I think it varies a lot. I have a friend at an Ivy who told me one of her classmates has tuition covered by the university, and another one who has tuition and a huge stipend to cover living expenses, etc., but that is from a different organization/group unaffiliated with the university.

I and some of my classmates had combinations of scholarships and/or TA positions. At most that covered full-tuition, but usually not. Many of my friends happen to be fairly well-off too, so they don't have to worry too much.

I have debt, and it's a lot. But I like what I'm doing and so far it's been manageable. I would advise that if you really like architecture including the day to day architecture stuff, then it will be worthwhile. Otherwise, do something else that pays more.

I know a few professionals that have done the "in-state tuition + scholarship + frugal lifestyle + paid summer internships/part time work" path and graduate with no debt (and without parental help).

The general rule of thumb is to keep your total debt lower than your expected first year's salary (for example $50k).  If your student loans are greater, it can be a huge long-term source of financial stress.

Despite the modest incomes, architecture is a pretty fulfilling profession, IMO.

Thanks, that all makes sense, and I realize everyone's experience differs. My lingering dilemma is this: I have substantial debts from undergraduate study and worry that the job market will be just as dire upon graduating an M.Arch program. I have confidence in my ability to make relationships in school that would traditionally lead to a job out of the gates but what if firms are still unable to hire? Yikes. I recently interviewed with an international firm in NYC and one of the first things out of the interviewer's mouth was, "I just want to let you know we have people with M.Archs and PhDs applying for this." I have a BA in Architectural Studies. This was a model making job! Long-term job security keeps me up at night too.

I'm curious, for those of you who are currently working, is job competition as fierce everywhere? Are you hearing of professionals pursuing alternative careers because of their inability to get back into a firm? How do things look on the horizon?

thanks. 

Master's is the new Bachelors.  Bachelor's is the new high school.

"I recently interviewed with an international firm in NYC and one of the first things out of the interviewer's mouth was, "I just want to let you know we have people with M.Archs and PhDs applying for this." I have a BA in Architectural Studies. This was a model making job! Long-term job security keeps me up at night too."

That's very dangerous. If you just think to apply for a MArch just to have more chances to get an entry-job position, don't do it. It will be a lot of effort, time and money (in your case, debt). 

Employ that time and effort to get this entry-level position with your current bachelor and you will probably save a lot of money.