Student loans during school

ny1020 · Feb 17, 2008

Hi all,

I was just wondering how many of you who are going to a fully-funded program are still taking out some loans to cover living expenses? Would anyone share on the thread or by pm how much debt they think they may graduate with? I'm heading to a low-cost area and fantasized that I might graduate school debt free via the waiver and the stipend (esp. since I'm still paying off undergrad.) Is this a fantasy or are you guys making it work without loans?

Thanks so much!

NY1020

Therapist4Chnge · Feb 17, 2008

There was an article written awhile back about debt averages....I think if you google it should come up, I think it was done by the APA a few years ago.

BorntoRun · Feb 17, 2008

I'm not there yet, but I know people (in fully funded programs) on both sides of the coin - taking out loans to help out with living expenses, and getting through without loans. Interestingly, some of these folks are in the same program, so I think as long as it's physically possible to live without loans (in some fully-funded programs the stipend is so small it's plain-old impossible), it's a personal choice. Are you OK with a roommate, or do you need your own apartment with a separate study area? Can you get by without a car? Without cable? I think it's a question of how high you require your 'quality of life' (in the strictest SES-kind of way, no value judgment implied) to be in grad school, versus how badly you want to escape without debt. I think in most programs it can be done, if avoiding debt is a high priority for you.

JockNerd · Feb 17, 2008

BorntoRun said:
I'm not there yet, but I know people (in fully funded programs) on both sides of the coin - taking out loans to help out with living expenses, and getting through without loans. Interestingly, some of these folks are in the same program, so I think as long as it's physically possible to live without loans (in some fully-funded programs the stipend is so small it's plain-old impossible), it's a personal choice. Are you OK with a roommate, or do you need your own apartment with a separate study area? Can you get by without a car? Without cable? I think it's a question of how high you require your 'quality of life' (in the strictest SES-kind of way, no value judgment implied) to be in grad school, versus how badly you want to escape without debt. I think in most programs it can be done, if avoiding debt is a high priority for you.

Total agreement from me. I live quite nicely on my stipend. No loans from undergrad and none foreseeable for graduate school. I'm also up for some external fellowships that would make life considerably more comfortable. But you're right; I know how to live like a student--I don't need an iPhone or a plasma TV (though I do plan to buy a new car this summer). There are people in my program with the same stipend who took out loans, but they're also the people who need to have a lot of "stuff."

Ollie123 · Feb 17, 2008

Agree 100% with JN.

My car is paid off, otherwise things would be alot tighter than they are. My stipend is perfectly livable though. I can definitely see taking loans if you have a family or something, but in many places the stipends are perfectly livable if you don't want a lavish lifestyle. And I still go out to dinner and do fun stuff, so its not like I never spend money. Just have to be smart about it. Of course, if you DO want to live better, its nice to know the loans are an option. Some people take them, I didn't feel like I needed them to be happy.

Of course, in certain areas its probably impossible. I doubt I could survive off 20k in NYC or San Fran.

paramour · Feb 17, 2008

IF my vehicle hadn't gone completely kaput! 2 weeks prior to the academic year (requiring me to purchase another one) and IF I didn't have to help pay for two residences (back home w/ the spouse & kid and here at the grad program location), along with the kid schtuff, of course, then I believe that I could also make it on "just" the stipend. Unfortunately, **** happens, and paying for kids isn't exactly cheap, so I'm going to have more loans than I want to pay for by the time I'm done. 🙁

deleted176373 · Feb 18, 2008

ny1020 said:
Hi all,

I was just wondering how many of you who are going to a fully-funded program are still taking out some loans to cover living expenses? Would anyone share on the thread or by pm how much debt they think they may graduate with? I'm heading to a low-cost area and fantasized that I might graduate school debt free via the waiver and the stipend (esp. since I'm still paying off undergrad.) Is this a fantasy or are you guys making it work without loans?

Thanks so much!

NY1020

It all depends on your situation. I will be leaving graduate school with no debt and no additional loans (but I am the exception, not the rule). I traded a commitment for no debt, it's not "free" by any stretch when you consider I owe 6 years post graduate service to the US Navy. I did incur about $20k in undergraduate debt.

However the APA report indicated that many Ph.D. students ran about 1/2 the debt load of their Psy.D. brothers and sisters. Anywhere from $30-60k seemed fairly normal, and for Psy.D.'s anywere from 90-120k seems not too unrealistic.

Obviously, if you can get a deal where your graduate studies are fully funded and you have a great stipend you can graduate close to debt free on a frugal lifestyle. Remember there is more than just money, you want to insure that where ever you go that good health insurance is available.

Mark

PS - Regardless of where you go, short of USUHS, University of Arkansas, and a few other really well funded programs. You will probably have to incur some debt.

JockNerd · Feb 18, 2008

I should have qualified my first statement by saying that I was talking about single, childless people such as myself. I wouldn't apply that same idea (about "living like a grad student") to people with families.

PSYPAQ · Feb 18, 2008

It is possible to live on your stipend, but I couldn't do it and I was relatively frugal.

Lucky for me and other research scientists who have student loans (>$14,000?) is that there is a loan repayment program: http://www.lrp.nih.gov/.

I applied last year and received the award (50% of debt paid by Uncle Sam in 2 years, up to 35K/year), and I can reapply to have my debt cut even further after my award expires. Specific details about the program can be found online (http://www.lrp.nih.gov/about/faqs_program.htm). One caveat: nobody knows how much longer this program will be available.

Student loans during school

ny1020

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Therapist4Chnge

Neuropsych Ninja

BorntoRun

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JockNerd

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Ollie123

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paramour

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deleted176373

JockNerd

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PSYPAQ

Junior Member

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