I Got In!
I finally got official word that I was accepted to the graduate program I applied to! It is somewhat anti-climatic. Since my employer is paying I wasn’t hoping for funding, so I sort of expected to get in.
What does this mean for my finances? Not a whole lot, actually. It’s a part time program, so I’ll continue to work. I’ll be considered a half time student so my student loans will go into deferment. Since they are subsidized, the rate will be 0%. That’ll free up $141 each month for savings, but I think I’ll continue to put $70 into my student loan payoff account. (This month, only $65 of my $141 payment went to principal!)
Long term, a M.S. degree in my field translates to roughly $10k-$15k more than a B.S. with similar experience. It’ll increase my expertise and help me advance more quickly. It’ll open more doors to have a top school on my resume. All good things!
T thinks I should take the next step and apply for a full time Ph.D for Fall 2009. I don’t even really want to go for my Ph.D., but I’m laid off in January and the economy is still poor, it is a reasonable back-up plan. Obviously, I wouldn’t go without funding. I know that graduate school should be a passion, not a back up plan. While I may be able to pull off a Ph.D. acceptance, I’m less confident about funding.
I suppose I have until fall to think about it. I have my GRE’s, my professors have electronic letters of recommendation that could be revived easily. No need to decide today.
Instead I’ll relish in my acceptance and enjoy my summer before my free time dwindles to zero!
P.S. – If I hadn’t banned myself from the grocery store, I would make Fettuccine with red pepper feta sauce, complete with homemade whole wheat pasta. The only ingredients I’m missing are chicken stock, eggs, and red peppers. It sounds like a meal T would enjoy as much as I would. He sometimes thinks my ideas of a good recipe to try are odd. I suppose it can wait a few weekends!
P.P.S – Sorry if all the food talk is too much. I am not talented enough to start a food blog, so I just sneak my food thoughts into my personal finance blog!