PhD/PsyD Small student loans

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MiniLop

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So I'll be starting my PhD in the fall. It's funded (hooray!), and the stipend is decent, but the area has a fairly high cost of living and I'm worried that it will be tough to make it work. Bearing in mind that I have no current debt, is it reasonable to take out small student loans, say about $3k/year, to supplement the stipend? Or is this financially irresponsible and something I would regret later? Has anyone had any experience with this or has everyone made due entirely on stipends?

P.S. When I was younger I planned to get a PsyD and just figured that kind of debt is something you pay off and it's no big deal. It wasn't until after college when I started reading forums (including SDN) and articles that I realized what a terrible mistake that would be. I ended up changing my entire plan and spent several years getting research experience (and learning that I actually like it a lot) to make myself competitive for PhDs. So thanks SDN people; it may seem like you're fighting an uphill battle in your regular attempts to dissuade people from taking on absurd amounts of debt, but you're fighting the good fight and probably have changed quite a few minds, even when it's not immediately obvious (because way more people read this board than those who post).

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I think that amount each year for 4 or 5 years is fine.
 
Agree with erg, that is manageable. You could also look for side jobs that offer both pay and clinical experience in grad school. I served as an independent evaluator on an RCT and as a psychometrist on another project. Maybe made an extra 6k a year from these jobs and kept me from having to take out any loans. All depends on what opportunities are available, but I strongly suggest seeking them out.
 
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You might need them your first 2-3 yrs, but some students can get by after that w teaching an undergrad class or two a semester or finding a clinical position while you work on your dissertation. I avoided taking any loans my 4th & 5th yrs using this approach (while living in a pretty high cost area).
 
The above responses are spot on. Or you could join the military. ;P
 
Thanks for the advice, everyone.
 
I agree with everyone's above responses, with the caveat of making sure it's a student loan that is facilitated through the financial aid office. Only take out a personal loan (even the 'student loans' taken out through a bank) if you have no other options. I would advise applying for a Grad Plus loan or something similar--this way it's considered a student loan for most intents and purposes. I don't know how unique my master's program was, but there was plenty of room to go to financial aid and ask for additional funding for everything from clothes you need for practicum but don't have, to a reimbursement of a certain % of the difference between the COL covered by your stipend and what you're actually paying, etc.. Don't go crazy, of course--keep your wits about you. I've seen people go crazy with this option as well.
 
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