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hterry85
member
So...talk to me about getting a masters degree
hterry85
member
This is something I've thought about off and on since I was still in undergrad. But now it's something I'd really like to look into. There is no way I could stop working full time, and I have of course have a baby at home. I know it wouldn't be easy but the more I think about it, the more it's something I want to do.
I'd be doing it online. Which is also pretty scary! I did some of my undergrad work online in the summers, and it was tough to stay dedicated.
Of course $$ is my biggest worry. $21,000 before any books or anything....that's close to what I make in a year! How is financial aid for something like this? DH and I combined make a little under $60k a year. So...not much...he pays cs (does that matter). I guess what kind of things do they look at? It would take a lot of financial aid for us to swing it.
Any advice, tips, or helpful linkys would be awesome!
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Re: So...talk to me about getting a masters degree
Masters students don't get State or Federal grants that I know of, but I had no problem getting the full CoA in financial aid. Of course, we make less than $12K a year, so yeah.
I'd say take 6 hours at a time or so. That way it's cheaper, you don't have to worry about overworking yourself, and you can still devote a lot of time to your family. Right now I'm taking 6 hours and am about to start work 20 hours a week. When I signed up for classes I didn't know what sort of job I'd be getting, so I didn't want to take too much. Right now, for me, this is a perfect mix of work, school, and time at home with the kiddo.
GL! It will be tough but it will also really be worth it!
I just started working on my 2nd master's degree. I did the first one entirely online while working 2 jobs during the school year and one over the summer. It is doable, you just have to plan well.
Right now, things have gone really well because I just do homework after LO goes to bed at night, I figure now is the better time to do it before he's older and staying up later. My DH is very supportive also, it would be hard to do it without him.
We didn't want to take money out of our savings with having LO, so I'm using financial aid. (not that we have a whole ton in savings anyway) You qualify for financial aide based upon income, I've been able to take out loans for the entire amount of my tuition plus books and I could've taken a bunch more, I just chose not to. The program I'm doing now is 45 hours, it'll take me 7 semesters to finish and it's going to cost between 10 and 15,000 once you factor in books. I'm attending a state school.
Yup, it's crazy expensive. I will be paying off loans for a loooong, long time.
If you're going to do it online, make sure it's a credible, accredited university. Do some googling to see if it has a good reputation in the field you're exploring. If you have any professional contacts in that field, maybe drop them an email or phone call and see how they think a masters from that university would be received -- or even if they think it would be useful.
I got mine in journalism. I worked for three years in the field before going back to school b/c I had specific things I wanted out of a masters, and I chose a school that allowed me the freedom to do that rather than trying to teach me skills I already had and come out with a big name degree but nothing that I couldn't learn on the job.
And make sure that the financial gain is worth the investment. If spending $$$ to get a masters isn't going to increase your earning potential or open up new positions and flexibility to you, that's a lot of debt to be paying off for very little gain. (Of course, I say that even though I'm a SAHM right now.
But I still think that the masters is really going to benefit me once I get back into the work force.)
My DH got paid to go to school for his Ph.D., but I had to take out loans to pay for my masters. I still think it was worth it (partially b/c I met my DH while I was in grad school!), but it's not a decision to make lightly to take on that much debt.
DD1, 1/5/2008 ~~~ DD2, 3/17/2010
Finally something I know a lot about! Forgive thelengthy response, I feel like a pro on this subject.
The first thing I would do is figure out how much thetotal cost would be. Including supplies, tuition, etc...AND if you need to taketime off of work to complete the program.
Once you have this number, figure out how much yourmonthly payment will be, to pay off the financial aid (this is of course afterthe 6 month grace period once you complete school). Then, if you can afford themonthly payment, go for it. Ask yourself, if you really want to have apayment of that amount- what is it really getting you in the long run? More $,security, personal fulfillment? Consider the time away from your family as a ?payment?as well.
In my experience, graduate school ended up costingmore than I planned (my own fault for not researching enough). And, I didn'tknow exactly how the cost would really affect my post-grad school finances. Mymistake, so do your homework!
Talk to a financial advisor at the school beforecommitting- to get an idea of interest rates, actual costs, and repaymentplans. I?d also google college tuition calculators or repayments. That wayyou?ll know if you little one will be in college by the time you pay yourstudent loans off.
I don't know what field your in, but if it is aguarantee that this advanced degree will result in a higher paid job- do it. Ifit's a gamble....I'd wait, try to save up for at least half of it. Financialaid is plentiful, but comes at a cost...not always favorable. And yes, thereare different levels of paying them off- but don't get sucked into that"convenient" possibility, the interest racks up and time ticks on.Plus, the student loan companies are just as easy to work with as credit cardcompanies (totally not easy at all).
In my experience, only the individual schools offergrants for masters, not the government.
My husband and I earned our masters 3 years beforehaving our baby, and we can barely make our payments, we tried to have ourpayments reduced, with no luck. This is mainly because our industries have beenhit by the bad economy- bad timing I guess. I am using my degree with mycurrent job, but only at a part time level, which is not by choice. But, Iguess I wouldn?t want to work full time with baby at home anyway?
Also, as a teacher of online courses- this is the wayto go for many of us teaching them or taking them. I?m still impressed with mystudents that can maintain the discipline of online learning. It?s not foreveryone. So, be honest with yourself regarding your own dedication. I waituntil everyone?s asleep to work on my courses- it?s a lot, plus I?m stilltrying to make up for lost newborn sleep? So, I absolutely understand thededication challenge. I?m not that organized, but juggling this life forces meto.
I agree with another post about taking it easy (1 or2 classes a semester tops!)?.sounds like you have a lot going on alreadyworking full time and being a mom. Oh, and I would recommend a state school,usually they run less expensive than private schools. Finally, consider howmuch time it?ll take away from the things you are able to do right now...
Good luck to you, that?s a tough decision- I?m gladwe did it, but we?re paying a hefty price, every month.
I have 2 master's and a post-Bac degree. In my field (teaching) I am directly compensated for all higher learning to a degree. If I decided to get my DMA (doctor of musical arts) I would only earn another $1000 stipend a year which isn't worth the added loans it would take or the cover the fact that I would have to take a year off from teaching.
I have about $30,000 in loans. I was able to have some forgiven because I work in a "high needs" area. Also, I did get grants at the Master's level. There are so many grants available it is crazy.
My suggestion is only take out a loan for the exact amount you need to cover tuition and books. I know so many people that took out the max, and are paying for it now. I know some people that have a $1000 student loan bill a month.
Good luck!