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- May 8, 2012
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- Other Health Professions Student
So I have a question. I am a MPH student and I have found my ideal school. It has awesome faculty who seem really passionate about their work and are focused on helping students succeed. The career services department is also very strong. I want to attend this school because I feel like the professors care, and that they will help me get a really great job after graduation and that career services will also help me leverage my new skill set into a good paying job. I cannot express how great everyone at the school has been to me thus far. I have felt not only welcomed, but that they really want me to attend the school and program. The problem is that this is a private school and VERY expensive.
There is a scholarship that I have applied for which would make the school doable for me. However, I will not find out if I am a recipient of the scholarship (1 of 4 spots) until 8/15. Initially, I thought, if I did not receive the scholarship that I would just attend UIC, it is much cheaper and I live in Chicago already. My dilemma is, should I go to a school that I am not excited about because it is cheaper? The moneywise part of me is saying Do what is least expensive, you are just getting a degree. But my experiences with UIC have been horrible, to say the least. The profs seem to not really care about students, and it is more about getting you through. I have asked repeatedly for stats on graduates getting jobs and have received nothing. In addition, UIC has 1 career services staff member whereas BU has 3 and BU has a whole program on career development. In addition, BU has a Leadership concentration. Also, UIC states, albeit not in writing, that on average new grads make 40K, whereas BU has $54K in writing. I am afraid that if I go to UIC that I will regret my decision. However, is it wise to take on so much debt just to go to the school that I want to go to? If I was straight out of undergrad (Im 29) and had no real debt (I have cc debt) than I would not be so concerned, but unfortunately that is not my situation. I am currently working and living paycheck to paycheck- which I hate. So, I am going to grad school to not only work in the field that I am passionate about, but to better my financial situation.
So I guess my question is, am I right? Am I just getting a degree, should I try not to make this too big of a deal, in terms of the UIC red flags. Or, should I not be short sighted and look at the larger picture? Are there other intangibles that I need to consider? Such as networking with professors, leadership experience and strong career development that in the long run will set me up for a great return on investment on my student loans?
Also, are there any nifty financial planning calculators out there that you might recommend? I know that there is an income based repayment plan- so that is good. And, that there is a loan forgiveness program as well. Therefore, I pay loans for 10 years (if I work in gov't or nonprofit) and after 10 years the remainder of the debt is forgiven. As I understand it, with the income based repayment plan they take out 15% of your income. So, if I am lucky enough to make 54k that is $8,100 a year, and that would make the total loan amount $81k for 10 years? I am looking at the math correctly? This is the advice I found online in the extend section: Thanks! No one in my family has gone to grad school and they are drowning in debt, so I am trying not be too fear based and don't really know who to turn to for such advice.
Also:
Two of the coordinators at UIC are UIC-MPH grads, and I ask myself, so they are working for the school because they graduated from the program and could not find a job in the field...hmmm, not a good sign. And, if the profs don't have time for me now, when they are suppose to be wooing you to go to the school, are they going to be a good contact to help me with job leads.
Rough rule of thumb, dont take on more in total education debt than you think you are going to earn on average annually during your first 10 years after graduating (from college or grad school). In plain English, if you think youll make $50,000 a year, dont take out more than $50,000 in loans. The logic behind this is that if it takes you more than 10 years of paying 10% of your income a year in student loan repayments, its going to be tough to meet your other financial obligations
There is a scholarship that I have applied for which would make the school doable for me. However, I will not find out if I am a recipient of the scholarship (1 of 4 spots) until 8/15. Initially, I thought, if I did not receive the scholarship that I would just attend UIC, it is much cheaper and I live in Chicago already. My dilemma is, should I go to a school that I am not excited about because it is cheaper? The moneywise part of me is saying Do what is least expensive, you are just getting a degree. But my experiences with UIC have been horrible, to say the least. The profs seem to not really care about students, and it is more about getting you through. I have asked repeatedly for stats on graduates getting jobs and have received nothing. In addition, UIC has 1 career services staff member whereas BU has 3 and BU has a whole program on career development. In addition, BU has a Leadership concentration. Also, UIC states, albeit not in writing, that on average new grads make 40K, whereas BU has $54K in writing. I am afraid that if I go to UIC that I will regret my decision. However, is it wise to take on so much debt just to go to the school that I want to go to? If I was straight out of undergrad (Im 29) and had no real debt (I have cc debt) than I would not be so concerned, but unfortunately that is not my situation. I am currently working and living paycheck to paycheck- which I hate. So, I am going to grad school to not only work in the field that I am passionate about, but to better my financial situation.
So I guess my question is, am I right? Am I just getting a degree, should I try not to make this too big of a deal, in terms of the UIC red flags. Or, should I not be short sighted and look at the larger picture? Are there other intangibles that I need to consider? Such as networking with professors, leadership experience and strong career development that in the long run will set me up for a great return on investment on my student loans?
Also, are there any nifty financial planning calculators out there that you might recommend? I know that there is an income based repayment plan- so that is good. And, that there is a loan forgiveness program as well. Therefore, I pay loans for 10 years (if I work in gov't or nonprofit) and after 10 years the remainder of the debt is forgiven. As I understand it, with the income based repayment plan they take out 15% of your income. So, if I am lucky enough to make 54k that is $8,100 a year, and that would make the total loan amount $81k for 10 years? I am looking at the math correctly? This is the advice I found online in the extend section: Thanks! No one in my family has gone to grad school and they are drowning in debt, so I am trying not be too fear based and don't really know who to turn to for such advice.
Also:
Two of the coordinators at UIC are UIC-MPH grads, and I ask myself, so they are working for the school because they graduated from the program and could not find a job in the field...hmmm, not a good sign. And, if the profs don't have time for me now, when they are suppose to be wooing you to go to the school, are they going to be a good contact to help me with job leads.
Rough rule of thumb, dont take on more in total education debt than you think you are going to earn on average annually during your first 10 years after graduating (from college or grad school). In plain English, if you think youll make $50,000 a year, dont take out more than $50,000 in loans. The logic behind this is that if it takes you more than 10 years of paying 10% of your income a year in student loan repayments, its going to be tough to meet your other financial obligations