Melanie Lockert wrote a very mature
and thoughtful essay about her student-loan debt for Student
Loan Hero, a web site on student loan indebtedness. Melanie took out $81,000
to get her postsecondary education: $23,00 for her bachelor's degree and
$58,000 for her master's degree.
Melanie took on most of her debt due
to her decision to get a master's degree from New York University, one of the
most expensive universities on the planet. Remarkably, she was able to pay off
all this debt in eight years, but she paid a price for borrowing so much money
to get an education.
Melanie gave her readers five
pieces of advice about borrowing money to get a graduate education, and her
column is well worth reading. In particular, she warned people to be cautious
about a decision to go to a "dream school." I am quoting her remarks
about that here:
Dream Schools Are Just a Dream
It's not uncommon for people like me, who take on a large
amount of debt to go to school, to be met with a certain amount of criticism. I
was repeatedly asked why I didn't go to a cheaper school.
My answer? I wanted to go to my dream school. My dream
obviously came at a cost, but I was willing to pay the price. I was stubborn
and no one could tell me not to pursue my dream. However, I realized the
reality of attending my dream school wasn't so dreamy after all. I got a lot
out of my education at NYU, but it was a lot harder than I imagined.
Our
judgement can be clouded by fantasy — we think a certain school can bring us
legitimacy, talent, and clout. But in the end, it's just a school. Consider carefully
the cost of your dream school and what price you might pay many years down the
road.
Melanie's essay struck home with me
because I too made a decision to attend a dream school: Harvard Graduate School
of Education. Like Melanie, I came to realize that in the end Harvard was just
a school, and a degree from Harvard contained no magic properties for improving
my life.
If you are thinking about going to
graduate school at an expensive university, I urge you to make a copy of
Melanie Lockert's essay and tape it to your refrigerator so you won't lose it.
Then read her essay before you drop that graduate-school application in
the mail.
References
Melanie
Lockert. Student Loan Problems: What I Wish I Knew Before Borrowing $81,000 for
School. Student Loan Hero, November 25, 2015. Accessible
at: https://studentloanhero.com/featured/student-loan-problems-wish-knew-before-borrowing-81000/?utm_source=outbrain&utm_medium=display&utm_campaign=blach
I (too) Had A Dream! I wrote about it on my blog last night. Readers can view it at www.unduehardship-povertyrequired.com.
ReplyDeleteI had a good education from the less prestigious colleges in Michigan, so I agree with Ms. Lockhert's advice. I also know first hand that having a Master's degree is no guarantee of a job!
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