<p>As my spring break crawls slowly along with still no word from universities re: funding (except for one definite "no"), it's looking more and more likely that I won't get any. I knew going into this that masters students shouldn't expect help, but recently I've been overwhelmed by the thought of tens of thousands in debt when all I see around me are people losing jobs, job postings coming down, people drowning in debt they can't pay, houses being foreclosed....</p>
<p>Best case scenario: somebody offers me tuition remission and I only need to find a part-time position to live on for the next two years, and/or my parents contribute the $20k they offered back when I was applying (since I'm graduating early, they said they would give me the amount they would have spent on my senior year--but since they decided to buy their retirement home while the prices were low this may not happen).</p>
<p>Worst case, and more likely, scenario: nobody offers me a dime and even with a $9/hr 15 hr/wk campus job I'll need some $50k in government money at 8% interest to cover tuition and living (based on my expenses in 2008), which will take me 11 years to pay off if I land a $40k/yr position and put 20% of it each month into paying the loans. Even this worst-case scenario assumes a best-case scenario in which I find that job and keep it for a decade--but given my persistent failure in trying to find one as an alternative plan, I could just be left floating. And all the what-ifs: what if I'm in a car wreck sometime during those 11 years and the medical bills pile up, what if local governments start closing down libraries to save money, what if the only job I can get is in a city with sky-high cost of living and I can't make my payments?</p>
<p>I'm almost scared enough to throw in the towel. But my prospects aren't much better if I skip graduate school and start work with a Bio BS. Is anyone else looking at a large debt and shaking in their boots?</p>
<p>That is quite a bleak picture you paint. If I may suggest an alternative: there is still time for you to look into getting a job as a tech, or apply to post-bacc fellowships. In both of these cases, you would be bringing in enough money to live on and possibly save up. More importantly, you could bolster your application (if needed) and give you some time to apply to PhD programs when your tech/fellowship job is completed. This would circumvent any potential debt you would accrue by furthering your education, while gaining valuable and competitive experience. Even if you still only wanted a masters, there is a decent chance that such experience would lead to financial aid offers if you were to reapply in a couple years. Is there a reason you are looking at a masters rather than PhD?</p>
<p>I would have cold feet at this point too. The repayment amounts you mentioned are not realistic, you would likely be paying on this for 25 years. Sorry to pile on.</p>
<p>This may be academia’s way of letting you know that you need to work as a tech for a couple of years after which you can reapply for grad school with publications, conferences, poster sessions and more techniques under your belt. Maybe you should consider applying for Phd programs later on. If you are in bio, a masters won’t be worth much at all, whereas a Phd opens a new class of jobs that aren’t available without it. </p>
<p>I know a lot gets made by people on the forum boards about the difference in time commitment, but you are talking about a difference of three years out of a 45 year career. Just my two cents.</p>
<p>I should have been more clear. I’m not going into biology, I’m looking at a masters in library science (the undergrad major was a result of pressure from parents and teachers who assume if a student is good at something, they’ll want to devote the rest of their life to it). Unfortunately, it isn’t like academic disciplines where you can skip the masters and ride out a PhD on stipends. Most likely my MLS will be terminal, not because I’m unwilling to spend the time in graduate school, but because a PhD would not be applicable to my career unless I plan to teach. Likewise, the couple of years off would only be useful if I spend it cataloging or working as a page, which I have genuinely tried to do but get beat out on all fronts by current MLS students in this town.</p>
<p>And yes, it will take considerably longer than 11 years to pay off $50k if I buy a car, a house, have kids etc. The 11 year estimate assumes I do not drastically inflate my spartan standard of living, which consumes $12k a year as is (no car, no cable, no fancy phones, rarely eating out, and a roommate to halve the rent to $250 a month inc. utilities). Of course, by my mid-twenties I’ll be tired of eating Ramen and taking buses every day, and I’ll probably throw my lovely resolutions of eliminating debt out the window in favor of steak and professional hair cuts.</p>
<p>I would seek out a job in the bio research field promptly, or try pharmaceutical sales…hopefully you’ve made use of past summers for internships etc…Work a few years, save and if you’re really lucky you can find an employer that will help you pay for your advanced degree. Another alternative is for you to get a teaching credential (not as costly and you can go to a public univ) to go with that science degree and go into teaching…at least temporarily. Science teachers are in great demand these days.</p>
<p>Sorry tkm, didn’t fully get the picture until I reread your other post. Still, if you can’t afford that Masters Library science right now you’ll need to take the long route and work and go to school at the same time. I see that IU Bloomington has a program is it that much $$. I also see that St. Catherine’s in Minnesota has a masters program. I’ve found that some of the smaller Catholic colleges sometimes offer substantial aid, might not be your first pick but if you really want to get that degree you may have to go where you can find the aid that you need.</p>
<p>I really feel for you, tkm. Maybe work for a couple of years and pay off some of the loans and then reapply after you get some experience in the workfield? A psych grad friend of mine U graduated with a bio degree and worked as a store retail manager for 10 years and he seems to be fine! He’s a bit older, but a lot wiser and was able to think over his decision about returning to school.</p>
<p>A lot of people take courses toward an MLS while holding down a job. Many schools that offer MLS degrees schedule courses with this in mind, offering the same course in the evening, long distance or during summer (for teachers). Would that be an option for you?</p>
<p>I would definitely re-evaluate your choices. If you don’t want to take out the debt, apply again in a few years. Explore what you really want to do. Do you really want an MLS? Have you talked to a career counselor? It’s still not too late to apply to other programs. Some have late deadlines (May-June 1).</p>
<p>I am about to enter a program for a terminal master’s degree. I got my official admittance papers today and I was offered 19,500 as a partial tuition scholarship and 5,000 as an assistantship. I will be on the quarterly system though, so I assume there will still be pretty much a whole semester… well, quarter… that I have to finance myself.</p>
<p>a lot of my friends want to do a MLS and the trick for them is they’re all Virginia residents, where no institute of higher learning offers one. Thus, they’re going to try to get in-state tuition in line with who knows what law. Maybe that applies to you? Other than that, I haven’t heard of any funding for MLS, and my friend who works in our library system (UVA’s) tells me horror stories about how much her colleagues with their MLS are in debt. But they all have steady jobs! :</p>
<p>Oaks and Marite: I did notice when looking through the spring course catalog for IU that a lot of the core classes were late at night, like from 5:30 to 8 pm. I knew I would be working part-time and going to school full-time but I hadn’t considered switching the two. Maybe I can find a position in the university–staff members get one course free per semester according to the lab tech I used to work under.</p>
<p>Tickle and hazel: It might also be possible for me to gain in-state status somewhere, but at least for IU it would take two years of living here without taking any classes before they would offer it. I don’t know if I’m still a resident of California, since I left three years ago, but I guess I could submit an application to UCLA and see.</p>
<p>Work two jobs. Rent, you can’t afford nor will qualify for a mortgage. Learn from the people that wanted the dream house but can’t afford it now that times are tight. Buy an old car. Live within your means. Cash not credit cards. Student loans are an investment in your future. If student loans are the only loans you have then you will get those paid off in time. Unmanageable credit card debt will destroy your future. Suze Orman is right.</p>