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Depends what the prospects are for your degree. It is very possible you can spend 50K on a degree, yet make 50K more a year because of the degree. Seems like engineering is one of the careers where a masters is better.
Look at job listings for your field to try to estimate the pay difference between a BS and MS. If the extra pay is enough to pay for the extra 35k in 5 years or so its probably worth it.
Your other alternative is to find out if you can get a job in Engineering with just a BS, and then have your employer pay for your graduate school. They may not pay 100%, but may pay 50% or more. Plus with your salary you'd be able to cover the other expenses in cash - thus not taking out any more loans. However, going to graduate school and working full time sucks - be prepared!
All in all engineering is a relatively high paying field, I would think that $50K in loans is justified, but only you know what you can handle.
Check out salary.com and some other career estimation places to get an idea of salaries in your fields.
Your other alternative is to find out if you can get a job in Engineering with just a BS, and then have your employer pay for your graduate school. They may not pay 100%, but may pay 50% or more. Plus with your salary you'd be able to cover the other expenses in cash - thus not taking out any more loans. However, going to graduate school and working full time sucks - be prepared!
All in all engineering is a relatively high paying field, I would think that $50K in loans is justified, but only you know what you can handle.
Check out salary.com and some other career estimation places to get an idea of salaries in your fields.
Good luck!
Very good advice! Anytime you can get even a part of the cost of your Master's degree underwritten by an employer - it is a good deal.
FWIW - DH spent $90,000 to get his doctorate and yes, even at that cost, it has been worth every penny.
Is $50k in student loans for a student that will come out of school with a masters in engineering?
Should I spend an extra $35k (at 8% intrest rate) on a masters degree on top of the $15k I already have in underrgrad? Is it worth it??
I would try to avoid that....there is just too many other responsibilities that you will come across after graduation besides paying back a student loan. Unless you graduate from an ivy school, the job market is pretty much give or take....depends on who you will interview with.
Student loans are good debt. Do what you want to do and what will make you happy and do not worry about the money. I have $40k+ in student loans and do not even make that a year right now, but it was all worth it.
Do what you want to do and what will make you happy and do not worry about the money.
Are you serious? This is awful financial advice. People should only do what they can afford to do and that includes taking on student loan debt when absolutely necessary.
Are you serious? This is awful financial advice. People should only do what they can afford to do and that includes taking on student loan debt when absolutely necessary.
Good point! I work in the student loan industry and see so many college grads go into economic hardship deferement and forbearance due to not being able to pay back their loans. You have to consider what your financial situation will be post-graduation.
OP, listen to Briorlat21's advice. You should find a job at an undergrad level and have your employer pay for grad school, you can do it! I know plenty of people who worked full-time and went to grad school at the same time. It was hard for them, but they benefited greatly in the end.
Are you serious? This is awful financial advice. People should only do what they can afford to do and that includes taking on student loan debt when absolutely necessary.
I disagree a little, but that is my opinion. I am a guidance counselor and see too many people who think they can not go on to higher education because of money and that should never be the reason. There are plenty of loans out there as well as grants. Also, I agree with PP about getting a job where they will pay their way to college, that is an excellent idea but the problem may be getting the job in the first place.
For myself, and I know for many others, you have to have an advanced degree for the job. I could not be a guidance counselor without a masters degree so it was worth it to me. I pay $200 a month to my loan and will for years, but that is the way it is. Being happy in your job is much more important than shelling out $200 a month!
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