Money's an issue

[Cmvramirez]

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I was offered admission at University of Denver, Spalding University, & Wright State University for their Psy.D. programs. I am ecstatic to be choosing from such fantastic programs, but now have to make the horribly difficult decision of where to go. This is probably one of the biggest decisions that I will ever make & I don't take it lightly. My main goal is to become a strong clinician and I would like to ultimately work in corrections and in hospitals (I'm thinking half and half). Here's how each would prepare me for this:

Denver - Fantastic reputation, 35 people in program, and they have a forensic track. However, it's extremely expensive at approximately $35K.

Wright State - little in the way of forensic courses that I haven't already taken (I am coming in with an MA in forensic psych) & practicum opportunities. However, the clinic does allow me the opportunity to work within a great program that works with batterers and abuse survivors. The main draw I have is that it's $16K for in state tuition & they will offer me half off my first year's tuition. However, it just didn't have that "feeling" of belonging that I hoped for.

Spalding - I didn't expect to love it as much as I did, since it has a huge focus on research. However, I'd have a ton of opportunities for forensic research & practicum opportunities, since it has a track there. It's less expensive than DU, but costs more than state school since it's a private institution. I think that the research opportunities may make me more competitive for internships, but don't know if I want the debt when I already have a ton!

So I'd love to hear what you guys have to say. Sorry to write a book, but I really appreciate any imput you might have. I really want to be competitive and make the most of my next 4-5 years! 🙂

 

[Tyness]

Forget about the money for a minute and think about what is going to make you happy. Dont go to wright state if you dont think you will be completely satisfied. I know what you mean about debt, but you want what debt you do have to be worth it, right? As a student of wright state's undergrad. I can affirm that there is not much opportunity here in Dayton, Ohio. Good luck

 

[clearcolor]

Will work in corrections and hospitals pay you enough to make this much debt worth it?

 

[Cmvramirez]

Will work in corrections and hospitals pay you enough to make this much debt worth it?

I haven't ruled out joining a practice either, it's actually very appealing to me. So I think it'll be worth it in the end, I am really excited to do this.

Also, I should point out that Denver and Spalding's internship rates are higher than Wright State, which is obviously an issue.

 

[Abby510]

I just want to let you know I'm in a very similar situation as you! Deciding between two schools - one with more money but more research which I'm afraid I'd hate and one with less money but with a curriculum I love. This is so tough!!! It's hard for me to give advice, but are you leaning toward one?

 

[deleted176373]

I haven't ruled out joining a practice either, it's actually very appealing to me. So I think it'll be worth it in the end, I am really excited to do this.

Also, I should point out that Denver and Spalding's internship rates are higher than Wright State, which is obviously an issue.

You might just want to run the numbers again and ask yourself how much is that degree worth. Don't let excitement override logic on this, or you'll be paying for that mistake for a long, long time.

$35k x 4 = $140k If you don't mind paying a LARGE portion of your initial salary, then this makes sense. However knowing someone who attended Denver and is now on Internship with the Navy. She's regretting in many ways doing a professional program and knows that far too much of her income is going to these stupid loans she took out.

Mind you, in the long run, she'll be ok, because the Navy will eventually begin paying off her student loans. Unfortunately, that won't start for another 3 years and she has to stay in to get that benefit. On the upside, she is making more than most interns at ~$60k year... what do you think your internship year will pay?

Mark

 

[edieb]

$140 is just tuition; your debt will be significantly higher when you factor in living expenses, etc.

 

[Cmvramirez]

$140 is just tuition; your debt will be significantly higher when you factor in living expenses, etc.

I'm so sorry to respond so late, I've been in a whirlwind with winding down at my internship & going through a crazy time at school. I'm lucky enough to not have to worry about living expenses, since my husband works and will be supporting us throughout the ordeal...er...years. 🙂

 

[Cmvramirez]

You might just want to run the numbers again and ask yourself how much is that degree worth. Don't let excitement override logic on this, or you'll be paying for that mistake for a long, long time.

$35k x 4 = $140k If you don't mind paying a LARGE portion of your initial salary, then this makes sense. However knowing someone who attended Denver and is now on Internship with the Navy. She's regretting in many ways doing a professional program and knows that far too much of her income is going to these stupid loans she took out.

Mind you, in the long run, she'll be ok, because the Navy will eventually begin paying off her student loans. Unfortunately, that won't start for another 3 years and she has to stay in to get that benefit. On the upside, she is making more than most interns at ~$60k year... what do you think your internship year will pay?

Mark

Hey Mark,

I'm sorry to ignore your post last night, I was half asleep and not completely with it after a 13 hour day of classes & internship! 😴

I have already ruled out the most expensive one (Denver). I'm definitely taking this all into consideration, which is why I'm so conflicted. The money is GREAT for the state school, since it will allow me to get out of my doctorate with a minimum of debt. However, I won't have as many research opportunities, I'm afraid, and I was told by current students that their internship rates have dropped over the last two years, which is a huge concern to me. The private school has lots of research opportunities and a higher internship rate, so I just want to make sure I'm doing the best thing for my future. So maybe you can see my conundrum. 🙂

Thanks again for the imput, everyone, keep it coming, as I'm STILL struggling between Spalding & Wright State.

 

[cardamom]

You could do what I did when I was making my decision--tentatively make one based on your gut feeling about it all and sit with that for a couple of days to see how it makes you feel. Are you relieved, happy, excited, anxious, longingly looking back over your shoulder at the other option? See what information comes out of that experience.

Also, if it comes down to your wanting the more expensive option and the money/debt being the only issue, would you consider talking with a financial planner about whether it makes sense for you and what it would entail?

 

[Tyness]

Hey Mark,

I'm sorry to ignore your post last night, I was half asleep and not completely with it after a 13 hour day of classes & internship! 😴

I have already ruled out the most expensive one (Denver). I'm definitely taking this all into consideration, which is why I'm so conflicted. The money is GREAT for the state school, since it will allow me to get out of my doctorate with a minimum of debt. However, I won't have as many research opportunities, I'm afraid, and I was told by current students that their internship rates have dropped over the last two years, which is a huge concern to me. The private school has lots of research opportunities and a higher internship rate, so I just want to make sure I'm doing the best thing for my future. So maybe you can see my conundrum. 🙂

Thanks again for the imput, everyone, keep it coming, as I'm STILL struggling between Spalding & Wright State.

I agree with you. If you go to Wright state you will have very little research opportunity and variety of practicum sites.