Hi, please help!
I am a first generation college student, and made the decision to attend a private school which ultimately has landed me in 52k in debt. (I know, but I didn’t have guidance to go another route). I have been accepted into a 2 year online MSW program, which will be ~14,200 a year and this tuition cost is the cheapest I’ve seen so far. So far, I have a full time job making 22 an hour in a field related to social work, so I’ll be making around 45k a year.
I have never struggled to find employment honestly, and I feel like I always find positions that elevate me to the next step, plus I feel confident in my networking abilities and the mentors + relationships I have gained through undergrad. If I had less debt acquired (and no private loans with 17% interest rates) I would no doubt pursue this MSW. But I just don’t know if putting myself in further debt is smart — and at the same time, I don’t know if this opportunity will present itself again. I don’t want to be stuck with a B.A. in Psych, I know the path that typically goes down (dead end), and I understand that getting an MSW will open doors for me. Not to mention the current political climate, who knows if getting an MSW will even be possible for people who look like me soon.
What should I do! I am very fearful of poverty as that is the background I come from, and Ive watched my parents struggle my entire life with debt. Help a girl out 🙏🏽
50k in debt from undergrad. Is MSW worth it?
byu/Optimal_Fig_7027 inStudentLoans
Posted by Optimal_Fig_7027
11 Comments
Masters of social work does not have a good roi. Typically 70-80k salary from what I’ve read.
The good news is most of the jobs are PSLF eligible.
you should look at the jobs you *want* and determine what you need to get in the door for them. maybe that’s an MSW, maybe that’s something else. but don’t invest in something that’s not going to get you to whatever that is.
edited to add: and i’m speaking as an MSW who now works in higher education because that industry did NOT pay enough to live where i am, and i had more upward momentum in higher ed. a great many additional doors opened for me after getting a second master’s degree (nearly for free, thanks to employee tuition benefits). i’m still not making bank but i’m making more than i would on the MSW alone.
As an LMSW, NO!!!!!! Not worth it unless you plan to do CMH
There is no money in social services lol
Depending on your location and your population. MSW has a great ROI. You need a license to practice independently but you can’t achieve that without an MSW.
Im make over 6 figures in a HCOL. I have worked in social services with a BA in Psych for years. But with my MSW completed online, income easily increased. Sooooooo many career oppurtunities.
What are your goals if you got an MSW? I am now an LCSW in leadership at a CCBHC. I make just over 100k in the rural Midwest, so I do well. If you are going for leadership or private practice, yes an MSW and then an LCSW will be a must.
lol this is very similar to me. I have $70k in student loan debt from undergrad. I start my MSW in the fall (~$5500/semester).
I currently make $22/hr in psych field but start a new job in a few days making $25/hr and also recently got a part time job making $20/hr.
I’m trying hard to pay it out of pocket. Going to save rlly aggressively (why I got the part time job). But I’m married so my bills are split and stuff which makes it a lot easier.
I’m so excited to start my MSW. I would say to save as much as possible and do a payment plan as well. If you gotta take some loans you gotta take some loans but try to make them small.
Also check out jobs in ur area for after u get MSW. I’m expecting to make $35/hr once I graduate bc that’s what jobs in my area pay. That makes me feel better abt knocking out my student debt once I’m done w school
I would spend some time researching companies or jobs you would get where they will help pay for a MSW. I am not a MSW so I don’t know if any exist, but if they do, you should be able to find them. It might be your best bet is to try to get one of those jobs (perhaps state agencies, school districts, or other) and earn your MSW while getting tuition reimbursed.
Going an additional $30,000 into debt on top of your $52,000 doesn’t seem wise at all to me. It’s not just the debt, but it’s all the interest you will be adding on to the debt because you likely won’t be able to pay it back for many years to come.
Absolutely no
The number one thing that makes you more money is experience and promotions in your full time work not more school. People think if they get a masters they will be able to walk into these jobs without experience and that’s not the case.
Online masters are great if you really need a piece of paper for an automatic raise. It doesn’t sound like these better jobs are a sure thing. You might be stuck at a similar level of income.
I would want to go to a physical school with a good program. I’ve been to online school and in-person stuff provides a lot of networking opportunities