PhD loan money amount

[HopefulClinical]

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I was wondering how you figured out how much you would need to take out in loans. I will be starting a PhD program in the fall, and while they haven’t given us an exact number yet it seems that we will owe about $1500.00 a semester. I’m not sure how much books will be, and it seems like my stipend is not going to be enough to live on and cover these expenses. I also don’t want to get into too much debt, as I already have about $20,000 in loans from undergrad. How did you guys figure this out? It is a long distance move for me, and it will be the first time that I am living on my own. I have no idea how to plan the loan money I will need….


Any advice would be much appreciated!

 

[aequitasveritas]

I was wondering how you figured out how much you would need to take out in loans. I will be starting a PhD program in the fall, and while they haven’t given us an exact number yet it seems that we will owe about $1500.00 a semester. I’m not sure how much books will be, and it seems like my stipend is not going to be enough to live on and cover these expenses. I also don’t want to get into too much debt, as I already have about $20,000 in loans from undergrad. How did you guys figure this out? It is a long distance move for me, and it will be the first time that I am living on my own. I have no idea how to plan the loan money I will need….


Any advice would be much appreciated!

Loan money is estimated based on cost of living. Gather estimates for rent, food, trans, medical, books etc and then submit this to the financial aid center. Take out more than what you need each semester and then return the difference. You'll acrue a little interest, true, but it's better than running otu of money. owing 1500/semester is not bad at all either. Well done.

if you can then pay off the interest on the loans you take out while you're in grad school that'd be good.

 

[HopefulClinical]

Loan money is estimated based on cost of living. Gather estimates for rent, food, trans, medical, books etc and then submit this to the financial aid center. Take out more than what you need each semester and then return the difference. You'll acrue a little interest, true, but it's better than running otu of money. owing 1500/semester is not bad at all either. Well done.

if you can then pay off the interest on the loans you take out while you're in grad school that'd be good.

You can actually just return what you don't use at the end of the semester?

 

[roubs]

You can actually just return what you don't use at the end of the semester?

Yeah it's loan repayment 🙂

 

[aequitasveritas]

You can actually just return what you don't use at the end of the semester?

Yes, you can. And actually roubs is onto something kind of valuable.

If you do this right...you could make incremental payments towards your principle and/or your interest based with the money left over each semester. If you can do this and are able to make some form of payment to your loan company or direct loans then you would only have to work for 4-5 yrs at a public agency part time to get the remainder of your balance forgiven. Currently there is a 10 yr mark for people who are paying their loans each month and are also at a public agency. After that the balance is forgiven.

 

[Born2rumble1st]

Yes, you can. And actually roubs is onto something kind of valuable.

If you do this right...you could make incremental payments towards your principle and/or your interest based with the money left over each semester. If you can do this and are able to make some form of payment to your loan company or direct loans then you would only have to work for 4-5 yrs at a public agency part time to get the remainder of your balance forgiven. Currently there is a 10 yr mark for people who are paying their loans each month and are also at a public agency. After that the balance is forgiven.

That is actually incorrect. In order to qualify for public service loan forgiveness you have to be working full-time, which the government considers to be 30 hours a week, at a non-profit/public service organization. I don't know anyone who could manage a 30 hr. per week job on top of RA, TA, and program requirements. Most people aren't going to be able to start to qualify for repayment until their internship year.

 

[aequitasveritas]

That is actually incorrect. In order to qualify for public service loan forgiveness you have to be working full-time, which the government considers to be 30 hours a week, at a non-profit/public service organization. I don't know anyone who could manage a 30 hr. per week job on top of RA, TA, and program requirements. Most people aren't going to be able to start to qualify for repayment until their internship year.

I could be wrong in the sense that the 5 yrs wouldnt transfer intot he loan forgiveness since it's contingent on the 30hrs public servicw work. I admit being wrong here.

But I think that if you are able to make payments during grad school somehow and the amount isn't that much...and it sounds like it wouldnt be based on the loan amnt of the OP then he would have 5 yrs of payment history, which at the very least counts towards the 20 yr limit where principle is paid back.

