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The Waiting Game...Have you heard yet???
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jrosello
Jarod
e-mail user

Apr 3, 2007, 9:28 AM

Post #3126 of 6279 (25947 views)
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Re: [jaywalke] DEBT [In reply to] Can't Post

Remember, you can always teach at a county public school (high school) and, with a Master's, make in the low 40s your first year teaching. Depending on the state, maybe more.


jaywalke


Apr 3, 2007, 10:22 AM

Post #3127 of 6279 (25916 views)
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Re: [jrosello] DEBT [In reply to] Can't Post


In Reply To
Remember, you can always teach at a county public school (high school) and, with a Master's, make in the low 40s your first year teaching. Depending on the state, maybe more.


The areas that pay more usually have a higher cost-of-living, which, combined with the higher tax bracket makes it a wash.

Look at it this way:

$75000 at 3% interest is a $500 per month payment for 188 months! That's more than fifteen years. If you pay $300 per month it will take almost 32 years! That doesn't include the extra costs that you will incur because you have higher interest rates on everything else (credit cards, mortgage, car loans) due to a bad debt-to-income ratio.

That is a crazy amount of debt for anything less than a JD, an MD or maybe, maybe an MBA.


(This post was edited by jaywalke on Apr 3, 2007, 10:24 AM)


SweetJane


e-mail user

Apr 3, 2007, 11:27 AM

Post #3128 of 6279 (25875 views)
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Re: [jaywalke] DEBT [In reply to] Can't Post


In Reply To
$75000 at 3% interest is a $500 per month payment for 188 months! That's more than fifteen years. If you pay $300 per month it will take almost 32 years! That doesn't include the extra costs that you will incur because you have higher interest rates on everything else (credit cards, mortgage, car loans) due to a bad debt-to-income ratio.

That is a crazy amount of debt for anything less than a JD, an MD or maybe, maybe an MBA.


I would also bear in mind that the current stafford (federal) loan rate is 6.8%, with private loan rates for students starting at the prime rate (8.25%), with some adding as much as 6% to that. However, I think subsidized stafford loans are a great idea since the government pays the interest while you're in school, especially if you have reason to believe that you'll be able to pay the money back quickly while in school or just done with it (and I don't mean from adjunct pay necessarily. I'm talking more about having savings in the bank or investments that you plan on letting grow during this time, while your loan amount stays static). But you can only take out so much of these loans anyway.


SJ

"Oh, all the poets they studied rules of verse
and those ladies, they rolled their eyes"

(This post was edited by SweetJane on Apr 3, 2007, 1:05 PM)


jrosello
Jarod
e-mail user

Apr 3, 2007, 1:02 PM

Post #3129 of 6279 (25822 views)
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Re: [SweetJane] DEBT [In reply to] Can't Post

Just marry a doctor or lawyer and be done with it.

Or, wait until you sell the movie rights to your first book *cough *cough.


jaywalke


Apr 3, 2007, 2:27 PM

Post #3130 of 6279 (25773 views)
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Re: [SweetJane] DEBT [In reply to] Can't Post


In Reply To

I would also bear in mind that the current stafford (federal) loan rate is 6.8%, with private loan rates for students starting at the prime rate (8.25%), with some adding as much as 6% to that.


That changes my nightmare scenario quite a bit. BTW, I'm using the calculators at Bankrate.com, if anyone wishes to check their own situation.

$75K at 6.8% paid at $500/month is almost 28 years! ($93K in additional interest!)

At $1000/month (which most folks can't swing) it's 8 years and you're paying $22K in additional interest.

At $400 a month that debt will last forever, because you aren't even covering the interest.

That's just crushing.


SalPane



Apr 3, 2007, 2:45 PM

Post #3131 of 6279 (25745 views)
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Re: [jaywalke] DEBT [In reply to] Can't Post


In Reply To

In Reply To

I would also bear in mind that the current stafford (federal) loan rate is 6.8%, with private loan rates for students starting at the prime rate (8.25%), with some adding as much as 6% to that.


That changes my nightmare scenario quite a bit. BTW, I'm using the calculators at Bankrate.com, if anyone wishes to check their own situation.

$75K at 6.8% paid at $500/month is almost 28 years! ($93K in additional interest!)

At $1000/month (which most folks can't swing) it's 8 years and you're paying $22K in additional interest.

At $400 a month that debt will last forever, because you aren't even covering the interest.

That's just crushing.


That's only relevant though if you don't find any funding at all during your two year stay. I say go and look for funding outside of the writing department. Have you thought about doing part time office work for another department? As long as you work as staff somewhere in the school they will partially fund you. Most schools pay 80% of their employees' tuition fees.

