Worth it?

Question

Is going to graduate school worth the stress and Student loan debt? I find myself crying once a week over school cuz I'm stressed balancing everything. Why do I mentally and physically torture myself for that diploma? Is it worth finishing with student loan debt?

Answer

Do not accrue debt for a career that will not pay you off. Do not rely on income based repayment. Unless you work for a nonprofit for 10 years any loan amount you get forgiven will be treated as income by the IRS.  So for example if you do IBR payments and in 20 years your loan balance is $100,000, the year your loan is forgiven the IRS will treat you as if your job paid you $100,000 extra that year. So you will have to pay taxes that year on the forgiven amount.

So, go on scholarship or borrow as little as possible. No need accruing another 40-50k in debt if you will only end up making $10k more per year.

Basically go to grad school only if it makes sense career and financial wise. I know too many people who went and all they ended up with was debt and a piece of paper.

Answer

It's for you to decide and depends on the career you're striving for but for me it was worth it to have a job I love. There are things that make loans more doable like Pay as you earn or income based payments plus after 20 years of those payments, the loan is forgiven. It's a few years of stress to do what you love forever depending on your program/degree you choose. Good luck!

Worth it?

Let's Glow!

The Top Baby Tracker App: Embrace New Beginnings with Tender Care

The Top Fertility Tracker App: Your Path to Achieving Pregnancy

The Top Pregnancy App: Nurturing Your Journey to Motherhood

The Top Period Tracker for Empowering Your Menstrual Health Journey