may or may not complete.

this. In all caps with all the exclamation points that you're allowed in a lifetime.
signed, a phd who's was "free". I was fully funded and earned more teaching aftershool and over summer post MA. So, that "you can live off a 30K phd stipend" isn't exactly right. I graduated from my phd program with enough downpayment for a small place in moco before the dawn of time (2001)

[Anonymous]

Anonymous wrote:PhD “full funding” is not enough to live on for the duration of the program in 2023

I disagree, especially if it includes fully covered health and dental, but I think we overemphasize the financial numbers and don't weigh the opportunity cost of years not spent earning at least twice that heavily enough.

-recent PhD grad with regrets

[Anonymous]

Anonymous wrote:

Anonymous wrote:PhD “full funding” is not enough to live on for the duration of the program in 2023

I disagree, especially if it includes fully covered health and dental, but I think we overemphasize the financial numbers and don't weigh the opportunity cost of years not spent earning at least twice that heavily enough.

-recent PhD grad with regrets

If you’re going to throw that in there, you also should look at the probability that your future earnings overall will likely be higher than they would have been had you not pursued the advanced degree. Of course that will vary depending on the degree.

- PhD grad with no regrets about my degree.

[Anonymous]

What field is your DS considering, OP? My DH has a PhD in physics. In theory it was “paid for” with teaching stipends and grants but the low income was such I feel I supplemented. I have an MPP. I received a full academic scholarship for my first semester of the two year program. After that I had a partial scholarship and worked for a professor that had both pay and course credits as compensation. The bigger cost than tuition / books was foregone salary. I had been making about $32k and quit my job. My part time job for the professor was less than half that. I had lived with my parents for almost two years after college, so had a lot of savings, and my grandmother helped me too. I ended up not taking any student loans (after scholarships and the job I owed about $6-7k) but my agency does have a loan repayment program. Getting an MPP for a tuition cost that low was with it - especially since you can be in and out in 2-3 years (depending if you’re working full time too). I wouldn’t do it if there were $80k in loans (like some people I know) or 7-10 years in a phD program (like my DH and many of his peers). At one point I figured out if I’d stayed in my job with expected raises vs grad school expense (including foregone salary) that the grad school decision would be the right financial choice after about 7 years in the field. I’m almost at 15 years.

[Anonymous]

Parents. We are paying for our kids. All education cost. We will be cutting down their wedding cost.

[Anonymous]

My husband's work paid for his master's degree (he's an engineer).

[Anonymous]

Anonymous wrote:DS graduated college a couple of years ago and has a great job in the public sector, that pays well but not enough to save for grad school (he's saving but even in a best-case scenario it would only pay a fraction of what it costs). He needs a degree to advance in his field but is daunted by the idea of taking on upward $80K in debt. We can't really help him (have another child heading to college soon). How do people swing it?

How about getting a job that pays a lot of money so that he can save for grad school? That's what I did. I got a high paying job with 60+ hours work week after graduation from UVA and saved 160K in three years while living at home. I left my job after three years to attend MBA school without loans.

[Anonymous]

Me loans
Husband TA
Daughter loans were paid back in two years she worked at paying them back. Refused help from us.
Son loans working on paying them back now. Refused help from us.

[Anonymous]

Me - worked full time and went to grad school at night. I had to sift through programs that would allow for that. It sucked and was hard. But I emerged with about 30k worth of loans, which is manageable.

[Anonymous]

Anonymous wrote:If you’re paying full freight for grad school, you’re doing it wrong. The only people who might do this are MBA students, law students or med students.[/quote
+1

Some people also do part-time/evening programs, so you pay as you go while still working.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PhD “full funding” is not enough to live on for the duration of the program in 2023

I disagree, especially if it includes fully covered health and dental, but I think we overemphasize the financial numbers and don't weigh the opportunity cost of years not spent earning at least twice that heavily enough.

-recent PhD grad with regrets

If you’re going to throw that in there, you also should look at the probability that your future earnings overall will likely be higher than they would have been had you not pursued the advanced degree. Of course that will vary depending on the degree.

- PhD grad with no regrets about my degree.

Another PhD here and my pay has never really been any higher than what I could have gotten with a MS degree (but I never wanted to pursue being a tenure track professor). I sort of regret the opportunity cost of not staying in the workforce, although I’m happy with my degree and what I learned.

[Anonymous]

Work
Save
Work some more
Get a Fellowship
Get a Grant

Parents
Loans

Suerte

[Anonymous]

Anonymous wrote:If he's considering a public policy program, cast a wide net with applications. Check his in- state options. There is a fair bit of merit aid available. I work closely with young people who work for my agency for a few years before pursuing MPPs, MPAs, and MPHs, and most of them have received substantial aid-- half tuition and more-- but I will say that they are terrific candidates and a good recommendation from my agency is viewed very favorably. Even with loans, it's not a bad investment-- he might double his salary straight out of school.

If it's a PhD he wants, then PPs are correct-- he should seek full funding (zero tuition plus stipend), and if he doesn't get it, he shouldn't go.

OP here-- yes, he's interested in an MPP. Good to know that there is some merit aid available out there. He'll have stellar recommendations, he is doing really well in his job and will have excellent experience as well. In-state is not an option since we live in DC. Both his dad and I have PhDs that were fully funded (and yes, we actually live on those stipends, back in the days), but have no experience with MA programs. I teach at a university and MAs are universities' cash cows -- that how they make money. So it's good to know there is potentially some aid money available for such programs. $80K in loans for someone going into public policy, not business, seems very daunting to me.