the grad school debt woes
About a month ago I wrote the rejected post and told you all of my fear that I wouldn’t get into my grad school of choice.
Welllll…….. I did! I did! I got in!
But wait… before we bring out the bubbly and have ourselves a party, there is one little minor problem. Umm… how am I going to pay for it? Dammit. I’m still paying back my loans from undergrad! And my car payment! And car insurance! And rent! And credit cards!
Oh, there is nothing like being 22 and in debt. Lots of debt. And now I’ve just gone and signed up for something that will double… maybe triple… that dreadful negative number.
I’m telling all of you this today because I know that I am not alone. In fact, if every single twentysomething that was debt voted for Paris Hilton in the presidential election… well folks, I think we’d have our very first woman president. Sorry Hillary. (Although… I’m pretty sure Paris isn’t old enough. Ack, I’m getting off topic.)
So how do you guys all deal with debt? Do you “accidentally” lose your statements in a pile underneath your bed and ignore bill collector calls? Or do you have a perfect little organized way to keep track of every payment amount, every due date, every penny going in and out of your checking account… ? Or are you like me and just keep on living life without letting bills bury you alive. Sure I pay them. On time even. But I try not to spend too much time worrying about how much I owe because my life is about so much more than that.
I filled out my FAFSA. I’ll apply for scholarships. I’ll take out loans. And I’ll work my butt off during my free time to deal with my growing debt amount. And someday I will pay it all off and I will try not to let that moment be a bigger accomplishment then when I am on stage being handed my diploma from finishing grad school.
Yea, that’s right people. I’m gonna be a big bad grad student. And all of you get to come along for the ride.
(What I mean is… pretty pretty please come along? I will NEED you. HELP!)
October 29th, 2008 at 3:37 pm
I too am a grad student with lots of debt who’s still paying off her undergrad loans. It’s intimidating but totally manageable. If you need any help, I’m happy to offer my sage advice. =)
October 29th, 2008 at 3:38 pm
[...] I’ll take out loans . And I’ll work my butt off during my free time to deal with my growing debt amountthe grad school debt woes [...]
October 29th, 2008 at 3:54 pm
I’m in debt for a number of reasons that include a) my own poor money management, b) paying for school myself which equals tens of thousands of $$ in student loans, and c) my struggle to learn to live within my means.
Any tips from anyone? That’d be a great blog post.
October 29th, 2008 at 3:54 pm
Congrats!
As a current grad student (MBA) and *hopefully* future grad student (Ph.D.) loans are completely manageable. First thing: try to get a graduate assistant or TA position. Free tuition made my MBA doable. By the end of May I will have spent approximately $2,000 of my own money to get my degree. Also, the best word in the English language for a grad student with undergrad loans? Defer Defer Defer!
Happy Grad School!
October 29th, 2008 at 4:16 pm
That’s so great!! Grad school. Wow.
About my debt? I’m in the 5 digits now and it’s only gonna get worse. As far as credit cards, I’m usually really good about paying my monthly minimum but here lately I have missed a month or two and they have started calling. Collectors. And they’re mean. I’ll get back on track someday.
Good luck with your debt!
October 29th, 2008 at 4:28 pm
Congratulations! Now we can start the Umm Now What big bad grad student group… or duo, at the very least!
I’ve thankfully been able to put my undergrad student loans on hold while being back in school, and haven’t had to get into anymore debt for grad school itself. I don’t know if it is a research based program or not, and I know Canada has better research funding than the US– but grants are your friend. Grants have paid my rent for the past four years, along with TAships and RAships.
October 29th, 2008 at 4:34 pm
oh debt.
i’ve managed (somehow) to stay out of it (likely because i don’t own a credit card) since being on my own for the past 4 years.. i’ve even got a decent savings account going, and money in rrsps.
but.. i’m applying to a fulltime program starting next year.. and uhm, i do NOT have anywhere near the funds to pay for it.
hello student loans, goodbye financial freedom.
sigh.
October 29th, 2008 at 5:24 pm
[...] unknown wrote an interesting post today onHere’s a quick excerptAnd my car payment! And car insurance! And rent! And credit cards! Oh, there is nothing like being 22 and in debt. Lots of debt. And now I’ve just gone and signed up for something that will double… maybe triple… that dreadful negative … [...]
October 29th, 2008 at 5:58 pm
Congrats! I just sent in my app today. I should hear back next month or so. You make me feel a little less nervous.
October 29th, 2008 at 8:09 pm
CONGRATULATIONS on getting into grad school. You are a smart smart girl. I wish I’d taken the test and gone when I was 22, instead of now, when i’m 25, trying to remember how to do stupid algebra. when i was 22, it would have only been 2 years prior that i’d done it. NOW IT’S FIVE. Do you know what you can forget in five years? EVERYTHING ABOUT MATH, THAT’S WHAT.