I'm almost positive I'm going to Pitt's MFA program next year and their funding is historically terrible. But after talking to a lot of current MFA students there they've all told me they've been able to find funding that way or after their first year. And I'm in the same boat as you. I already have 20K racked up in debt. However, what if you apply again next year and don't get in? That's a huge risk and the MFA mistress is fickle at best. My bet is if you're going for an MFA money isn't the most important thing to you anyway. And although being able to financially exist is important, 75K is just the maximum amount of debt you could accrue. There's a decent chance it'll be signifcantly less.


(This post was edited by SalPane on Apr 3, 2007, 2:47 PM)


asrobinson


Apr 3, 2007, 3:14 PM

Post #3132 of 6279 (25717 views)
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Re: [jaywalke] DEBT [In reply to] Can't Post

Two more things to consider regarding student loans. One, not all Stafford Loans are subsidized. And two, your loan repayment period is not going to be 28 years. There are ways to drag it out a bit (through deferment, forbearance or certain repayment plans), but the industry maximum is 10 years.

You can find out more at http://www.nela.net/aboutstudentloans/loanrepayment/repaymentoptions.asp?nav_section=4


jlr


Apr 3, 2007, 3:32 PM

Post #3133 of 6279 (25699 views)
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Re: [asrobinson] DEBT [In reply to] Can't Post

Actually, you can stretch your loan repayment up to 30 years, depending on how much you borrow:

http://tinyurl.com/yp3wg7


gcsumfa


Apr 3, 2007, 5:43 PM

Post #3134 of 6279 (25631 views)
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Re: [jlr] DEBT [In reply to] Can't Post

You can find a way to repay your loans for as long as you want. Lenders don't mind taking more money from you, which is what will happen--over the long haul-- the longer it takes you to repay your loans.


(This post was edited by gcsumfa on Apr 3, 2007, 5:54 PM)


kellyg


Apr 3, 2007, 11:14 PM

Post #3135 of 6279 (25497 views)
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Re: Waiting to hear [In reply to] Can't Post

I've heard from UWM - Milwaukee, Brooklyn College, and IU - Bloomington. Got into all but Bloomington.

I'm waiting for SAIC (school of the art institute of chicago) and University of Southern Maine (although I won't go here no matter what).

Has anyone else applied to SAIC? Maybe heard anything?


malber


Apr 3, 2007, 11:31 PM

Post #3136 of 6279 (25485 views)
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Re: [kellyg] Waiting to hear [In reply to] Can't Post

why did you apply to Southern Maine, then? safety school?


bighark


Apr 4, 2007, 12:32 AM

Post #3137 of 6279 (25470 views)
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Re: [kellyg] Waiting to hear [In reply to] Can't Post

I got an acceptance letter from SAIC postmarked March 23.

I don't think they'll be done notifying for a while, though.


ellen362


Apr 4, 2007, 4:49 AM

Post #3138 of 6279 (25420 views)
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Re: [jargreen] DEBT [In reply to] Can't Post

Deferring may depend on the individual school. I agree with others posting here that even $50,000 on debt is HUGE when you actually have to work, day in and day out, year in and year out, to repay it. Plus the very good point that student loan debt may raise the rates on cards, car debt, mortgages, etc. Why pay for a degree you may be eventually be able to swing for free?


piratelizzy


Apr 4, 2007, 10:06 AM

Post #3139 of 6279 (25368 views)
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Re: [jargreen] DEBT [In reply to] Can't Post

When we talk about "not paying for an MFA" let's not forget that working as a TA is a form of payment. Few schools offer true "free-of-cost MFA" funding. Strictly speaking, given the job market for holders of MFA degrees in CW, choosing to study for the degree is nutty to begin with. If you're going to be nuts, I think the question is "How much am I willing to risk against what this is worth to me alone." It has to be a very personal choice, I think.

ALSO, I seem to remember reading at the UMass-Amherst website (somewhere) that if you have ANY half-time job, ANYWHERE, they will reduce your tuition. Can anyone verify this? I'm pretty sure I read something along these lines a while back.


'sup?!

(This post was edited by piratelizzy on Apr 4, 2007, 10:17 AM)


kellyg


Apr 4, 2007, 10:37 AM

Post #3140 of 6279 (25341 views)
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Re: [malber] Waiting to hear [In reply to] Can't Post

yeah it was a safety school and brooklyn college was my second choice, so ill go there if i dont get into saic


augustmaria


Apr 4, 2007, 3:55 PM

Post #3141 of 6279 (25223 views)
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Re: [kellyg] Waiting to hear [In reply to] Can't Post

Are you from Maine?