 

[ClinicalPHD5]

The median amount in loans that people take out from PhD/PsyD programs is 80K. I would advice against taking out more than 60-80K since you already have loans from college.

 

[starsinnight]

Some things to note:

- You can always return loans you don't need or not accept them.
- You can always accept the lowest or highest loan offered to you, that is if you are given multiples to choose from of subsidized (no interest while in school) or unsubsidized (interest accrues).
- Loan Forgiveness is amazing to research and look up. Think about this now in case you have more than 100k in loans or you don't want to worry about them forever. One option is public service (VA's, Teach for America, government positions, etc.) that will pay off your loans AFTER you finish school for each year of service you do for them. For example, a year working for the Navy may provide you with 15k forgiven, and each year is more money forgiven, usually with a maximum of about 3 years. Each agency will differ in what they forgive. Another option is directly through your loan company. Sallie Mae forgives loans if you have a large amount of debt, good credit, and pay continuously for an X amount of years (something like 30 or more) leaving you to pay an percentage and taxes on the remaining amount.
- Don't worry too much about loans but don't be too lax either. I know loans are necessary to some degree for me to live off of since my courses are paid for but not living expenses. Some students take this to the max and go shopping and on vacations with their money and end with tons of unnecessary debt. A classmate of mine has $160k and that's not including a doctorate degree yet. So use what you need, give back what you don't. Or pay for it later.

Good luck!

 

[arsesta]

One thing I regret the most is not taking out the maximum amount of SUBSIDIZED Stafford loans each year. The govt pays the interest accrued so if you have anything left over when you graduate, you can just pay it back. It's always nice to have a little extra money in the bank to help out. I worked 2 jobs + externship during my first three years because I didn't want to take out loans, and it was the dumbest thing ever. Since my 4th year, I've been taking out more loans because I was so burnt out.

I'm entering my 6th year now (PhD program, partly funded) and internship will pay so little (I think I take home 1700/month?). I had to uproot my life and relocate to another city, and I wish I didn't have to take out the unsubsidized Stafford loans and borrow $ from my mom this year!

Some things to note:

- You can always return loans you don't need or not accept them.
- You can always accept the lowest or highest loan offered to you, that is if you are given multiples to choose from of subsidized (no interest while in school) or unsubsidized (interest accrues).
- Loan Forgiveness is amazing to research and look up. Think about this now in case you have more than 100k in loans or you don't want to worry about them forever. One option is public service (VA's, Teach for America, government positions, etc.) that will pay off your loans AFTER you finish school for each year of service you do for them. For example, a year working for the Navy may provide you with 15k forgiven, and each year is more money forgiven, usually with a maximum of about 3 years. Each agency will differ in what they forgive. Another option is directly through your loan company. Sallie Mae forgives loans if you have a large amount of debt, good credit, and pay continuously for an X amount of years (something like 30 or more) leaving you to pay an percentage and taxes on the remaining amount.
- Don't worry too much about loans but don't be too lax either. I know loans are necessary to some degree for me to live off of since my courses are paid for but not living expenses. Some students take this to the max and go shopping and on vacations with their money and end with tons of unnecessary debt. A classmate of mine has $160k and that's not including a doctorate degree yet. So use what you need, give back what you don't. Or pay for it later.

Good luck!

 

[IOPsych]

The median amount in loans that people take out from PhD/PsyD programs is 80K. I would advice against taking out more than 60-80K since you already have loans from college.

Wow. I was upset about taking out 19k total. I had no idea the median was that high.

