<p>It is very likely that I will be doing a Master's of Science in Finance degree at the University of Illinois Urbana-Champaign. Tuition and University Fees for the 1-year program will be $45,948 plus Room and Board which for me will most likely be off campus housing.</p>
<p>I understand that financial aid for graduate studies is quite different from undergrad? Also, I know that universities tend to provide little to no funding for students in MBA/MSF programs. And I (along with my family) have very little money to pay out of pocket which means I'm going to have to take out loans.</p>
<p>Based on the university's website (MSF</a> - Master of Science in Finance), for loans, they recommend GMAC.com, Citibank Student Loans, Federal Student Loan Program, and Sallie Mae Signature Student Loan. Can people comment on these loan programs and are there any others people would recommend?</p>
<p>Also, are there certain scholarships I should be looking into? And where I should be looking? </p>
<p>The federal student loan programs are Stafford loans (grad students have a $20,500/year limit, of which $8500 currently may be subsidized) and Grad Plus loans. Some schools also have Perkins loan funds which they offer to grad students. Rates on the Stafford for this year are 4.5% subs and 6.8% unsub. I believe GradPlus rates are at 7.9% and that loan is available up to COA. You will not need a cosigner for any of the federal loans. </p>
<p>I don’t know if the private lenders have better or worse rates, but you’re going to want to do more research into the terms and consolidation/loan repayment options available before you make any decisions. I believe that only the federal loans are eligible for IBR/ICR and loan forgiveness. Here are some links that might help:</p>
<p>As far as other funding goes, many grad students work as TA’s or in similar positions and some schools offer tuition remission for this service. Apply early for these jobs if you’re interested! There may be some limited scholarships available through the school or through private companies/government agencies…look for listings on grad school websites. Obviously, most grad students also work so they’re not borrowing for all of their living expenses. </p>
<p>Do you have any debt leftover from undergrad? I know many people that worked for a few years to pay that down (they continued living like students) and save money for grad school. Also, some employers offer tuition reimbursement for grad studies, which is always a good thing:)</p>
<p>Why are you getting this masters? It will not improve your lot in life as far as the job market is concerned, especially if you do not have work experience.</p>
<p>You would be better served working for a company that has a tuition aid program that will pay for your masters.</p>
<p>Agree with Sybbie. Particularly if you already have some debt from undergrad I would first get a little work experience. After that, see if the MSF still makes sense.</p>
<p>To the contrary this masters degree may indeed very well improve the O.P.'s “lot in life” out in the job market. They seem as if some thought has already gone into the process of choosing educational path, and for all we know a future employer or trusted colleague has already advised the OP of a great job offer down the road. But that’s it, we just Don’T Know!</p>
<p>this is what bothers me on this board sometimes, is that the “avoid student loan debt” at any and all costs-posters do not give advice pertaining to the OP’s question, but instead feel the need to criticize individual choices, when they do not know personal details. it’s just not helpful.</p>
<p>Don’t get me wrong, my family is pretty conservative, my husband has traditional Yankee frugality, etc. And we are trying to advise our own children wisely as they pick colleges. Personally i couln’t imagine loans for grad school as back in the 80s my employers paid for my M.S. But some of the most highly paid people I know had significant student loans on their way to wildly successful careers.</p>
<p>I’m not saying that the MSF won’t improve the OP’s prospects in the job market. But gaining a little real world experience, particularly before embarking on a business-related master’s is also looked upon favorably by future employers. I say there’s nothing to lose (except for some of the current debt) and a lot to be gained from a working a year.</p>
<p>In fact, many of the best MBA programs actually prefer to see candidates with a few years of work experience. I think grad school IS the place to spend money and I think you’ll see that posts on this board frequently suggest students do not take out big loans if grad school is likely. There is certainly not an “avoid student loan debt at any and all costs” mentality that I’ve seen…it’s more a caution to use that resource wisely and appropriately, which hopefully not leave students burdened with large loan payments for decades beyond graduation. It’s entirely possible to get a pricey degree and have a high-paying career, but it’s not a guarantee and many students change their focus and majors while in college. Being conservative with debt is not the same as being opposed to debt altogether.</p>
