<p>Hi everyone,</p>
<p>I have 30k in loans from undergrad. I was accepted into a few schools for a masters in engineering and both schools will cost about 30k total for the masters. Do you think that 60k in total loans is worth it for a masters degree?</p>
<p>I am completely undecided because I feel that my 30k now will definitely be manageable once I find an entry level engineering job with my BS degree. A masters degree will most likely increase my pay a little. But 60k after a MS seems way less manageable than 30k after a BS. What would you do if you were me? I want to continue my education but not if my loans would be too much.</p>
<p>Thanks in advance!</p>
<p>Although that amount isn’t totally horrendous for someone with a grad degree, it is high and therefore I would suggest this. Get a job in the engineering field near a good university (or get a job a a place that has that telecommunicating system where you go to “class” at work using a two-way system). Many companies that employ engineers will pay for their employees to get advanced degrees. Two of my brothers had their pricey engineering grad degrees paid for by their companies. </p>
<p>Again, paying that amount back might be do-able if you’re a frugal person who won’t likely be buying a home, marrying, and/or starting a family within the next 10 years. However, since you’re probably at least 22 years old, it could be likely that you will be doing those things within the next 10 years and making the equivalent of 2 additional very large car payments in addition to your living expenses could soon be a problem.</p>
<p>The problem with engineering as a career is that though the initial pay levels are very high compared to other entry level jobs, the curve flattens for the majority of engineers. I don;t know why this is. Many of my engineer friends went back for a MBA rather than a masters in engineering since the pay offs were much higher. Our close family friend is a MIT grad who did get his masters there too, but will tell anyone not to pay for it. His Harvard MBA is what lets the family live in luxury though the engineering degrees would keep them fed around here. And this guy is top of the line in his careers. </p>
<p>So, no, I don’t think putting $60K or that additional $30K into a masters unless this is something you truly love and want to do. Not as an investment in your future livelihood. The numbers don’t pan out for that.</p>
<p>I really think he should get an engineering job now, and let the company pay for any advanced degrees…in engineering or MBA or ExecMBA, etc.</p>
<p>Cpt is right…engineering salaries do tend to flatten out for many. And, having an advanced degree without experience can actually hurt when entering the job market because the company usually has to pay you more (because of the grad degree) to do entry level engineering work. </p>
<p>My H got his grad degree first, and he was super lucky because he graduated at a time when the defense industry was desperately hiring warm bodies in large groups…so they didn’t mind paying more to get another warm body engineer. However, it’s not likely that the hiring climate would be like that after getting a grad degree.</p>