I am graduating with 2 degrees: BS in Psych and a Bachelor's of Social Work this May. I have applied to 2 graduate programs for advanced standing MSW and got into both. I am ripping my hair out (not literally) trying to make my decision. There are multiple factors which I wont list here. One of the biggest factors in money.
I am graduating $5.5k in debt, it is a fed subsidized loan. Now, I am really freaking as I consider the amount of debt I might go in to pursue my master's which could be $20k (max unsubsized loan since that's like the only loan I can get as a grad student). I am looking at the worst case scenario where I won't receive any scholarships from either school.
This new step is exciting, but the excitement is being muted by the financial stress. Ik a lot of you will say not to go if it's this serious, but that is an option I will consider last minute if I believe that it truly isn't worth it. The advanced standing programs cut the traditional 2-year program in half with one school being 10 months and the other being 12. Due to the anticipated course load, ik that I will not be able to work as I will be required to do ~600hr internship give or take. I really want to get my master's, but I am catastrophizing this decsion and believing if I go $20k in debt ($25.5k including my undergrad), I will die and not be able to live the life I want (which isn't lavish, I am already quite frugal).
So my questions here are 1) how did you fund your master's program, 2) how much debt did you accumulate from either undergrad or grad, 3) how are you navigating paying these loans off, and 4) if you had a loan that accrued interest while in school like an unsubsized, did you pay the interest while in school or wait until you graduated and let it capitalize? I dont know a lot about loans or how to handle so much debt. I freak out when my credit card goes over $400 on a $2000 line lmao. I've heard of people losing so much because of debt. If I go $20k in debt for my degree, am I cooked?
Posted by _decomposing
3 Comments
So – I have an M.A. in psychological research, took out around 18-19k for undergrad and then just over 10k a semester for grad school, totalling around 59k in principal.
And I am totally, utterly, and completely fine.
I’m on an IDR plan and pursuing PSLF, which was always my plan. It may not be worth it for you since your loan balances will be so low, as there probably won’t be much to forgive. You can still get on an IDR plan if you want to lower your payments or just focus on paying your loans down after you graduate.
You’re not setting your money on fire or ruining your life by taking out 20k in student loans for a MSW. It’s okay to invest in yourself.
I have a bachelors in engineering and also a masters in same field. I graduated with more debt than youre expecting but if you know your career you’re getting into with knowledge of pay I wouldnt sweat it that much. 25.5k is less than a new car these days.
Coming out of college with not much makes it seem like alot but 25.5 with your credentials I expect wont be anywhere near as bad as you’re expecting.
I took out a lot more than that for undergrad and grad school and am also just fine—in large part due to PSLF, to be fair—but what helped me a great deal was looking at the actual math.
Over the course of 10 years-20 years (whatever time frame), how much more am I likely to earn with another degree? Given that credentials are required to advance in some fields, factor this in. I’d guess your chance at employment within your field goes up dramatically with a master’s (yours in particular), and the salary might go up a bit too. You’ll also likely qualify, in social work, for PSLF, should you need it—but honestly, that amount is so low you may not.
You also don’t need to do a master’s right now. You can take a year or two off and save. This would also give you more work and life experience that would perhaps make you more competitive for scholarships, in addition to some savings.