What to know before you get yourself into debt?

Don’t do it.

Ask: is it worth it?

it’s to fund my graduate school fees

Ahhh. Get a subsidized Stafford loan. Look on FAFSA .

Not eligible for one

Well, get the actual cost graphed and compared to a projection of your eventual income. I know of lawyers and doctors in their 40’s who are still playing off their student loans.

Hmm, what does your school’s financial aid office say? There’s a saying that no one pays for a Graduate degree. I know in my case that won’t be so, because I want to be a clinician, so I won’t be doing any fundable reserach, but your school must have a master grant list.

1. Will the degree pay off? If you’re getting a master’s in some field without very good job prospects, you really need to ask yourself if you should consider other options, even if only temporarily

2. Be on top of everything. KNOW exactly what you’ll need to pay, when payment begins, what your interest will be, etc. Loans are one thing you should never be in the dark about.Kn

3. Be realistic about your future income and expenses. Have a good idea of what you’ll be able to pay upon graduating most likely not in the ideal situation.

4. If you haven’t learned the art of frugality, now’s the time to start.

Im getting my master’s in Finance. The Grad School does not offer financial aid, but there’s CNOUS organization that takes care of such matters once the student arrives on campus so the org investigates the financial status of applicants.
The school is in France. There are scholarships out there provided for students but I haven’t received one yet.

You may be able to find a financial institution that will help underwrite your degree in exchange for a promise to work for them, or in the context of a work-study program.

Are you a French citizen, or an American who wants to go to graduate school in France? What’s your undergrad degree, and where’s it from? Is your intention to work abroad? What is your work experience? What is the reputation of the school in the context of what you want to do?

All of these factors will determine your ability to repay the debt.

Im neither. I have a B.A. in English Literature and Entrepreneurship. Graduated from Ashland University in Ohio. My grad school in france is one of the Grandes Ecoles = top universities in the region.

Gretchen Rubin mentioned in a WSJ article that many people go to law school end up uphappy with their decision because law school is a “weird mix of highly driven and totally clueless.” (You can be both.)

This is true of starting any career path, not just law school. In order for it to be a successful decision, you need to head purposefully down the road. Before you take on debt and uproot your life, you need to have a clear idea of where you would like it to take you, and how you expect to get there. What could your internship options look like? Where do you see yourself in 5 or 10 years? Will you have the skill set to get you there? Where could you potentially work? Do some networking and prework, and make sure that you are passionate about the path you are taking. Start creating the networks that you will need to get you where you want to go.

Look at how much it will cost you for the degree. Project how much extra you’ll make per year to pay off that debt. Don’t forget to include interest and inflation. (You are going into finance, after all.) Figure out based on that whether it’s worth it.

Thank you everyong for your feedback! I appreciate it. :)