Who knows about student loans?

[Columbia]

I'm planning on doing an MA starting in September 2009. My parents are cutting off my support after I finish the primary degree, and the jobs I have will only pay for rent and food and some smaller expenses. I study arts so there is practically no funding for it at Master's level.

I think my only real option is to borrow the money (6,000) from a bank. My question is, do the repayments start immediately or can they be deferred until the MA is finished? Dividing my attention between part-time work and an MA is not a viable situation for me, to be honest.

 

[BlakeW5]

You can defer payments. My payments started 6 months after I graduated. I didn't go through a bank per-say though. I went through a student loan company, but it should work the same for you.

 

[azanon]

Who convinced you, you need a MA in arts, where a bachelor's won't do? I work in the biology field, and I'd estimate at least 3/4ths of those I work with only have a BS or BA, and about half of those make approximately what I do, or more in a few cases.

I'm a little surprised there's no funding for a MA degree in arts at any school at the masters level. Its been 14 years now, but at the school i went to, 1000GRE (not counting analytical) got you full tuition remission for a masters.

If I were you, I'd try to get an intership instead. At worst, they cost approximately 0 dollars, and at best, they sometimes pay.

 

[Columbia]

Thank you both for the advice.

The situation with Master's funding at my institution is that there are 6 grants and 10 fee waivers between the 800-1,000 Master's students here. The vast majority of these go towards the science and business subjects.

The reason I need an MA is that I plan to go on to work in the academy, for which a PhD is the minimum requirement.

I think I'll go down to the bank and see what they offer, as well as look up student loan companies (which I had never even heard of, so thank you Blake).

 

[mpimpin]

Look for student loans from other companies such as My rich Uncle, or Chase, or Federal Stafford Loans.

 

[mpimpin]

You might also be eligible for a Pell Grant. I'm assuming you are in the US. If so Fill out the FASFA (google it). It's a way to get government loans as well as Pell Grants which you do not have to pay back. Both are determined by your income, tax returns etc.

If you filed yourself without your parents claiming you. You might be in good shape.

You have to fill out the FASFA every year, you want money

 

[TheMoonMonst3r]

/stafford loan subsidized

but, are you sure begging your parents won't work?

 

[Columbia]

I'm in Ireland actually, but thanks guys.

Begging my parents hasn't worked, and won't work. They do have the money - the rest of my family goes on anywhere between two and five foreign vacations every year. However, they go along with this stereotype that people in university "do nothing" all day. An MA would be another year of me "doing nothing". I had taken a job in a supermarket for the summer, but then the college offered me a research internship which paid about 6 times what I'd earn in a supermarket. My parents did everything to force me out of taking the internship and into having the minimum wage job, because if I was in university I would undoubtedly be "doing nothing" all day.

It's bullsh!t, at 8am this morning I was outside the college library waiting for it to open - term doesn't even start for another 2 weeks! Doing nothing my ass. Paying for my education would mean them going on one less holiday next year, which is apparently not an option.

 

[TheMoonMonst3r]

You're Irish, so you didn't have to pay for your bachelor's degree, right?

I have Irish citizenship and looked into free tuition, but I wasn't eligible because I didn't have my leaving cert or something.

 

[Columbia]

Yeah that's correct. The government pays the fees for undergraduate degrees, but not for postgraduates.

 

[guitarak]

Take out the loans if you need to, you're investing in yourself. Go to graduate school, you will be glad you did