How do young people pay for graduate school?

[Anonymous]

Federal plus loans. My DC gets $20k a year

[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?

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Live in states where in-state tuition is essentially free?

[Anonymous]

Mine was free tuition at U Florida, and they gave me a teaching assistantship that paid a bit of money. I would not have been able to afford a graduate degree otherwise.

[Anonymous]

Anonymous wrote:

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.

80k in loans sounds too low. Harvard Kennedy School lists $90K annual cost of attendance for the 2-year degree program.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

80k in loans sounds too low. Harvard Kennedy School lists $90K annual cost of attendance for the 2-year degree program.

God bless anyone who takes out $90k in loans for an MPP

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

80k in loans sounds too low. Harvard Kennedy School lists $90K annual cost of attendance for the 2-year degree program.

$90k annually so $180k

God bless anyone who takes out $90k in loans for an MPP

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

80k in loans sounds too low. Harvard Kennedy School lists $90K annual cost of attendance for the 2-year degree program.

$90k annually so $180k

God bless anyone who takes out $90k in loans for an MPP

Sounds like a cash cow vanity degree. In many circles, being a graduate student is very much a status symbol and a second chance to meet a SO if the person didn’t in undergrad.

[Anonymous]

Pp with the MPP - he should talk to some financial aid people at potential universities. There were some kind of obscure funding options - like one was a Scottish rite scholarship, but you had to show Scottish heritage.

[Anonymous]

One of my friends worked a 20hr/week consulting gig while in law school, which covered about 50k/year.

[Anonymous]

I turned a 2-year program into a 4-year one since I just went whenever I had the money to go.

My DH did computer consulting during law school. He lived at home.

[Anonymous]

I borrowed 40k for undergrad so I was committed to not paying for grad school. I did a fellowship program that covered the costs though I basically had to work for free for a year. Luckily I had a partner who helped support me that year.

[Anonymous]

Lol I’m in my 40s and contemplating grad school and, uh, how do OLD people afford it? I’m looking at fully funded programs only and found one I could probably finish for my doctorate in 5 years, and it’s going to be tight. And that’s for a PhD program where I’ll be getting some income and the program will be funded by fellowships/grants, assuming I can get in.

I have heard of people going to law/med/business school in middle age and I don’t get it because if you could afford to pay out of pocket, you really don’t need those degrees, and I cannot imagine taking out the loans required for those degrees in middle age. That is a game for young people who are like “eh, how long could it possibly take to pay off 200k in debt?” No thank you.

[Anonymous]

My child just landed a fellowship with stipend that covered most of her costs for her PhD at Univ. of Chicago. Also, she is doing research at Argonne NL so she is covered. She tutors for extra money.

[Anonymous]

Anonymous wrote:It varies with the program. Many PHD programs offer tuition remission plus teaching or research assistance ships. With inexpensive housing and a frugal lifestyle it works.

This is how I did it. With a couple of roommates and lots of rice and beans, it totally worked. I paid nothing for my education and had both a teaching and research assistant position. I certainly wasn’t rolling in cash but it was totally worth it, even though I lived this way for 6 years. (Well not really, the last two I lived with my financial advisor BF who was doing just fine. I ended up marrying another academic but those few years of living large sure were fun!)

[Anonymous]

My DH took night classes while working his full-time job during the day.