The $$$ of Education (was Re: How to Get Into Interaction Design?)

30 Jan 2004 - 1:22pm
4 years ago
1 reply
632 reads
boese
2004

Yo Dan,

As someone who did the grad school thing (from a MOST excellent
program, at Rensselaer Polytechnic) in the same price range as
Carnegie Mellon, I can tell you I would not trade it for the world,
even with the combination of student loans, assistantships, part-time
employment. THAT SAID, you should be aware that the student loan
payments will not be just a few hundred bucks a month. This IS like a
mortgage, so forget ever getting a mortgage. My monthly loan payment,
if I could even make it (or just the interest, to keep the principle
from going up), is HIGHER than my monthly rent. And I'll have it the
rest of my life, I believe (I'm 41).

The good thing about putting a mortgage inside your head is that it
can't be repossessed. But my income would have to do amazing
pre-dot-com bomb somersaults before that loan payment would ever NOT
look like a mortgage payment. And with the job I'm lucky to have
right now, the payment amount even exceeds the amount of my take home
pay of ONE of my two monthly paychecks.

That is sobering, let me tell you. And I know quite a few people in
the same boat.

But what I learned with the degree blew my mind in ways I can't begin
to describe, and that makes it worth every penny I may or may not
have.

Chris

>On Friday, January 30, 2004, at 04:23 AM, Hal Taylor wrote:
>
>> Carnegie Mellon's program is currently over $26,000 per year for a
>>two year program (so, over $50,000 for tuition cost alone). Ivrea's program
>>is also 2 years and is currently 25,000EUR per year (at current exchange
>>rates, that's a little over $62,000, though it does include student
>>housing).
>>
>>But with theses costs, I would never be able to realize this dream.
>>
>
>Some surveys have those with graduate degrees earning on average 30
>percent more than those with just an undergraduate degree. So, in
>theory, after a few years, the degree pays for itself.
>
>That being said, it is a large chunk of change. But, as we graduate
>students are often told (and continually tell ourselves), student
>loan debt, like a home mortgage, is good debt. It's an investment, a
>calculated gamble on future opportunities and earnings.
>
>Every graduate student student I know is in school on a combination
>of student loans, assistantships (either research or teaching), and
>part-time employment. Very few of us (and certainly not me) are
>wealthy enough to just plop down tuition, housing, etc.
>
>Student loan interest rates are currently really low, and you are
>paying it out slowly, over a large number of years. Is your
>education worth a couple hundred bucks a month?
>
>In short, if it's your dream, don't let the money stop you. Follow your bliss.
>
>Dan
>
>
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Comments

30 Mar 2010 - 12:19am
Armani
2010

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