MPH Paying for MPH Degree

[minne94]

Hey everyone,

I'm having a hard time deciding whether or not to defer for a year in order to save up money for school. I got into my dream MPH program but it's roughly $44,000, so I figure $22,000 a year. I had a few questions and would love any advice people have to give!

Does anyone know what I can expect for get as far as aid? I thought you could take out a maximum of 25,000 in loans a year, and if I were to get zero aid or scholarships I would be left with 3000 to cover living expenses which just wouldn't be possible.

Again, any ideas or advice are welcomed and appreciated!!

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[Pudu2009]

The maximum amount one is able to take out in Stafford loans is $20,500 per year. For some, such as those with in-state tuition or help from family, this is enough. For most, however, this is not enough and they have to supplement with either PLUS loans or a private loan. Some things to consider:

1. Interest for PLUS loans is fixed at ~6%. If you have excellent credit, you may be able to get a better interest rate with private loans. Do some research and see what you think is best for you.
2. If you can figure out a way to only take out loans for tuition, that would really help decrease your debt. Last year, I shared a two-bedroom apartment with two other students, in which I shared a room with one. Due to the location - further from campus and metro - and shared space, my rent was very low, and I was able to take care of rent, utilities, and credit card payments with my salary (with my savings before I got my job).
3. If you do decide to defer for a year, and your dream school is a state school, it may help to live in that state for a year if you are not a resident to gain residency status, and save as much as you can. This way, you don't have to pay out-of-state fees and can pay for your living expenses with your savings till you get a job. Open a savings account that has a high interest rate and live cheaply so you can save to the maximum.
4. I want to stress that your education comes first, especially if tuition is very high. Don't let the stress of loans and paying for rent and other expenses take priority over studying. The last thing you want is to be working 2-3 jobs trying to keep up with expenses and have your grades and your health suffer for it. It's okay to take out extra loans for other expenses if you need to; you will pay it back eventually. If you are worried about this, then feel free to ask for a deferment if they allow it.

Good luck!

 

[minne94]

The maximum amount one is able to take out in Stafford loans is $20,500 per year. For some, such as those with in-state tuition or help from family, this is enough. For most, however, this is not enough and they have to supplement with either PLUS loans or a private loan. Some things to consider:

1. Interest for PLUS loans is fixed at ~6%. If you have excellent credit, you may be able to get a better interest rate with private loans. Do some research and see what you think is best for you.
2. If you can figure out a way to only take out loans for tuition, that would really help decrease your debt. Last year, I shared a two-bedroom apartment with two other students, in which I shared a room with one. Due to the location - further from campus and metro - and shared space, my rent was very low, and I was able to take care of rent, utilities, and credit card payments with my salary (with my savings before I got my job).
3. If you do decide to defer for a year, and your dream school is a state school, it may help to live in that state for a year if you are not a resident to gain residency status, and save as much as you can. This way, you don't have to pay out-of-state fees and can pay for your living expenses with your savings till you get a job. Open a savings account that has a high interest rate and live cheaply so you can save to the maximum.
4. I want to stress that your education comes first, especially if tuition is very high. Don't let the stress of loans and paying for rent and other expenses take priority over studying. The last thing you want is to be working 2-3 jobs trying to keep up with expenses and have your grades and your health suffer for it. It's okay to take out extra loans for other expenses if you need to; you will pay it back eventually. If you are worried about this, then feel free to ask for a deferment if they allow it.

Good luck!

I really really appreciate your taking the time to answer this! I've got a lot to think about but I think with loans I'll be able to start school in the fall

 

[eek_]

Just putting in my two cents:

I took several years off between my undergraduate and graduate degree, largely in order to save money and to increase my chances of funding. (Though as MPH's are thought of as professional degrees, funding isn't GREAT).

Now I can go to my state school which is well-regarded in this field, without taking out any loans AT ALL, even for room and board. Or, I can go one my dream school, but take out about 50K+ in loans.

So, my advice is to save money, anything, if you can. Waiting a year or two will help you build relevant experience as well!

And remember, loan repayments kick in quite soon after you graduate. If you have a lot of loans, there is far less flexibility in the jobs you can take - more pressure to get a job that will pay those loans back rather than find a position where your passions truly lie (not that you can't find a job that pays well and you love ).

Finally, while we have some generous loan repayment programs now (income based, loan forgiveness if you work in gov or nonprofit for 10+ years), with the current presidential administration, I wouldn't count on those programs being available after you graduate.