I was recently accepted into a postgraduate program at LSE, my top choice (MSc in International Relations). I am really excited about the prospect of attending. My department seems amazing, staffed with both prominent academics and former advisers and officials.
However, I do have one important concern. I will have to take out $30,000 in debt and liquidate my entire savings account to attend (it’s rather expensive to liver overseas, although still cheaper than most schools here). Presently, I have no debt. While LSE is a renowned institution, I’m not the connections/networking kind of person. If I go, it’s because I feel it’s something that will benefit me personally and intellectually, despite my lack of “smarts” when it comes to networking. Following graduation, I will likely seek the kind of employment I could’ve gotten with just my BA (say, at an entry level private sector or civil service job).
Is this amount of debt “worth it” in the context of my relatively modest goals, post-graduation?
YOu could defer for a year, find work and decide if you really want to spend the money.
I would say “no”. Having savings is good. Having no debt is good. You believe that this degree won’t advance you, so it comes down to this: would you blow $50K (or whatever) on a year-long vacation? Wouldn’t it be cheaper just to live abroad for a year and hang around the LSE buildings? I’m sure you’ll run in to famous people that way as well (and likely get as much out of it).
PurpleTitan: Certainly the financial case is strong in opposition. But I don’t think I’d compare it to a vacation. I’d still be earning a Master’s degree, which would be a personal accomplishment at the very least. When someone has a child, for example, it’s not a financial investment.
I just feel this may be the last opportunity for me to accomplish something I can be proud of, but I don’t want it to burden me for decades. Thanks for your input.
You don’t get a master’s degree for a “personal accomplishment” or something to be proud of. You get a master’s degree because it will allow you to reach your career goals - to obtain some job you otherwise can’t get without it.
If you already know that you are not going to use the master’s (“Following graduation, I will likely seek the kind of employment I could’ve gotten with just my BA (say, at an entry level private sector or civil service job)”) then you will be waiting both your time and your money. What is the point? There are a lot of much cheaper ways to get personal fulfillment and achieve something worth pride, including achievements at your job.
I just don’t feel like those jobs are going to be fulfilling in any internal way, and I’m not a family person either. Anyway, I’m leaning toward no because I’m just too frightened of the debt.