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Lets Talk Finances! How much are y'all paying for grad school and how?

WanderLust

I suppose most of us who applied and were accepted this year are now trying to navigate through the money aspects, so I figured why not discuss those as well?

So how much is your degree going to cost you, and how do you plan to pay for it? How much do you think is worth it for a graduate education in terms of returns on investment? Anyone think the job market will get a tiny bit better in two or three years when we graduate? What amount of student loans look realistically payable for an average-salaried architect, without the debt crippling you? Any of you having to choose to let go of your dream admit for a significantly cheaper school?

Questions, questions. Fire on!

 
Mar 20, 14 12:10 pm
designer_jawn

I've been crunching numbers for the past two weeks trying to figure out what school to go to. I really only look at tuition and fees because I am not to worried about living expenses. 

For the total program:
I rounded up my numbers. These numbers already have financial aid included, except for UVA. 

UVA: $43, 000 (2.5 years)

Northeastern: $63,000 (they gave me a $20,000 scholarship; 2 years)

University of Miami: $63,000 ($1,000 graduate assistanship; 2 years)

MassART (safety school): $23,000 ($3,000 Dean scholarship per semester, and $8,500 Graduate assistanship for up to 5 semesters; 2 years)

I plan to pay for it with a Grad Plus Loan and FAFSA. I have a feeling the market will be the same in 2-3 years. I already owe $30,000 for undergraduate. I am leaning towards UVA because I feel that $43,000 (in-state tuition) is not that bad. I do not know though. Based on a 10 year repayment plan, if I went to UVA. To repay all my student debt, I would have to pay $610 a month. 

Mar 20, 14 12:37 pm  · 
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back_forth

@cmvander 

you could have your loans adjusted to your income and pay only a percent of it. 

Mar 20, 14 12:48 pm  · 
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insomniarch

Well I'll be headed to GSD in the fall. My finances are a bit complicated with a young child and wife who is also going to be in school (it's a time for learning in our family apparently haha) I am responsible for around 40k of tuition and think ill need another 40k in living expeneses for the 16 months of the program (Ill be working during the summer in between MarchII years). The 80k will be divided between stafford unsubsidized, graduate plus loans, and work study plus a little bit of savings. It should be a fun albeit tight money-wise two years.

Mar 20, 14 12:52 pm  · 
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designer_jawn

@Hp87: I could but I am interested in paying it off in 10 years. HOPEFULLY!!!! I would rather live a very frugal lifestyle for 10 years than to have to pay it for 30 years. 

Mar 20, 14 12:53 pm  · 
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WanderLust

I'm international and considering accepting a post-professional program at an Ivy. I'm currently looking at a total loan amount of about 60k, which will most likely taken in the second year, so my interest will hopefully only accrue from then. This amount is assuming I have to pay full tuition and do not get any assistantship positions etc. My undergrad was extremely inexpensive and I do not have any debt at the moment. 

This is my absolute dream school, but I am considering the finances very, very carefully. I've heard entry level salaries are in the range of 45K in the US, which isn't much to get by but still far more than what I will make at that level in my home country. I do not mind taking on a realistic amount of debt but do not want to be overburdened by it. Luckily I am straight out of undergrad so have age on my side, but on the flip side just about a year of experience and not much in savings. If any recent grads are reading this, are you'll making a decent enough amount, and do you think a 60k debt is manageable?

Mar 20, 14 12:56 pm  · 
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WanderLust

@Insomnia, has GSD offered you any financial award? How are the work-study opportunities there? It must be daunting to go into it with a family, and I wish you the very best and hope the financials work out for you! How much does everyone expect to make at entry level on passing out?

Mar 20, 14 1:01 pm  · 
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insomniarch

GSD offered me a grant covering a good part of the tuition. I am not too sure about work-study opportunities yet but i received 1500 in work study from my financial aid award letter.