This is such an interesting topic, I’m going to be doing a post at my own blog about my experiences with debt and bill paying in a few days, so come check it out!!
October 29th, 2008 at 9:25 pm
I’m a grad student right now. I’m in my second year and I’m working on the BIG PhD. I’m curious what program you got into. I’m excited for you! I would definitely try to get some funding! Adding on to undergrad debit is not cool!!! Good luck and keep us updated!
October 29th, 2008 at 9:42 pm
What are you going to grad school for? All of the ones I’ve looked at in my field(s) (linguistics, religion), are ones where if you are accepted, you have free ride plus stipend. Granted these are competitive schools I stand no chance in hell of getting into anytime soon, but still.
October 30th, 2008 at 6:49 am
One of the reasons I gave up on the idea of further education is debt. I just can’t do it to myself, so you’re braver than me. At my current rate I will be paying off my university debt for the next 24 years. Crap.
But congrats! I hope it’s everything you were hoping for and you have the best time.
October 30th, 2008 at 10:13 am
Congrats! I’m in the midst of applying to grad school too… and I’m already crossing my fingers that I’ll get in and that I’ll be able to pay for it without accumulating tons and tons of debt.
I have a little debt now, in the form of my credit card. It’s nothing insanely major, but as I don’t make a whole ton of money — enough for basics, and a little tiny extra — it’s very difficult to pay off quickly. At the moment, I’m safe in the “Minimum Payment” zone. The goal is to have it paid off by the time I hit grad school… so I can start over with new debt!
October 30th, 2008 at 1:19 pm
Congrats!
I agree with a few commenters before me. I’m applying to graduate programs right now (Ph.D. in interdisciplinary English/film). Nearly all my schools minus UC-Berkeley are rather generous with funding with most offering full funding plus stipend guarantees for five years.
What type of program will you be in?
October 30th, 2008 at 1:34 pm
By my most scientific of calculations, I’ll be in debt from NYU until… I die.
October 30th, 2008 at 2:49 pm
Congratulations!!!
I think an important thing to look at is breaking out your debt into two categories - school and consumer debt. School is something that is an investment in you, and that you should be able to pay off with your new salary in a few years. Consumer debt is from living outside your means, and is the Really F-ing Serious kind of debt.
I have a couple of friends who are seriously madly in debt and they’re making minimum $500 payments a month towards it because for them if they don’t do that it’ll never go away.
To make sure I don’t go into debt I have a strict $60 a week cash budget where when it runs out it’s done. I monitor where our household expenses should be, and we eat out maybe twice a month. We still splurge here and there (Hi iPhone!) but having no self restraint means that we can live like kings now and won’t be able to have kids later on for the cost of it. I’d rather live modestly now and be able to back back Europe when I’m in my 30s.
October 30th, 2008 at 3:32 pm
[...] the grad school debt woes Sphere: Related Content [...]
October 30th, 2008 at 9:28 pm
Congratulations!! You totally deserve it! As hard as it is, try not to worry about the money. I took out tons of loans for grad school (and yes it’s scary thinking about paying them back), but this is what we want to do. This is preparing us for the rest of our lives. Money should not be an issue. I hope you love every minute of it!
November 7th, 2008 at 5:33 am
Congratulations! Don’t worry too much about the money. You’re seriously not the only one. I owe like £20k in student loans and I didn’t even finish my degree. There are lots of people in the same boat so try not to get stressed about it. Just look forward to it!
November 12th, 2008 at 6:47 pm
Wow, I am glad you brought this up! I have debt from my undergrad, and from a move aross the country and the way I deal with it is by just budgeting - every paycheck I make a list of where all the money is going and I make sure tht it is going to the right places. I bet talking about it on here helped too! I share some debt with my boyfriend, and we are very open and honest about money. I have heard that finances are a reason a lot of couples split, and I don’t want to be broken up by something so ridiculous as that.
My view - there is lots of money in this world, and if you work hard (which you are doing by going to school and getting a proper education) it will come to you. Your 20’s are a blessing because that is when it is OKAY to have debt like that, it is almost expected. So stop stressing about it, and keep making your payments! It this point in time, it is the only thing you can do.
November 19th, 2008 at 3:30 pm
[...] already wrote about my grad school debt woes. I just had to take a larger loan out than I would have liked because I seriously have no extra [...]
November 28th, 2008 at 4:08 am
Mr. Holt was born Jan. 23, 1951, in Attala County. He was retired from the Army Corps of Engineers after 31 years of service and was a member of New Hope Baptist Church in Monticello. He was an avid sportsman and a member of Panola Hunting