A little bit panicked

[pinkdaisy]

Hi all--

So, I'm in the process of applying to grad school now--recs are in the works, apps have been submitted online, and transcripts have been sent. Now, I'm starting to panic. If I get in (which I feel that I will), I'm really nervous about the financial situtation I will be putting myself in. I'm still paying back about $25K in undergrad loans, and will have to take out at least that much to pay for my Master's in Education (since it doesn't directly relate to what I'm doing now, my employer will not pay for it). I know that once I have that degree, I will be doing what I always wanted to do and will be happier coming to work on a daily basis. However, I am worried about the additional debt I will accumulate. I'll still be working full time, so I'll be able to meet all my living expenses, but I just worry about things afterward and always being in debt, especially, if my salary as a teacher does not match what I am making now.

Is there anyone who has been in a similar situation, who can help me feel better:cry:

[texasgirl]

Are you getting your master's in education so that you can teach? I don't know what your state requirements are, but several states do have alternative certification programs in place. I considered going back for an M.Ed. but have found that I can save about $20K if I go through an alt. cert. program instead. Plus, I can start teaching MUCH sooner...

[wordsmith]

I wouldn't get an M.Ed. unless I were already teaching, and working for a district that did tuition reimbursement/continuing ed. The district I report on had that, until the teacher's union bargained it away in contract negotiation.

[winneythepooh7]

I'm a Social Worker and went to a private school for my MSW so my total school debt is about $20,000 more than what I make in 1 year before taxes. In any event, I have honestly come to the mindset that student loans for most people are a part of life and while they may take years to pay off, it is well worth it to better yourself professionally. My minimum monthly payment is manageable right now, and soon, I will be paying off some other debt that I can then apply to the student loan.

Some of my debt as well is leftover from undergrad loans so I understand where you are coming from. I also don't make a great deal of money and live in an area with a very high cost of living. Keep in mind though, that if in the future you decide to go for a mortgage or something like that, educational debt is not held against you, because it's a fixed monthly payment for the most part. The only time it would really look bad is if you just aren't paying the loans at all.

It also has been my experience that loan companies are willing to work with you to make a monthly payment that is manageable for you. It's literally in their "best interest" because they are making more interest off of you by doing this.

[allie1105]

I am in your shoes right now. I a full-time, M.Ed. student. Prior to this, I had a decent job that pulled in a nice salary...but I hated it! Anyway, I thought the financial situation was going to suck, but there is aid out there to help. I am a graduate assistant - I help a professor 10 hours/week (or less, like this week will end up being like an hour, lol) and they pay for 9 credits (I took 12, so I paid for 3). Anyway, they also pay me a $1200/semeter stipend, which helps with gas and books.

There are so many scholarships out there, also - they are practically giving them away to grad students at my school b/c no one knows of them.

Also, texasgirl and wordsmith have a good point about not getting an M.Ed and going for your alt. certification. The only reason I chose the M.Ed program was because of the nature of certification I am seeking - it is for Business Education, and they do not offer an alt. cert. program in my area for this concentration. Good luck!

[winneythepooh7]

Allie made some good points. I found out AFTER I was invested in my program for awhile, that had I waited a year, I probably could have gotten all of my grad school paid for if I had stayed at the agency I was at the time. They have a program that they are involved in with one of the schools of Social Work in NYC. It's too late for me now, but I would recommend potential people going into my field to take things like this into consideration. Talk to people in the field you want to go into. If there's not many people you know in person, look for networking groups or even groups "online". There's a lot of information out there that you may not have access to otherwise.

[AshleyJordan]

I also have a lot of student loan debt and can tell you it's not that bad. Obviously I'd prefer not to have it, but it hasn't cramped my style or hurt my quality of life. . . and getting a Master's has helped me so much professionally that this degree has already begun to pay for itself. Honestly, just based on the increases in salary alone, it will pay for itself in less than five years (I went to a public grad school.)

Also, I applied for a million mortgages a few months ago, and my debt burden only hurt me on one our of maybe 6 or 7 applications. . . hope this helps!

[Syracuse]

I also have a lot of student loan debt and can tell you it's not that bad. Obviously I'd prefer not to have it, but it hasn't cramped my style or hurt my quality of life. . . and getting a Master's has helped me so much professionally that this degree has already begun to pay for itself. Honestly, just based on the increases in salary alone, it will pay for itself in less than five years (I went to a public grad school.)