 

Its not too daunting...my wife put up with undergrad and the crazy hours i have kept since then so she is a keeper! Finding day care for my son is a bit scary but itll all work out (I HOPE!)

 

I am ball parking around 55k/year when i graduate plus part time teaching opportunities (similar to the boat im in now). Thankfully my wife makes a good bit more than I do so we should be ok.

Mar 20, 14 1:09 pm  · 
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clairemk

as a canadian citizen who will be attending a canadian masters program (UofT) in the fall, my tuition is roughly $5000/ semester, totaling $25000 over 2.5 years. I anticipate a fair amount of funding from the school which should cover my tuition for the first year, and possibly a chunk of my living costs, depending on how much i receive. other than that, i will be paying for it with a combination of OSAP student loans if necessary, grants from the university, TA jobs and a part-time job. I hope to graduate relatively debt free. 

Mar 20, 14 2:06 pm  · 
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I'm an Aussie, looking at U of O which is $50,000 for the two years + living expenses. I'll be taking a loan + using savings to pay for it. 

Should be a tight few years - but with a degree there I've been estimated by professors in Aus to make 10k PA more than continuing with my studies here. 

I have also jusitifed it as, my fees in Melbourne would be 14.5k PA + living(which is expensive as here) so I'm essentially only paying 10k more PA than I would be at home in Australia. 

Mar 20, 14 11:22 pm  · 
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spqr

@insomniarch: Do you intend to work in the US after grad school? 55k is probably higher than you'll be paid right out of school, even in NYC.

Mar 21, 14 12:24 am  · 
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J_AFlores

I applied to Woodbury University for the Professional M.Arch. I owe around 7,000 from undergrad (pre-professional). So I think the numbers are:

$32,000 a year, so 2.5 yrs = $80,000

I do not know if I am getting scholarships because they haven't send me any info about it yet, but will let you know guys as soon as I find out.

 

Cheers!

Mar 21, 14 1:02 am  · 
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insomniarch

@spqr

Ill be working in the US. I wont be right out of school ;) Ive been working 2 years already and am making that at the moment.

Mar 21, 14 3:50 pm  · 
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WanderLust

Most people from my country take on these gigantic loans so easily, they make repayment sound almost too easy. I'm still seriously wondering whether 55-60K in loans for a two-year post-prof M.Arch. at the school of my dreams is financially viable as an investment..

Mar 22, 14 10:26 am  · 
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IamGray

2 years Msc. in Berlin

Tuition for Uni = 287euro / semester * 4 = 1150 euro 

Living expenses = about 900/month including rent, utilities, health insurance, food, entertainment. I could get away with paying less, but decide to live alone in a nice neighbourhood, rather than with flat-mates. 

I have a "mini-job" as a TA which pays only 400 a month and manage to pick up odd jobs here and there, working for profs, architecture offices, and the chamber of architects. The rest comes from savings. If all goes to plan, I'll graduate in a year with not a cent to my name, but thankfully debt-free.

Mar 22, 14 12:29 pm  · 
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@WanderLust

Aren't post-professional degrees non-accredited? How will you pursue licensure or job opportunities to work for someone without an accredited program?

Jul 4, 14 6:26 am  · 
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gruen
I took ~$20 k in loans for my grad degree and it was very painfully to pay off. The voice of older experience here.
Jul 4, 14 6:55 pm  · 
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gbear
If I was you I would think about selling one of my kidney.
Jul 4, 14 6:56 pm  · 
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WanderLust

I'm doing an accredited degree. I have an international five-year B.Arch. and will therefore be able to pursue licensure through a NAAB accredited two year post-prof.

Just recalculated my finances and realized have to take out about 30k in loans in the second year assuming I don't get an opportunity to TA/work-study. Kinda freaking out over it and trying to convince myself that it'll be worthwhile. I'm hearing of people taking on 100-150k in loans and just the audacity of it makes me dizzy :( 

Jul 5, 14 12:51 am  · 
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