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Link
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At an Ivy League Engineering school
Astronuc said:Try to minimize loans by working part-time jobs. That was my approach.
$40K is a lot of debt for someone leaving university, and it will bite into one's cost of living later on, particularly if one wishes to attend graduate school.
Having a MEng degree is good, and better if one masters the material as reflected by high GPA.
Link said:you have to go to graduate school after getting an MEng? I thought it was equivalent to a masters degree, i.e unless going into research or academia it would be fully sufficient for working as a professional engineer?
Maxwell said:No, he thought you were talking about a BS in ME. A master's of engineering is a graduate degree. That said, you aren't able to obtain any funding for your degree? TAing, RAing, anything?
An MEng is quite sufficient for working as a professional engineer. What type of engineering will your degree be in?
Link said:Its Mechanical/Aeronautical. I want to work for NASA someday:)
Yeah I do get some funding but my estimations show I have to borrow that much unless parents pay up, which isn't a nice thing to ask i guess:P
Maxwell said:What about tuition waivers for TAing or RAing? Those usually come with a small stipend and benefits. $40k is a very large amount of debt. Do you have any debt from your undergraduate schooling?
Truth be told, I don't think it's worth $40k just to get a MEng from an Ivy League institution. You'll get the same jobs and a very similar salary by going to good public school. And the salary difference will be made up by not being $40k in debt!
Link said:No that money includes undergrad+grad. Does the deal get better?:P i read on the NYT that its quite normal for professional degrees students to graduate with 80-90k in debt (undergrad+grad) nowadays?
And won't the Ivy League label give more perks
Oh and thanks, your responses are really useful and informative. Appreciate it:)
The answer to this question depends on various factors such as the cost of the degree, potential salary after graduation, and the individual's financial situation. It is important to carefully consider the long-term implications of taking on such a large amount of debt.
The monthly payments for a $40,000 student loan will vary depending on the interest rate and repayment plan. It is important to carefully research and calculate the estimated monthly payments to ensure that they are manageable within one's budget.
Yes, there are various forms of financial aid and scholarships available to students pursuing a MEng degree. It is important to research and apply for as many opportunities as possible to reduce the amount of student loans needed.
The length of time it takes to pay off $40,000 in student loans will depend on the repayment plan and the individual's ability to make consistent payments. It is important to carefully consider the repayment plan and budget accordingly to pay off the loans in a timely manner.
The earning potential with a MEng degree will vary depending on the field and job market. It is important to research potential salaries and job opportunities in the desired field to determine if the potential increase in earnings will justify taking on $40,000 in student loans.