Cost of Grad School

cptofthehouse
Mon, 01 Sep 2014 02:26:45 +0000

Yes, there still is money out there, but less. More schools, even some prestigious names, are gapping grad students. Getting a full ride is becoming difficult when it was the norm in my day. My friend’s DD is first in her class at a top school, top program and they gave her zilch until she got her Master’s and was accepted to the PHD program. She;s right up there again, and is getting a stipend and tuition remission but it’s not anywhere what is needed to live in that area. Her parents and grandparents paid for the master’s but at this point she is taking out some loans–luckily she has been loan free for her UG degree and up to now, and expects to be making a enough for this all to be worth while. But someone without the family support, who took out loans for ug AND for grad school, all cranking up interest before the student can make any payments towards them is going to find it very difficult to get out of that financial pit. We are not talking MD salaries here or MBA salaries even at the top schools. In her case, she is at least more likely to find a job. A lot of PHD holders do not find a job that can make enough money to pay back those loans, and pay prospects not much better than those who graduated with a Bachelor’s in that field and spent the next 5 years working.

I am personally frightened because one of mine wants to go down this route.