Grad School confidence crisis

iVillage Member
Registered: 05-01-2007
Grad School confidence crisis
5
Thu, 08-02-2007 - 9:33am
Yikes. I need some advice. I finally applied and was accepted to my selected grad program. I was very excited at first, but now I'm having serious second thoughts. I have a lot of student loans left from undergrad, so I don't want to take a loan for my Master's, and I while I can afford to pay as I go, it will definitely stretch my budget to the max. I am just now in a job where I can have a life, and pay down my SLs and save for things. I really enjoy not having to stress about buying new clothes for work and such. I know that a grad degree will help with my career in the long term, but I'm not a super ambitious person by nature, even though I'm very intelligent.
Has anyone been down this road? Any advice would be greatly appreciated.
Thanks!

~Heather~

Avatar for cl_shywon
iVillage Member
Registered: 03-20-2003
Thu, 08-02-2007 - 10:02am

When I started my masters, I had about $7000 in student loans from my undergrad.

iVillage Member
Registered: 01-26-2006
Thu, 08-02-2007 - 10:22am

I obviously haven't been down that road, but for me it depends on what you're getting your degree in. I was thinking about getting a Masters in art history, but in the end, what is THAT going to do for me?? A BA is fine because I can do pretty much anything with it anyway, it's more important that I earned a degree from a prestigious university. The only advanced degree that would do anything for me (in art history) is a PhD, which I've thought about, but probably won't actually study for. :)

On the other hand, if you're going for your MBA or some other field in which a Masters is going to make a big difference in your earning potential, I think it's a no brainer. I have close to 25k in student loans, which are not going anywhere ANY time soon, so I feel your pain...I'd love to go back to school, but it's just too much. I've considered getting a job at a university to get mine free, haha. :)

iVillage Member
Registered: 11-01-2005
Thu, 08-02-2007 - 1:55pm

I just finished my MA and I have over 100k in debt from undergrad and grad. My grad was at a private school so the costs of the city (Chicago), plus tuition at a private institution, made for a higher debt load. Besides, what can I do with a BA in Psych? Have to go for more education in this field.

Its worth it.

Yes its terrifying to have the debt but if it will help in your career, it'll pay off in the end. If you pay as you go, it'll be even better.

But the satisfaction I have knowing I went after a dream Ive had since I was in high school and finishing it successfully is incredibly rewarding.

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iVillage Member
Registered: 10-30-2005
Thu, 08-02-2007 - 5:29pm
It can be really tempting to leave your master's for later, but if it will help you in your career, I think it would be worth it to do it now. You've already put in the work of applying and being accepted to your program, and doing that will be much much harder if you wait for a few years. I stopped after my bachelor's, but I wasn't sure what I wanted as a career and found one where an advanced degree isn't at all essential. But if I wanted to change careers, I know I would have to go back to school, and I am even more reluctant now to take on debt and also to study for GREs again, put in applications, move someplace else, etc. But if I had grad school offers at my feet right now, I just don't think I could turn them down! You might regret it if you do.
iVillage Member
Registered: 03-28-2003
Tue, 08-07-2007 - 3:59pm

I am 28, 29 in a month and I am about to finish my MBA this December and I had to take it all out in loans. My work paid for some of it but still, the most was in loans. I had like $25K from undergrad but figure I will figure out a way to pay it back and hopefully I will get a promotion here or a new job to help cushion the blow when they come due.

However, I will be so happy to have my degree and when I am 50 I will have no regrets that I should have done it before I had kids, etc. I see all these people juggling jobs, kids, marriages, and on top of all that school. I can't imagine and am grateful every time that I am finshing it now.

Just do it. You're smart, you will figure out the best way.