I was recently accepted to a lot of great schools, and while I'm really excited, I'm also daunted by the financial commitment involved. I have some idea of how to weigh the costs and potential benefits of one vs. another, and I know that these will only give me a rough guideline. But I want to know which factors you would take into account when weighing the cost of grad school. I assume that I am probably not thinking of certain important aspects of the financial situation. Also, if I'm overthinking it, please tell me. I have no financial safety net in my family, nor much resources, so I want to make sure I understand the risks I'm taking in my education.
Here's what I'm imagining I should try to calculate as a rough estimate:
Tuition
Cost of living for the city
Consider additional costs of being an arch student (modeling materials, computer stuff, plotting, excessive coffee, etc.)
Immediate scholarship offers (if any)
Ask about the specific costs and benefits of being a TA or Research Assistant, and include those as a potential factor.
Ask about additional scholarships that might be available, and if they have any idea on the amount of additional scholarships their students tend to get.
Look at how much could remain for subsidized loans, and how much need there might be for other loans.
Think about cost of living post-grad school, and entry level salaries, loan payments.
Is this a reasonable list? Am I missing anything obvious? One thing I'm not sure about, is how to compare the earnings of alumni, and what they end up doing to get those earnings. This could obviously make a big difference in being able to pay back loans. How would you find good information on alumni and what they earn?
I'm pretty apprehensive about debt as well, but it seems to me as long as you stick with federal loans, you can, in the worst case, repay an amount that is based on your income for up to 20-25 years, after which, it can be discharged.
Or you could work part time and go to school part time. Actually a few people I know worked full time and went to grad school part time. They didn't study architecture but their field required lots of study time also. Some parts of their hair turned white during those years but I guess having white hair is better than having 100k in student loans with no job.
"Think about cost of living post-grad school, and entry level salaries, loan payments."
Consider the loan interests too.
Mar 25, 12 1:15 pm ·
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How do you create clear financial picture of your grad school options?
I was recently accepted to a lot of great schools, and while I'm really excited, I'm also daunted by the financial commitment involved. I have some idea of how to weigh the costs and potential benefits of one vs. another, and I know that these will only give me a rough guideline. But I want to know which factors you would take into account when weighing the cost of grad school. I assume that I am probably not thinking of certain important aspects of the financial situation. Also, if I'm overthinking it, please tell me. I have no financial safety net in my family, nor much resources, so I want to make sure I understand the risks I'm taking in my education.
Here's what I'm imagining I should try to calculate as a rough estimate:
Is this a reasonable list? Am I missing anything obvious? One thing I'm not sure about, is how to compare the earnings of alumni, and what they end up doing to get those earnings. This could obviously make a big difference in being able to pay back loans. How would you find good information on alumni and what they earn?
I'm not an expert but that sounds about right!
if you are going to take out a student loan there is a very high probability that you will not be able to re-pay it on an architects salary
on the other hand, you might not actually have to repay it anymore on an architects salary.
Good rule of thumb for debt...don't take out more than your first years salary. As an architect, we all know that can vary greatly...
I'm pretty apprehensive about debt as well, but it seems to me as long as you stick with federal loans, you can, in the worst case, repay an amount that is based on your income for up to 20-25 years, after which, it can be discharged.
private loans are the ones to stay away from.
Or you could work part time and go to school part time. Actually a few people I know worked full time and went to grad school part time. They didn't study architecture but their field required lots of study time also. Some parts of their hair turned white during those years but I guess having white hair is better than having 100k in student loans with no job.
"Think about cost of living post-grad school, and entry level salaries, loan payments."
Consider the loan interests too.
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