Anonymous wrote:Get a fellowship! Then, it's all free.

Define “free.”

Get a fellowship! Then, it's all free.

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.

This. Figure out how to get funding for it - whether it's a work-sponsored program and he goes part time while working full time, or is awarded a TA or RA position, or whatever. I got grad school paid for because I figured out that my program generally awarded TA/RA funding (which covered tuition, health insurance, and a modest stipend) to the students with the highest GPAs. I made sure to get top grades and get to know the professor who coordinated the assignments. With a few exceptions, it's better to be a big fish in a great but not top tier program and graduate without loans. Also, I worked two jobs in addition to my RA position to pay the bills. It was a lot but I was young.

Single parent here, eldest DD is now in graduate school for her MFA. She's going with my love and blessings but not $$ - she's self-funding her advanced degree. My DS is currently in college and youngest DD is two years away. I don't have unlimited resources.

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

Married an investment banker woman when age 25, by the time he finished med school they were both 30yo and she “retired.”

Had a job with a big bonus before or after grad school.

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.

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?

We had to cut down lifestyle, kept using 30 year old furniture, didn't change car or carpet, ate at home, no travel, every bonus went to college, etc. It was tough. I won't recommend it, if retirement is looming. There was no way around in intended field, so we decided to make the sacrifice. No regrets though.

Anonymous wrote:I am the only grandchild on both sides of my family. There were educational trusts.

I hate people like you! JK. Well still kinda!

I went part time so I could cash flow it from my salary + some employer contribution.

Don't take on more debt than = 1 year's salary. Using that rule, 80K debt is likely worth it, just barely.

Debt. I called it "reverse saving" lol. But this was for law school. My siblings have PhDs and they were both paid for them.

Unless there's a job at the end of the degree, I don't think a non-PhD graduate degree (i.e., one you'd have to pay for) is worth it.

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.

My employer paid for it.