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- Apr 9, 2006
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First, thanks you guys for all of the advice and support this year with this process and over my past few years on the board. The time is finally here for me to go back to grad school - do or die. I have had a REALLY hard time making a decision on two programs, and I am still struggling. 😕 I think I have made the decision and I want to get people's thoughts. I welcome contrary comments too. If you think I can go the other way, I want to hear it.
My choices are a funded PhD program and an unfunded PsyD program. Without going into tons of details, here are the major sticking points for me. I think that I should do the funded PhD even though I am terribly sad about it.
FUNDED PHD
Cons: Small, southern town and I am moving from large metro area. Nearest large city is 2 hours away. I have to move my family. More limited clinical opportunities. There are only about 4 that are not with student counseling center type populations and they take limited number of students. Coursework in my area of expertise is limited, more of a generalist program. I don't want to seek licensure in this state, so will not be able to network while in the program. Although I love my mentor, I am not thrilled about his research - it's a highly specialized area within my broader area of interest in forensics. Although POI is on board with 4 + 1, it's always a crapshoot with a PhD program. I think I will be BORED OUT OF MY MIND in this town.
Pros: Fully funded with good stipend. I would likely walk away with a good bit of my savings - enough to put a dent in a down payment for home and work on a practice. POI is very senior, has great funding, is on board with me to aim for 4 + 1. We talked openly about my desire to work for myself and focus on building a forensic practice with mix of therapy and consulting as well. He was totally on board and supportive. I really like him. Very low cost of living. Nearer to family than other choice - 2 hours to nearest family.
Unfunded PsyD
Cons: Money. Even with my savings, I have done the math I would owe betwen $65k-90k after graduation. On the lower end, assuming 6.8% interest rate and 10 year repayment, I would have payments of around $700/month and factoring in my husband's income, I would need to gross $55k to have a good debt/income ratio. It is *possible* that my husband could make more money or I could try to moonlight as a lawyer and cover this debt, but it's also very possible that would not happen. (I figured if we made about $20-$35k extra a year, we could break even on the debt but we would have NO margin of error and would not be able to afford travel to see family, etc.) This would put alot of pressure on my husband and I and our marriage. We have a young child and are planning to have another soon. This debt could rule out getting a home for a long while and would put alot of pressure on my starting my own practice. I spoke to students there, 90% of which are not in my financial position to pay the tuition outright and they are borrowing ~200-250k. Some people mentioned grants and fellowships might be available. I saved so much money to get here - this seems a little ridiculous to still be in the hole. Is it worth taking the leap and hoping that we could make the $$ work? Also, farther away from our family.
Pros: Location! I already live here and this is the city where I want to practice. I love it here!!! Excellent clinical placements!!! The settings that are available are absolutely amazing and varied. Great clinical training - far superior to other program. 3 + 1. Great coursework in my area of interest - forensics. I would have opportunity to network while here. Exclusive internship consortium in the city offered to roughly half of cohort. My heart says go to this program and it is breaking my heart not too - but I think the financials just make the barriers to entry to high.
My choices are a funded PhD program and an unfunded PsyD program. Without going into tons of details, here are the major sticking points for me. I think that I should do the funded PhD even though I am terribly sad about it.
FUNDED PHD
Cons: Small, southern town and I am moving from large metro area. Nearest large city is 2 hours away. I have to move my family. More limited clinical opportunities. There are only about 4 that are not with student counseling center type populations and they take limited number of students. Coursework in my area of expertise is limited, more of a generalist program. I don't want to seek licensure in this state, so will not be able to network while in the program. Although I love my mentor, I am not thrilled about his research - it's a highly specialized area within my broader area of interest in forensics. Although POI is on board with 4 + 1, it's always a crapshoot with a PhD program. I think I will be BORED OUT OF MY MIND in this town.
Pros: Fully funded with good stipend. I would likely walk away with a good bit of my savings - enough to put a dent in a down payment for home and work on a practice. POI is very senior, has great funding, is on board with me to aim for 4 + 1. We talked openly about my desire to work for myself and focus on building a forensic practice with mix of therapy and consulting as well. He was totally on board and supportive. I really like him. Very low cost of living. Nearer to family than other choice - 2 hours to nearest family.
Unfunded PsyD
Cons: Money. Even with my savings, I have done the math I would owe betwen $65k-90k after graduation. On the lower end, assuming 6.8% interest rate and 10 year repayment, I would have payments of around $700/month and factoring in my husband's income, I would need to gross $55k to have a good debt/income ratio. It is *possible* that my husband could make more money or I could try to moonlight as a lawyer and cover this debt, but it's also very possible that would not happen. (I figured if we made about $20-$35k extra a year, we could break even on the debt but we would have NO margin of error and would not be able to afford travel to see family, etc.) This would put alot of pressure on my husband and I and our marriage. We have a young child and are planning to have another soon. This debt could rule out getting a home for a long while and would put alot of pressure on my starting my own practice. I spoke to students there, 90% of which are not in my financial position to pay the tuition outright and they are borrowing ~200-250k. Some people mentioned grants and fellowships might be available. I saved so much money to get here - this seems a little ridiculous to still be in the hole. Is it worth taking the leap and hoping that we could make the $$ work? Also, farther away from our family.
Pros: Location! I already live here and this is the city where I want to practice. I love it here!!! Excellent clinical placements!!! The settings that are available are absolutely amazing and varied. Great clinical training - far superior to other program. 3 + 1. Great coursework in my area of interest - forensics. I would have opportunity to network while here. Exclusive internship consortium in the city offered to roughly half of cohort. My heart says go to this program and it is breaking my heart not too - but I think the financials just make the barriers to entry to high.
