Paying for Graduate Planning School
Submitted by: Chillwinston
15 February 2007 - 9:06am
I will be attending a planning program this Fall and was wondering what are my options for financial assistance in the form of loans. Should I get Federal loans or private loans with a financial institution?
What is the likelihood that I will only need assistance my first year? Should I assume that I will be able to find a co-op or assistanceship by my second year?
Any advice or good resources on the internet?
Thanks.
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It's been a year... any
It's been a year... any updates?
UPDATE
I will soon be starting my Master of Urban Planning first semester at University of Illinois at Chicago. I had also applied to NYU, University of Maryland, University of Washington (Seattle), and the Pratt Institute. I filled out the FAFSA and received all federal loans that will cover tuition and living costs. The financial aid package included one subsidized and two unsubsidized federal loans with fixed interest rates between 6-8%. I also received a work-study offer as part of my financial aid and will be working at one of the schools research centers. For those looking into a Master in Urban Planning degree I highly suggest, if you cannot fund it yourself, to only use federal loans. Google "private student loans" and you will discover horror stories of students that took out $20,000-$30,000 in private loans and are now being hit with up to 30% APR!! I also would not want to hold any private loans with the current state of U.S. housing/financial markets.
A word of advice...
Congratulations. A word of advice, however... planning is a relatively low-paying profession, so regardless of where your student loans come from, don't let yourself get too deeply in debt. On a planner's salary, paying off $30,000, even at 6-8%, will take a long time and in the meantime will straight-jacket you into a frugal lifestyle.
As a planner (MUP from UW Seattle), I've always needed to supplement my income from other sources just to maintain a modestly comfortable lifestyle.
Again... congratulations and good luck.
Grad school
Are you planning on applying to multiple schools, or is there one you have your eye on? I would recommend applying to several and hopefully one or more will offer a Teaching Assistantship or Research Assistantship that will help cover some or if you're lucky all of the cost. I had an Assistantship for my Master's at University of Denver that covered tuition and had a monthly stipend for part time work on the Stapleton Redevelopment project. It was great experience and free school, the best of both worlds.
If you can't find a deal like that and have to go with loans, I would say just find the best interest rate you can and a loan that will give you a grace period after graduation to get a job before you have to start repaying things.
Good luck,
Chris
Working your way through graduate school...
Congratulations on your decision to attend graduate school in planning.
It's been many years since I was in graduate school, so I'm sure the situation has changed. However, I served in a number of paid internship programs while I was a graduate student. These both helped to pay the bills, and were outstanding practical experiences.
Ultimately, one of these internships turned into the full-time position I would take upon graduation, as editor of The Planning Report - http://www.planningreport.com/
Several of my fellow students were able to find employment through Federal Work-study programs on campus, usually with interested programs or initiatives within the planning school.
Best of luck to you. Consider updating this thread after you start graduate school to share your own experience!
Chris Steins, Editor
Planetizen - www.planetizen.com