<p>1moremom–did I miss something here? Do we know if the OP has significant job experience or not? Of course work experience is better than no experience…</p>
<p>And it was sybbie who actually said that the degree would not improve the poster’s lot in life “as far as the job market is concerned…”. Of course the MS in finance from U.I. Will improve the poster’s marketability come job hunting time.</p>
<p>I am thinking the OP does not have job relevant experience as s/he posted a question last month about applying for internships. Generally people with serious work experience are not looking for internships.</p>
<p>As a parent of a child currently in grad school I am definitely not saying avoid student loan debt. I think many have said and I agree that one should avoid taking on huge undergrad debt especially if one is thinking about going on to grad or professional school where with the exception of PhD programs, most of the financial aid is going to be in the form of loans.</p>
<p>The Op having a masters in finance with no relevant job experience in finance is not going to give him an advantage in the job market where he will be competing with those who have experience in the job market. Even if he is applying for a first job, the masters won’t give him an advantage over those from elite schools with great internships in finance who will most likely get an offer at the end of their summer internship. </p>
<p>As sk8rmom stated most top MBA programs are looking for work experience as part of their admissions requirement. Most of my D’s friends who are going into top MBA programs this fall are coming off their 3 years of work experience from IB and Consulting. Some are having the masters paid by their employer (many now have the opportunity to return once they complete their MBAs).</p>
<p>One of D’s friends is finishing up her third year in consulting has decided not to go to grad school at this time. Her firm set her up with a strategic management internship at another major company where she will transition into at the end of her consulting job.</p>
<p>As a person who spent a long time working in corporate life, 2 1/2 out of 3 of the masters I now hold are employer paid (one from NYU, the other from Cornell, they would not pay for the ed courses), I am just saying first hand that OP, does not have to spend 45k out of pocket to get a masters. If he does not have significant work experience, he would be better served getting a job and having his masters paid by his employer. </p>
<p>If he is in NYC, even if he got a clerical position at Columbia U, their tuition aid plan kicks in on the first day of work. He could go to grad school and he would have to pay tax on the tuition over 5600, but it would definitely be less expensive than 45K in loans.</p>
<p>Op, lives in NYC. He would be better served getting a Masters from Baruch which will definitely be recognized by the business community in NYC for a small fraction of the cost vs going 45k in debt to attend UIUC. For that kind of debt he could probably live at home and attend NYU (ranked # 3 in finance).</p>
<p>Yes I would be out of state (I live in NY). I also applied to Polytechnic University which is in NYC, tuition is about the same but I could live at home and save on room and board. </p>
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<p>I won’t quote everything, but thank you very much for all the information you provided, I’ll look into it all and if I have questions I’ll direct them in this thread. I do have debt leftover from undergrad but I would rather take on the extra debt to get my Masters early, which I think will help with finding a good and better paying job. The job search to find something I really want may take more time than I’m willing to deal with, plus it may take me a one or two years to pay off my entire undergrad debt and I don’t know what I’ll have to show for it during that time if I can’t get a position in finance.</p>
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<p>I’m not convinced that the degree won’t improve my hunt on the job market. Believe me, I would have no problem with getting some work experience under my belt before going for my Master’s but it’s pretty close to impossible to land a analyst position, or internship, or entry level position in finance these days. I’ve applied so many places and when I am looking for positions, many of them I can’t touch just because they require Masters degrees in finance, or something math/engineering related.</p>
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<p>Thanks for the understanding, and when I say this, I’m not proclaiming that I’m very enthusiastic about adding to my debt load. But my own assessment of my situation tells me this is probably the better path. If I can get a good internship/position for the summer then I’ll most likely defer my enrollment for a year. I’m working for a furniture distribution company right now but the work I do doesn’t interest me and there’s nowhere for me to move here.</p>
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<p>And yes it’s true that it’s favorable to have several years of experience before going for an MBA but with an MSF degree the work experience is not as big of an issue. Many people go into MSF straight from undergrad whereas with an MBA this is rarely the case.</p>