I will need to take 15000 student loans for my UT Austin Masters in Acc. program (ranked #1). This is despite of in state tuition remission and merit scholarship amounting to $30000 awarded by UT Austin. I have 15000 in existing loans from undergrad. Is around 30,000 in loans too much to repay? My other option is to take up a 60K job as a logistics analyst at Sony in New Jersey.
2006-08-28 12:48:16 · 12 answers · asked by Anonymous in Education & Reference ➔ Higher Education (University +)
Its a masters in accounting
2006-08-28 13:02:47 · update #1
I think $15K is relatively modest for a Masters degree, so I'd say, no, that's not too much debt. But what I don't know is this: what is a "masters in acc"?
If you decide to go to work at Sony, the chances of getting a graduate degree go down, at least statistically. Besides, if I had a choice of living in Austin or NJ, that would REALLY be a no-brainer to me. And if you can't figure out which one of those two is WAY better, then go ahead and flip a coin.
2006-08-28 13:00:23 · answer #1 · answered by Carlos R 5 · 0⤊ 0⤋
Depends on what types of loans you are taking out. Some are fixed interest rate and others vary with the economy. From what I've heard from financial planners, if you have fixed interest rate student loans the payments that you will be making are not a big deal. Even if you are making the minimum required monthly payments and it takes you 100 years to pay it off, ultimately you got your education, you probably got a better job, are making better money AND you are only paying back minimum interest.
If you want it, just go for it. Ultimately its about being happy with your decision in the end. Just make a smart decision about the types of loans you receive.
2006-08-28 14:02:46 · answer #2 · answered by perdie15 3 · 0⤊ 0⤋
Well, I hope that 30 k is not too much to repay in student loans, because I'm going to have about 75k. I think your total is pretty low, considering it would include grad school.
I'm in law school...and the grand total of my school loans...I don't even want to think about it. it's 25k per year to attend...so, the math is getting pretty ugly, even with scholarships.
If the job in New Jersey would make you happy, go for it. You can always to your masters part time while you work....but you'd give up the #1 ranked school....the choice is yours really. Choose well. Good luck!
2006-08-28 13:02:32 · answer #3 · answered by loubean 5 · 0⤊ 0⤋
I have 100,000 in debt--Canadian bucks. I'm finishing a PhD and to tell you the truth, I'm not really worried about it. This education is something I needed to get, for myself. Being as poor as I am and have been, when I have to start paying it back, I will likely make the minimum payment on it for a while.
In Canada, 5 months after you graduate, you get a "wish-list" bill which specifies what monthly payment the gov't would like to receive. You can apply for a reduction (which can be based on many factors). But, no one that I know pays the "wish-list" payments.
2006-08-28 13:26:30 · answer #4 · answered by K 5 · 0⤊ 0⤋
I finished my MA with just over $40,000 in debt. The debt should not make your decision for you. You will make enough to pay it back without great difficultly. Instead, think about what you really want. If you're tired of school and ready to work now, go work. If you really want this degree, go do it. Keep in mind that if you come back to school later you may not get as good a deal as you have now, but that grad school is not a breeze and its much easier when you really want to be there.
2006-08-28 14:34:29 · answer #5 · answered by pag2809 5 · 0⤊ 0⤋
I am currently in graduate school, and do not believe that $15000 is too much for higher education. When I am finished with my MA degree, I will owe the government almost $130,000. Goodness knows what I will owe when I am complete with my Ph.D program.
In addition, I do believe that you should take the job, and search for alternative MA programs (ie: distance learning). The money, if it would be a satisfying job, would be great.
2006-08-28 13:07:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
My guess is that the fifteen grand will be chicken feed. Am not all that familiar with the industry but a nephew started at well over 100 K with a masters in business administration from Duke.
2006-08-28 15:35:36 · answer #7 · answered by DelK 7 · 0⤊ 0⤋
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2016-10-01 00:43:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋
That's not so bad if you really want to do the master's program. I know plenty of people who are at least $60k in debt from schools here in NY, and they manage.
Good luck either way. :)
2006-08-28 13:03:42 · answer #9 · answered by EDtherapist 5 · 0⤊ 0⤋
What do you want? If you really want to go to grad school, please do. If you are not sure, defer your enrollment at UT and take the job at Sony and see if they will pay for your tuition down the line.
2006-08-28 12:59:06 · answer #10 · answered by gtn 3 · 0⤊ 0⤋