taking out loans for engineering master's degree

[Dear Summer]

This will be done part time while I work a full time job. I didn't get any kind of scholarship, just loans in my financial aid package. It will cost me about 40k in loans. Is this the normal/average amount? How much did your Master's degree cost you?

 

[Dumac]

Do you expect a decent raise in pay to come from your Master's degree?

Some fields of engineer show little difference in salaries for undergraduate, Master's, and Ph.D. workers, while other show giant climbs in pay.

 

[fisheerman]

Not unless you need it to go into upper level management.

Some companies require it others don't.

Depends on what line of engineering you are in.

 

[rsd]

Does your company offer some sort of tuition reimbursement. Many offer at least to the federal deductible amount of $5250/year, and some much more. I would inquire if you are not sure.

 

[Dear Summer]

Originally posted by: rsd
Does your company offer some sort of tuition reimbursement. Many offer at least to the federal deductible amount of $5250/year, and some much more. I would inquire if you are not sure.

unfortunately they don't

 

[Dumac]

Originally posted by: Dear Summer

Originally posted by: rsd
Does your company offer some sort of tuition reimbursement. Many offer at least to the federal deductible amount of $5250/year, and some much more. I would inquire if you are not sure.

unfortunately they don't

What do you plan to gain from the degree?

What would your company gain from you getting the degree?

 

[acheron]

40k is a lot of loans. I'd say 40k is kind of a lot for the total amount. How much are you paying up front that you aren't using loans for?

 

[Dear Summer]

Originally posted by: acheron
40k is a lot of loans. I'd say 40k is kind of a lot for the total amount. How much are you paying up front that you aren't using loans for?

40k is the total cost

If I pay out of my pocket, I can take less loans than this which I'm looking at

 

[acheron]

Originally posted by: Dear Summer

Originally posted by: acheron
40k is a lot of loans. I'd say 40k is kind of a lot for the total amount. How much are you paying up front that you aren't using loans for?

40k is the total cost

If I pay out of my pocket, I can take less loans than this which I'm looking at

Oh, ok. Yeah, that's the big advantage of going part time and working at the same time. If you're just going to take loans out for the whole thing you might as well go full time and get it over with quickly IMO.

 

[Dear Summer]

Originally posted by: Dumac

Originally posted by: Dear Summer

Originally posted by: rsd
Does your company offer some sort of tuition reimbursement. Many offer at least to the federal deductible amount of $5250/year, and some much more. I would inquire if you are not sure.

unfortunately they don't

What do you plan to gain from the degree?

What would your company gain from you getting the degree?

My company wouldn't gain anything, but with this degree, it will open more doors in the industry that I want to enter. However, I'm not sure how much salary increase it can attract. I also want to make up for my poor undergraduate grades by getting good grades if I decide to pursue higher education later on (phD, MBA, etc)

 

[Dear Summer]

delete

 

[Zolty]

Originally posted by: Dear Summer

Originally posted by: Dumac

Originally posted by: Dear Summer

Originally posted by: rsd
Does your company offer some sort of tuition reimbursement. Many offer at least to the federal deductible amount of $5250/year, and some much more. I would inquire if you are not sure.

unfortunately they don't

What do you plan to gain from the degree?

What would your company gain from you getting the degree?

My company wouldn't gain anything, but with this degree, it will open more doors in the industry that I want to enter. However, I'm not sure how much salary increase it can attract. I also want to make up for my poor undergraduate grades by getting good grades if I decide to pursue higher education later on (phD, MBA, etc)

I didn't realize an MBA is higher than an engineering master's degree.

 

[Passions]

That's why I'm taking my master's right now, to make up my poor undergrad gpa.

It will help me with getting into a MBA or law school, if I decide to pursue it.

 

[RaistlinZ]

Originally posted by: Dear Summer
This will be done part time while I work a full time job. I didn't get any kind of scholarship, just loans in my financial aid package. It will cost me about 40k in loans. Is this the normal/average amount? How much did your Master's degree cost you?

Perhaps save up until you have enough to pay for it yourself.

 

[HardcoreRobot]

seem SO many companies have tuition reimbursement... i would just wait till i worked for one that did. i didnt see a dime from my company when i got my masters.