I’m thinking of going to study computer programming in a Master’s program. I would probably have to get private loans to do this. I don’t have anyone to cosign for these loans (could need as much as $150,000 in loans).
I hear that private student loans without cosigners are usually pretty rare and have terrible rates, but that seems to apply more to undergrads with no credit history. I have a credit score of around 750 and no student loans. My income is very low though, less than $18,000 a year.
Would it be possible to get subsidized loans through the FAFSA? My EFC would be 0, and I did not get any financial aid for my undergrad.
I have a Bachelor’s in Econ. I’m taking some CS and math classes right now to meet prereqs.
Too bad I can’t get subsidized loans anymore. I had hoped that all federal loan types were available up to a lifetime limit, rather than only while studying towards certain degrees.
Are Grad Plus loans just like Parent Plus, only that I can get them on my own?
I agree with you mom2collegekids, $150k is an awful lot for any degree except maybe med or law school… My dilemma is that the only Master’s programs in CS that I know will even look at someone without an undergrad in CS or something STEMmy are extremely expensive privates or OOS for me, like Carnegie Mellon’s MSCS and Georgia Tech. I really want to get into an in-state public (California) but my admission chances there seem vanishingly small.
Could you learn programming at a CC and on your own, and then leverage that and your econ degree into a job with an employer who will help pay for your masters?
I am unclear as to what you want to do with the degree but, I agree - that is WAY more debt than you should be looking at here - and certainly don’t saddle your parent with that I kind of burden. Why not a CSU in a relatively low cost metro like Sac State?
Even if you had a co-signer, that co-signer has to be credit worthy. You have a fine credit score, but you are not going to be able to meet the income-to-debt ratio. A co-signer would have to meet those standards too, so one making $18k per year probably wouldn’t pass.
Another option is to go to school part time and work full time. Maybe find an employer who would pay for some classes.
For grad school…you do not need a cosigner for the grad plus loan. You can take this up to,the cost of attendance.
BUT as others have noted…this is a very high amount of debt for this. There are many other ways to skin the CS cat than spending that much money on a graduate degree.
I agree, that even if you can get these loans…don’t.
@mom2collegekids and @Otterma I will look into that. The hard part is finding someone who will hire me at all!
@NCalRent My goal is to work as a data scientist or software developer, preferably in a financial role or with Microsoft or Apple. Sac State requires 7 more classes before I can apply, and I’d prefer to start the master’s no later than Fall 2018. I am looking more at programs specifically designed for non-CS grads or that admit Master’s students conditionally, do you know of any?
@mommdc Thank you for that, I will def apply to those.
@twoinanddone I will be applying for full-time jobs soon, and I hope that I can get one with an employer who would help pay for a Master’s. That’s a really great idea, but I am finding it so hard to get any job offers.
@thumper1 I am really gunning for schools that hire Master’s candidates as TAs with stipends to minimize loans because I agree, that is a lot of loan money. I may have to get at least the first term lent though, since it can take up to 2 semesters/3 quarters for Master’s students to find a TA or RA position when they’re competing with PhD students.
What are you talking about? Masters programs admit students offering them teaching assistantships. In many places, if you aren’t offered a TA upon admission, you won’t get one at all for your masters studies.
The schools award these teaching assistantships based on the strength of your application, and the schools desire to have you as part of their cohort.
A lot of CMU’s data science Master’s candidates pay at first, then get TA/RA positions by the end of the first year. It’s also possible (but probably unlikely) to shmooze into a TA position at Stanford MSCS while enrolled on your own dime. I did not know that it was the norm to be offered positions upon admission.
You should shoot lower than CMU/Stanford etc if you’re 1) coming in with an unrelated undergrad degree and 2) trying to get positions. Go somewhere that actually needs TA/RA/GAs. Some of those positions not only pay, but come with partial or full tuition wavers.
“How much to spend is a personal decision. $150K sounds about right though. Here on the east coast, the cost of a two year masters is in that range.”
God no. Other posters are right, that’s way too much.
Demand for cs grads is high. OP should get a number of CC cs credits under his/her belt and do some side projects, and approach some companies with a portfolio. Econ to cs isn’t unheard of, or the worst combination out there.
Get a company to pay for it. Get some positions that have waivers. There is no way in hell you should be paying six figures for a Masters degree in cs of all fields.
How much do the coding academies in your area cost?
I’d do the coding academy/get an entry level programming job/build my skills path before I took on over 100K in debt for a Master’s degree. You are looking at this from the perspective of a bullish/tight labor market for CS grads over the last 10 years. Ask the kids who graduated with a Master’s in CS in 2001 who got their offers revoked, and the kids who graduated in 2002 who had NO OFFERS how they feel about your plan.
CS is cyclical. Nobody on CC likes to admit that-- but three years ago i was the Debbie Downer warning people about petroleum engineering (conventional wisdom on CC- it’s a “bullet proof” field which is total hogwash).
Do not take on this amount of debt. You are NOT guaranteed a high paying job in CS. If the current Administration ends up with half the legislation which they’ve mumbled about, the kinds of jobs you are talking about are going to end up in Costa Rica and Poland, not to mention Mumbai (where young people with a Master’s are quite literally- a dime a dozen).
You cannot predict what will happen to CS employment a few years out. What you CAN do is to find the cheapest way possible to get hired as a programmer-- in the fastest way possible-- i.e. a boot camp. Get a job- build your skills- which is the best insurance for the off-shoring of entry level CS jobs.
@CourtneyThurston I understand what your saying but the cost is the cost. Masters degrees are very expensive. I agree. If he can find someone else to pay for it all the better. Someone is going to have to pay it. These Master programs are not free.
Another way I’ve discovered to pay for grad school is to be a graduate asst coach if you have any athletic experience. At some schools, they give full tuition and a stipend. My daughter has zero interest in grad school right now, but if she should reconsider I think it would be perfect for her. I also recommended it to my niece who actually thought it was a good plan.