How do young people pay for graduate school?

[Anonymous]

Affluent parents/grandparents or full merit scholarship.

THere is a reason why graduate school is filled with people primarily from affluent families.

[Anonymous]

Anonymous wrote:My niece - loans
My son - sports scholarship
My H - I paid for it
Me - my employer paid for it
My brother - loans

sports scholarship for grad school?

[Anonymous]

OP, so much depends on the field. I found a one-year program, took out a loan to cover the tuition, borrowed 10K from my parents (who cashed in some retirement as they couldn't believe they had a kid admitted to an HYPSM) for my living expenses, found room mates, and tapped a bit into my savings. Most people would probably not do that, but I decided keeping my housing costs as low as possible for one year was the most sensible approach.

I found a job paying $20K more after graduation (big increase in nonprofit world) and threw my money at the loans and paying back my parents. After five years, I was done with all the payments.

FWIW, I had always thought I would be a lawyer. Decided not to apply right after college and then never did so, partially due to cost. I am so glad I stuck to my path. I would have been saddled with debt for decades, especially as I would not have gone into corporate work. Best financial decision I ever made.

Again, so much of how you are able to finance depends on the field.

[Anonymous]

Depends on the type of school. I have a PhD in psychology, and I did not have to pay tuition and got a stipend that covered my living expenses during it (it was ~$20k a year at the time, but this was almost 20 years ago). I lived in a city with a low cost of living and didn’t need to take out loans.

I know other people who got masters degrees part time while they were employed and their employers paid for the tuition. My spouse’s federal agency has a professional development program where they send people away for a year to get a paid for masters degree that they get to work on full time while they are paid their federal salary (this comes with a service commitment). I do know others who took out student loans to fund their masters but that certainly is not the only path.

[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.

I have a couple of friends who were able to land sizeable scholarships for MPP/MPA programs from state universities, e.g., Indiana, Michigan, etc. Some others got partial tuition remissions from Harvard/Columbia, etc. All of them have great jobs. So much better to cast a wide net for the best offer possible. Really try to minimize the loans.

[Anonymous]

Like almost everyone i know personally with whom I had this conversation, we worked our full time jobs while going to school at night (and some Saturdays for others).

[Anonymous]

DH and I took turns attending graduate school. One worked while the other was a full-time student. We supplemented our savings and earnings with loans. Finally paid off all student loans when we were 40.

[Anonymous]

I worked public sector for 10 years and just qualified for PSLF.

as soon as i graduated with an MBA, i went to work for the government. at their highest, my undergrad plus grad loans were $148k. during my 10 years of service, my federal employer paid a portion of my monthly payment.

I just had $32k of debt forgiven. All in all, I believe that i paid around $25k during the life of the loan. plus 10 years of my professional life. worked out pretty well. not sure i would recommend it for everyone, but PSLF worked out for me

[Anonymous]

Got a Masters in social work 20 years ago. I worked full time and went to school part time and then took out loans to finish. I paid on them for years and then got them paid off with Public Service Loans.