Decisions, decisions...

<p>I have the ability to graduate 11 months early- getting my B.S. in Psychology in July 2011 versus May 2012...</p>

<p>I have to go to grad school, period...
And I am interested in Social Work, so will be applying for those programs. Thing is, they all start in August.
I plan on taking the GRE in November as my apps begin to be due March 15th.</p>

<p>However, I am wondering if going into that much debt would be best as I have $10,250 and am possibly looking at taking out another $5,500 to get me through my last year with this degree.
The MSW would cost a little over $3,000 a semester, so a total of around $18,000.</p>

<p>If you were me would you, instead of graduating July 2011, work for that summer (May-August) and then finished up in the Fall, graduating December 2011? After graduation, look for a full time job until the next August? Thus, putting off sending in apps, but still doing the GRE and getting my LOR's. That way I could sabe up some money and not go in as much debt.</p>

<p>Or, should I stick with graduating July 31st, 2011 and start the program in August with a part time job?</p>

<p>So many options...not sure which one would be best. Advice?</p>

<p>well... how much money are you going to be able to make over the summer? If you think you can make a decent amount and make a dent in those loans than i think that would be smart. But if its not much then it would be better to either a) finish your degree in July and then perhaps work for a year or b) just go ahead and graduate in July and go to grad school.</p>

<p>Trust me $15K is a lot of money - but you're actually in pretty good shape. It's not as bad as it sounds, especially if any portion of that money is federally guaranteed (the interest rate on federally guaranteed loans will barely beat inflation and the repayment window is usually 10 years, it's like free money. Pay the minimum balance possible at those and use the money you would have put towards paying the loan off for additional 401K contributions, or a real estate down payment). </p>

<p>If you are able to finish early without compromising academic performance I would say do it.</p>

<p>Isn't there a clause in the loans that say as long as you're enrolled in school, you don't have interest?</p>

<p>If that's the case, the December to August period may actually be detrimental to what you owe...</p>

<p>Are you allowed to drop below 6 credit hours inbetween undergrad and grad school?</p>

<p>I would think that would put your fed loans into repayment.</p>

<p>I know you do not start paying until 6 months after graduation...so if I waited I would have to start paying on the loans.</p>

<p>Luckily out of the $10,250 I have taken out, $3,000 is unsubsidized with the rest subsidized. The first one I want paid off is the $3,000.</p>

<p>graduate early for sure.</p>