MSW Costs

[devotionndoubt]

In a nutshell, I'm a late-30s career changer. I have spent 13 years working in business development in media, but I'm now looking to obtain the degrees and experience to be become a private mental-health therapist. Given the quicker path, I've been leaning towards a MSW. I have actually been admitted to the University of Michigan for Fall of 2011. That said, here are a few questions/concerns:

1. In total, the 16-month program at Michigan will costs approximately $100,000 (including room, books, food, etc.). The other programs I'm considering, namely Chicago and NYU, are not far off.

2. What are people's thoughts on a MSW if one is certain that clinical work is their goal? Despite being only two years, the $100,000 price tag makes it not that much cheaper than an extended PhD or PsyD program.

Any other thoughts would be greatly appreciated.

Chris

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[lrn1]

How did you get into University of Michigan for Fall 2011? The applications aren't even up on the website yet. Is it because it's the 16 month program?

I will be applying to their program in the coming months, I was hoping to get some form or aid, and thought they would offer more aid than Chicago or NYU - is this not the case? What type of financial aid package did you get?

 

[devotionndoubt]

I applied for Fall 2010 admission at the last minute. Michigan accepts applications until August 1st, I believe. I wasn't admitted for this year, but was offered deferred admission.

I didn't receive any word relative to financial aid, grants, etc. I was pretty set on going until I realized that I'm looking at $100K in loans. Man, that is a lot of cash.

 

[Therapist4Chnge]

While it may be a great education, you'll never be able to reasonably make up that money and live comfortably.

 

[devotionndoubt]

So what are the better options if one is looking to become a clinical therapist?

 

[futureapppsy2]

Consider an MSW program at a in-state public school. For MSWs, taking on a lot of debt doesn't really make sense. Alternately, spend a couple of years preparing to apply to funded PhD/PsyD programs (doing research, coursework, and some clinical volunteering).

Good luck!

 

[jdawgg]

That cost could be justifiable only if you had Stafford loans and intend to work for 10 years in public service. Using this option, income-based repayment options cap your payments quite low and everything remaining would be forgiven after 10 years. If you're going into private practice, loan forgiveness would not be an option, however.

 

[lrn1]

Their website says that 90% of students receive aid from them. If you applied after the deadline for this, perhaps it was all distributed to students who applied early and accepted their awards. If I were you, I would inquire about this. If you were someone applying now for Fall 2011, would you be awarded something? Since it doesn't make sense to reapply, I would ask if they would be willing to review your application once again for consideration of an award.

I'll be applying to University of Michigan and some other pricey schools, but if the financial aid award is not that great, I would much rather go to a cheaper in-state school. $100,000 is like a mortgage, and you have to remember it's not just $100,000, but $100,000 plus interest. I have a $50,000 school loan right now, and I pay 180 a month - this just barely covers the interest (but all i can afford at the moment), so you would be looking at twice this amount on the interest, plus whatever you can pay off. You would actually be paying something like $130,000 if not much more over time. Definitely look into the types of loans you are getting and the interest rates. If you can get some at 0%, that would make a huge impact.

$100,000 x 3.5% = $3,500 (paid in interest per year)

$3,500 / 12 = $291.66 (interest per month)

Try calculating with the expected interest rate.

 

[devotionndoubt]

Thanks for the feedback, folks. The problem with Michigan is that they're asking me to commit ($200) prior to knowing if I'm going to receive any financial awards. I suppose I just swallow the $200 and hope. If I opt not to go, well, I've only lost $200.

I was only going to apply to Michigan because they appear to be clinical heavy, plus I want to be in a program where I have the option to continue on a solid PhD track, should I choose to do so. I'm now thinking of also applying to NYU, Columbia and Chicago. I was going to to apply to Berkeley, especially since it's in-state and MUCH cheaper, but I've heard from numerous people that they have very little focus on clinical.

 

[lrn1]

Columbia and NY are really expensive. The tuition at columbia, plus fees is $38,000 per year. From what I have heard, the max award they will grant is $8,000. I have emailed them and this is also what they said. I have also read on this board and others that NYU doesn't offer much aid if any. As for Chicago, I would be interested in knowing what you find out. I couldn't find anything on their website that sound promising. I was also looking into these schools, but decided it wasn't in my best interest (financially). Not to mention the cost of living in NY. I think reserving your spot for $200 is well worth it, but I would find out as much as you can about your chances of getting some aid. I know they have several programs that they offer hefty aid for, and I don't think your concentration is one. For the others, it is somewhere around $10,000 per SEMESTER.

If you haven't attended an info session at Cal, I highly recommend it. I went last year and they have some great info that you can't find online. Stats from 2009: Average GPA 3.61, Average GRE verbal 550/70% (verbal is what they look at). 413 applicants, 94 admitted. They admit based on concentration. I think health and mental is something like, 15 people admitted per year.

What's interesting is that I always hear and read that they are research oriented, but when i went to the info session, i asked one of the admissions people what type of additional experience would be looked upon more favorably - a volunteer position working in a day center or research, and they said direct experience at a day center. I already had various types of volunteer experience, but no research...so, I don't know. They may be research oriented (so it's written in places), but I don't think that is to say their clinical concentration is going to suck...

 

[devotionndoubt]

Thanks for your insights. Yeah, I lived in NYC for seven years post-undergrad and I really don't think I could do it again. And like you said, the cost of living in NYC is outrageous. I'd imagine that total costs would exceed $100K.

I did attend a session at Berkeley. I haven't taken (or studies for) the GRE so that is sort of holding me back. And I'm a historically awful test taker, as evidenced by this sentence. I'd gather that Berkeley is one of the most difficult programs to be admitted to. From what I've heard (all secondhand so certainly not fact), Michigan is quite easy to get into. I think I heard that they admit somewhere in the vicinity of 80% of applicants. Again, no facts here.

There's something about the Michigan program that's pulling me in. I think it's primarily the programs/degrees that I may want to pursue following my MSW.