Also, I applied for a million mortgages a few months ago, and my debt burden only hurt me on one our of maybe 6 or 7 applications. . . hope this helps!
I think house lenders should stop making such a big deal about debt in general as it becomes more and more impossible to get through life without it, at least that's what I'm hoping.

[wordsmith]

I am in your shoes right now. I a full-time, M.Ed. student. Prior to this, I had a decent job that pulled in a nice salary...but I hated it! Anyway, I thought the financial situation was going to suck, but there is aid out there to help. I am a graduate assistant - I help a professor 10 hours/week (or less, like this week will end up being like an hour, lol) and they pay for 9 credits (I took 12, so I paid for 3). Anyway, they also pay me a $1200/semeter stipend, which helps with gas and books.

There are so many scholarships out there, also - they are practically giving them away to grad students at my school b/c no one knows of them.

Also, texasgirl and wordsmith have a good point about not getting an M.Ed and going for your alt. certification. The only reason I chose the M.Ed program was because of the nature of certification I am seeking - it is for Business Education, and they do not offer an alt. cert. program in my area for this concentration. Good luck!

Just to be clear, I wasn't necessarily advocating alt. cert. programs (I have B.A. in English and secondary ed, so I got my cert the traditional way, and I can't speak to alternative programs, never having done one). I was just noting that I wouldn't personally go for an M.Ed (or any master's program, really), unless I were getting significant if not total reimbursement.

But I'm currently in a field where getting a master's doesn't boost your earning power enough to justify the cost of getting it, out of pocket. It's not every field where a master's degree will change enough, paywise, to make it financially worthwhile.

[AshleyJordan]

I think house lenders should stop making such a big deal about debt in general as it becomes more and more impossible to get through life without it, at least that's what I'm hoping.
It's still a big deal because it effects your net worth and ability to pay additional expenses/take on new debt.

[texasgirl]

But I'm currently in a field where getting a master's doesn't boost your earning power enough to justify the cost of getting it, out of pocket. It's not every field where a master's degree will change enough, paywise, to make it financially worthwhile.
Word. I have a master's and it's done jack**** for my paycheck. I don't really like to tell ppl in the office I have one b/c they're like, "Why are you here if you have a MASTER'S?"

[winneythepooh7]

I work in a traditionally low-paying field, but there's ways to make decent money if you market yourself right, get creative, and if you are willing to work P/T gigs here and there. At this point in time however, I value my free time way too much to do that. Also my F/T job totally wears me out!

I also think that for my field, people often advance through the years to become administrators and there's often decent money in that. There are always trade-offs though, such as more stress and longer hours. And some people wouldn't consider oh, $60K-$70K a year to be "decent money" so who knows..........

[Syracuse]

It's still a big deal because it effects your net worth and ability to pay additional expenses/take on new debt.
True, I was just wondering if the people with considerable debt was increasing faster than the number of houses available to buy.

[Deni81]

I feel your stress. I'm currently playing the waiting to see if i got in game with my applications. Luckily I have no debt from my undergrad days but i am worried about taking out loans for my masters.

I've been teaching for 2 years and went the alt. certification route. Let me know if you have any questions.

[Millenial]

Hi all--

So, I'm in the process of applying to grad school now--recs are in the works, apps have been submitted online, and transcripts have been sent. Now, I'm starting to panic. If I get in (which I feel that I will), I'm really nervous about the financial situtation I will be putting myself in. I'm still paying back about $25K in undergrad loans, and will have to take out at least that much to pay for my Master's in Education (since it doesn't directly relate to what I'm doing now, my employer will not pay for it). I know that once I have that degree, I will be doing what I always wanted to do and will be happier coming to work on a daily basis. However, I am worried about the additional debt I will accumulate. I'll still be working full time, so I'll be able to meet all my living expenses, but I just worry about things afterward and always being in debt, especially, if my salary as a teacher does not match what I am making now.

Is there anyone who has been in a similar situation, who can help me feel better:cry:yes, i went through the same thing last year. ended up dropping out and joining the work force full time. now going part-time to grad school as a special student and just sent out my app last week. i kind of regret withdrawing and not going full-time, but finanically i am glad i made the decision. i think a lot of schools have a one year program for MEd but i am not sure. i personally would not recommend going to school fulltime and working full-time.