<p>I'm considering going to grad school at Carnegie Mellon to get a master's in software engineering. I know CMU has a great reputation in anything CS related, and it's also probably the best in the software engineering field as well. The 16-month program there costs about $70K though. I've been saving up money, so I would only need to take out around $25k in loans.</p>
<p>I've seen other threads where people seem to say no school is worth such exorbitant tuition costs, and to just go to a cheaper school instead. Since my debt itself won't be that much, and I'll probably be able to pay it back in 5 years, so not too much interest, is $70k still outrageous?</p>
<p>I think graduate school is a different ball game because number one, it increases your earning potential a lot more over a bachelor’s degree, and number two, there often is no other way to fund your graduate education aside from borrowing loans. There are far fewer scholarships at the graduate level, especially in professional programs.</p>
<p>I, personally, would borrow the entire $70K if I had to do a software engineering degree, assuming that you don’t have huge undergraduate debt. A software engineer (even in this economy) with a master’s degree can reasonably expect to make $70K per year, which is the salary needed to comfortably pay off that loan. However, you already have some of the money saved and would only have to borrow $25K at one of the best-known schools in the country for computer degrees. I’d take that in a heart-beat, because - again, assuming that you don’t have big undergrad debt - you can expect to pay that off easily even with a low-paying software engineering job.</p>
<p>Congrats on your admittance and I agree with BrownParent that you should ask around and see if there are any RAships that will help with the costs. Also, if you like people and don’t mind working 20-hours a week on an unrelated job, find out if Carnegie Mellon needs graduate hall directors for their residence life positions (or any other nearby Pittsburgh schools with undergrads). Those positions usually offer free housing and sometimes a meal plan.</p>
<p>It’s not unheard of for students in software engineering or related degree programs to take a semester or summer off to work in an internship (or to do this part time while in class). At a school like Carnegie Mellon, you may have good opportunities for internships at industry leaders, and from what I’ve heard these internships can pay well. You could ask current students in your interest area what their experiences have been.</p>
<p>Yes, it’s for a Master’s. There are no Fellowships or other financial awards, and they don’t have TA’s and discourage students from trying to get one because of the intense workload of the program. From what I’ve heard from current students they really don’t have time to be a TA/RA, or else would be pushing 100 hrs/week.</p>
<p>I have no undergrad debt (yay for cheap in-state tuition). I was just worried based on other comments I’ve seen where some people consider such high tuition as absolute no-brainer refusals if you can’t get any funding.</p>
<p>Yes, very outrageous. You have made it. You are done with your Bachelor’s and have no debt, and $45,000 in savings. Get into the work force full time. Keep saving like you have been.</p>
<p>Computer science is not one of the fields where a graduate degree usually makes sense. Why? Because outside of a few large firms, a graduate degree in computer science is not going to help you all that much. Sure you might, might, get a better paying job after two years, but you could probably get that same salary increase if you just stick it out, or change jobs.</p>
<p>Especially to go back into debt. Professionally, a graduate degree at this point would be going backwards.</p>
<p>Refusal would be a no-brainer for me, because I would have to borrow every penny of what I pay at grad school. If I had the money, and the brains to get into CMU, I’d go there in a heartbeat.</p>
<p>Rule of thumb, don’t borrow more than what you anticipate making during your first year afterward.</p>
<p>Is getting a MS in CS a waste? Most people would say yes it is because those who do get MS often do it to pursue research and phD (and professor at some college). But in Carnegie Mellon’s case, this should not be. not only CMU is the one of the best CS programs in the world, your MS program is a special program. I am currently in CMU right now pursuing computational biology, and i hear the MS in software engineering is great. In your case you will have very little debt and will come out with a degree that is always in need. ppl who graduate from CS cmu tend to have a very good post-graduate future.</p>
<p>If you had to borrow the entire 70k I would say that it is in fact not a good idea to go. However, you seemed to have saved up and would only have to borrow 25k, an amount you would earn back fairly quickly. If you believe a masters from CMU will be good for you then you should do it. That amt of debt is not debilitating.</p>