 

[graduatingsoon]

Some things to note:

- Loan Forgiveness is amazing to research and look up. Think about this now in case you have more than 100k in loans or you don't want to worry about them forever. One option is public service (VA's, Teach for America, government positions, etc.) that will pay off your loans AFTER you finish school for each year of service you do for them. For example, a year working for the Navy may provide you with 15k forgiven, and each year is more money forgiven, usually with a maximum of about 3 years. Each agency will differ in what they forgive. Another option is directly through your loan company. Sallie Mae forgives loans if you have a large amount of debt, good credit, and pay continuously for an X amount of years (something like 30 or more) leaving you to pay an percentage and taxes on the remaining amount.
- Don't worry too much about loans but don't be too lax either. I know loans are necessary to some degree for me to live off of since my courses are paid for but not living expenses. Some students take this to the max and go shopping and on vacations with their money and end with tons of unnecessary debt. A classmate of mine has $160k and that's not including a doctorate degree yet. So use what you need, give back what you don't. Or pay for it later.

Good luck!

I don't really agree with the sentiment here. Student Loans are SERIOUS business. They are more difficult to get out of than other types of debt and will not be forgiven by the court system even if you try to file for bankruptcy if you can't pay them back.

Sure, there are some forgiveness programs out there, but they won't generally cover 160K in debt. Your friend is in deep ****. The federal government has a max of 60K loan forgiveness program and its not a guarantee either. Plus, these jobs are highly competitive so I wouldn't rely on that. Additionally, joining the navy/military to pay off debt on its own is a terrible idea. You can be deployed to a war zone and work in very risky conditions. Many psychologists don't see this as an option, especially if you have a spouse/family.

 

[starsinnight]

I don't really agree with the sentiment here. Student Loans are SERIOUS business. They are more difficult to get out of than other types of debt and will not be forgiven by the court system even if you try to file for bankruptcy if you can't pay them back.

Sure, there are some forgiveness programs out there, but they won't generally cover 160K in debt. Your friend is in deep ****. The federal government has a max of 60K loan forgiveness program and its not a guarantee either. Plus, these jobs are highly competitive so I wouldn't rely on that. Additionally, joining the navy/military to pay off debt on its own is a terrible idea. You can be deployed to a war zone and work in very risky conditions. Many psychologists don't see this as an option, especially if you have a spouse/family.

I'm not sure you completely understood what I was saying, I'd NEVER EVER encourage anyone to get 160k in debt!! lol I have 15k and I thought that is horrible!! I never have underestimated the seriousness of loans, I hope I didn't come across that way. And definitely, I did not suggest bankruptcy or being forgiven in court either - so not sure where that idea came from.

But I have looked in to it alot and there really ARE options. Alot. You DO NOT need to enlist in the Navy or Army to be forgiven, you can be working as a civilian (I think it is called) - you are not contracted or committed, it is a job as in any other. The same for VA's and most at-risk non-profit organizations as well. The jobs aren't as competitive as any other, as far as I've seen. Jobs are hard to find all around - but in order to have your loans forgiven you must be willing to "give back" to the community and work a bit in under-represented populations.

Here are some links with more info:
http://www.finaid.org/loans/forgiveness.phtml
http://www.lrp.nih.gov/about_the_programs/index.aspx

 

[krisrox]

One thing I regret the most is not taking out the maximum amount of SUBSIDIZED Stafford loans each year. The govt pays the interest accrued so if you have anything left over when you graduate, you can just pay it back. It's always nice to have a little extra money in the bank to help out. I worked 2 jobs + externship during my first three years because I didn't want to take out loans, and it was the dumbest thing ever. Since my 4th year, I've been taking out more loans because I was so burnt out.

I'm entering my 6th year now (PhD program, partly funded) and internship will pay so little (I think I take home 1700/month?). I had to uproot my life and relocate to another city, and I wish I didn't have to take out the unsubsidized Stafford loans and borrow $ from my mom this year!

This is great advice!! I'm very debt-averse, so I only took out $1.5k my first semester. I had so much more money offered to me the next semester and money was already tight, so I did just this; I took out all my SUBSIDIZED loans. I've already paid back half of spring semester's loans, and summer ones are helping me out big time.

 

[MrQuack]

This is great advice!! I'm very debt-averse, so I only took out $1.5k my first semester. I had so much more money offered to me the next semester and money was already tight, so I did just this; I took out all my SUBSIDIZED loans. I've already paid back half of spring semester's loans, and summer ones are helping me out big time.

pffff Your reply is like your signature. Sweet and staged.

