<p>I'm looking to get a masters in CS, and was wondering how fast I could pay back 300k to my parents given that I will live very frugally. I did the calculations, and it came to 8 years, but I want to know if i'm not falling into a trap or something.</p>
<p>Why is a masters costing 300k?</p>
<p>$300,000 is an insane amount to have in loans. Usually only unlucky doctors have THAT much debt, and they take years to pay it off.</p>
<p>300K!!! One can buy a decent house in most areas of the country for that much. Something sounds very wrong about this.</p>
<p>I’m an international student from canada. and i have to do masters here. i’m already doing undergrad at umich.</p>
<p>Just get a bachelor degree. That’s too much money. You should consider going to a cheaper university with a decent CS program even if it isn’t the best</p>
<p>wayne state is my next best option, and it will cost 22k a year. should i transfer? will i still be able to get into a decent grad school?</p>
<p>i would save around 100k if i transfer.</p>
<p>Your parents are willing to give you 300K of their savings or are they taking out private loans?
What if you decide to drop CS and major in something else that doesn’t pay as well.
Then you could take over 10+years to pay off the 300K.</p>
<p>my parents are giving me their own money. no matter how long it takes, i will have to pay them back. </p>
<p>i am going to do cs because I enjoy the field. do you recommend i transfer?</p>
<p>Depends how much money you expect to make. Should probably take 20 to 30 years to pay it back, on average. Could be later if you can’t find a job, could be sooner if you make the next microsoft or apple.</p>
<p>You did not want to go to one of the good Canadian universities like Toronto, Waterloo, McGill, British Columbia?</p>
<p>Depends on the interest rate and how much you pay per month, which you didn’t specify.</p>
<p>I’ve done the numbers on this before, and I can tell you that the best case scenario is that you’ll spend half of your working life paying large sums of money to fund your degree. If things don’t work out so well, you’ll be in trouble for the rest of your life.</p>
<p>i really don’t know what i was thinking. also, i could attempt to transfer to york university, which is good (ranked pretty well in canada) and its deadline is aug 15. i would be paying 17k a year. </p>
<p>after the transfer, do you think i could still get into a good grad school here in the states?</p>
<p>Bump10char</p>
<p>never mind</p>
<p>no, 17k a year is the total cost of york university.</p>
<p>Much more manageable.
A masters in CS isn’t really worth it though, because you won’t need it this early for a CS degree. Get it later.</p>
<p>US universities take in a lot of international graduate students, at least in funded PhD programs (the only way most international students can afford to attend a US university).</p>
<p>OP, when considering what debt you possibly could pay please remember that if you are pushing your budget to pay student loans you are crowding out other loans like mortgages and car loans … large student debt can affect your life for decades.</p>
<p>Get your BS in CS, get a job with an employer who offers tuition reimbursement and get your MS part time while employed. Many employers offer this as a benefit as long as you are pursuing college courses that are related to your field of employment. I was VP of IT for many years for a bank and had several employees complete their BS degrees and work on MS this way. My husband is in software development in oil and gas and that industry also has employers who offer tuition reimbursement to employees. Of course, if you work in a tech field it would be difficult to get your employer to pay for a masters in fine arts, but very doable for them to pay for coursework toward your masters in CS or even an MBA if they offer tuition reimbursement as an employee benefit. Then, at the end of this process you will be very desirable in terms of employability…a masters + actual job experience in your field. And hopefully debt free as a bonus!</p>