You only pulled out 1.5k your first semester. At first I was like "Wow" nice stipend, but then I thought about it for a second and realize that means you went through your entire stipend plus 1.5k in roughly 4 months! Then for next semester, you pulled out your Sub. loans which can be no more than 8.5k.

I'm impressed you already paid back nearly half of that spring loan over the last 6 months or so, but you are not going to be able to keep that up. I assume you got these funds from a part time job, something you will have less and less time for after your first "baby year" where you are mostly just doing course work and have little to no clinical intake or research demands.

Good going only taking out the Sub. loans. I'm looking at either pulling 2k per year in unsub. loans or less than that, but that's only because my fiance pays the rent since she has a job post-undergrad (sugar mama).

I hope you can keep this up, don't get me wrong, but I am just a little skeptical is all, and jealous.

 

[MrQuack]

I'm not sure you completely understood what I was saying, I'd NEVER EVER encourage anyone to get 160k in debt!! lol I have 15k and I thought that is horrible!! I never have underestimated the seriousness of loans, I hope I didn't come across that way. And definitely, I did not suggest bankruptcy or being forgiven in court either - so not sure where that idea came from.

But I have looked in to it alot and there really ARE options. Alot . You DO NOT need to enlist in the Navy or Army to be forgiven, you can be working as a civilian (I think it is called) - you are not contracted or committed, it is a job as in any other. The same for VA's and most at-risk non-profit organizations as well. The jobs aren't as competitive as any other, as far as I've seen. Jobs are hard to find all around - but in order to have your loans forgiven you must be willing to "give back" to the community and work a bit in under-represented populations.

Here are some links with more info:
http://www.finaid.org/loans/forgiveness.phtml
http://www.lrp.nih.gov/about_the_programs/index.aspx

That was a troll reply.

The focus on your post was on loan forgiveness.

OK. Loan forgiveness is only really practical if you are a full time researcher, these are the desirable candidates. I know someone trying to get this and you have to apply repeatedly each year until you finally get it, they give you tips on how to be a better applicant for next year though. Of course, over that time, interest accrues, not to mention that loan forgiveness is getting more and more competitive. I would not hold out for it. People will laugh at you if you say you are counting on it.

Now you can go the public service route, but now (unless you work at a VA) you are looking at lower pay, so it does not really work out.

Here is the secret to keeping off debt. Marry someone who is not a graduate student. 😀

Yeah your friend is in deep ****. To even hear that makes me angry.

 

[futureapppsy2]

your first "baby year" where you are mostly just doing course work and have little to no clinical intake or research demands.

YMMV, but I submitted 6 full manuscripts and two test reviews/article commentaries--and was first author on five of them--my first year (well, one we submitted this summer; both of the reviews and three of the articles we started writing this year). While it is true that clinical demands were very light--we only got about 35 APPIC hours--I definitely had plenty of research demands!

 

[krisrox]

pffff Your reply is like your signature. Sweet and staged.

You only pulled out 1.5k your first semester. At first I was like "Wow" nice stipend, but then I thought about it for a second and realize that means you went through your entire stipend plus 1.5k in roughly 4 months! Then for next semester, you pulled out your Sub. loans which can be no more than 8.5k.

I'm impressed you already paid back nearly half of that spring loan over the last 6 months or so, but you are not going to be able to keep that up. I assume you got these funds from a part time job, something you will have less and less time for after your first "baby year" where you are mostly just doing course work and have little to no clinical intake or research demands.

Good going only taking out the Sub. loans. I'm looking at either pulling 2k per year in unsub. loans or less than that, but that's only because my fiance pays the rent since she has a job post-undergrad (sugar mama).

I hope you can keep this up, don't get me wrong, but I am just a little skeptical is all, and jealous.

To be clear, I paid back my loans by just returning the money I didn't use. I don't have a job outside of my RA position. Granted, I have a nice stipend and I live in a fairly inexpensive area with a roommate.