Also, my own assistantship pays for my living expenses, but my tuition (i.e., "my MFA") is waived by the university whether I teach or not. So being a TA isn't always a form of payment towards the actual MFA degree.


kmari03


Apr 4, 2007, 4:30 PM

Post #3142 of 6279 (25196 views)
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Quick MFA Note [In reply to] Can't Post

Hi everyone,

I don't know if I did this correctly, so sorry if I am applying to a previous post. I have been a silent, occassional listener on the site the last few months of the process. I just wanted to update and share my story as I had a bit of a surprise yesterday...acceptance at George Mason by email. The email implied that unspecified application issues and department unrest were to blame for the lateness of the reply. I don't know if anyone is waiting on GMU, or had that as a top choice (I know many love the Micheners, UVAs, etc...and I can't blame ya') but it is an example of assuming rejection and hearing good news instead. I have already accepted an offer from a non-Creative Writing PhD program at Emory University. I applied to 4 MA/MFAs and to six "regular" schools. I was accepted at all the regular schools, some of them familiar names like Boston (full tuition waiver). I know I will be writing either way, and the program I'm in at Emory is flexible and supportive of my writing. I hope that everyone gets into a great school, but once again just wanted to share that good stuff can come from unexpected, even non-MFA places and that places are still notifying. Good luck to everyone, and I hope this post isn't too self-important. I truly appreciated all your comments and the status updates and am just hoping to throw a good story into the mix as we all get through those final days til April 15th.

-kmari03

Accepted: GMU
Rejected: Michener, UVA (by letter two days ago)
Wating: Bowling Green (assumed rejection)


Fear&Loathing


Apr 5, 2007, 1:13 AM

Post #3143 of 6279 (25050 views)
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Re: [PamukisGreat] Rejection Day [In reply to] Can't Post

Dear PamukisGreat,

I've come to make peace with you, my old self. You unashamedly called attention to this ugly Turk, and I'll be damned...the secretive Nobel committee agreed with you.

Last year, you didn't get into the five programs you applied to, and rightly, you told them to fuck off. So, here we are, ten rejections and five acceptances later. All is not so bad. Others learn...try again next year.

Tonight, we went to Angela Pneuman's reading at Stanford. Angela Pneuman, you'll remember, is an alum of a program you're considering.

Guess who decides to sit beside us in the back row? Who, but the famous Tom Kealey. Yes, the same Kealey of The Creative Writing Handbook and Kealey Scale. The reading is good. Pneuman has talent. Kealey slouches in his chair, folds his arms and stretches out his legs through much of it. He checks his cell phone during the reading of his fellow Stegnerian. He is, you discover, quite human. There are Stegnerians, like aliens from another planet, all around us.

We ask an audience question of Angela in the Q&A. "How has your writing changed since you started writing and the present?" She points out that her MFA program was too prescriptive and that the story she read was written after the program, when she "got back to jesus" in a sense and rediscovered her writing. We wonder if her program, or any MFA program, is right for us. The Q&A ends. Applause.

We introduce ourselves to Tom. We say, "Thanks for writing The Creative Writing Handbook." We say, "I've corresponded with you before."

Tom becomes wide-eyed, makes a goofy smile and says, "You're not Seth, are you?"

At this point, we decide one of two courses of action. We either laugh out loud or politely say no, either way disappointing our author of the famous book whose looks forward to the possibility of meeting his most devoted fan. I take the harder course and politely say I'm Fear&Loathing. We see his brain working. "Who the hell is this?" he must be thinking.

Anyway, he's a nice guy, all the same. He's writing. The Stegnerians are stick-together bunch. There's Tobias Wolff and someone L'Heureux...others in the crowd.

What do we say to all of them? Fuck them all. Sure, why not. The hard work is only starting.

Regards,

Fear&Loathing







In Reply To
My first reaction to rejections from UMASS & IOWA:

FUCK THEM! FUCK THEM ALL!

But now I am feeling much better.



ellen362


Apr 5, 2007, 3:16 AM

Post #3144 of 6279 (25028 views)
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Re: [Fear&Loathing] Rejection Day [In reply to] Can't Post

That's hilarious!


piratelizzy


Apr 5, 2007, 10:34 AM

Post #3145 of 6279 (26348 views)
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Re: [Fear&Loathing] Rejection Day [In reply to] Can't Post

Pamuk is adorable. OK, he could comb his hair, but that adds to his charm in its own way, too.

This encounter of yours with Kealey was a risky idea. Suppose Seth had seen you and Tom together. Suppose he'd caught you. You never know where he and his brunos'll turn up next, baby. And you know he's got the curse on you. Ever see Chicago lightning in Stanford? Well, have ya?

Seth is played by Peter Lorre. Kealey by Humphrey Bogart. You are played by William Holden and Angela Pneuman by an unlikely Lucille Ball, going vamp and against type.


'sup?!


tenderloner
Geary'n Hyde

Apr 5, 2007, 4:32 PM

Post #3146 of 6279 (26244 views)
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Re: [piratelizzy] Rejection Day [In reply to] Can't Post

I saw Pamuk in a "conversation" about a topic area I've now forgotten right after he won the Nobel Prize as part of the Vaclav Havel hoopla at Columbia. I was really impressed by his ideas and that messy-haired genius brand of enthusiasm and humor. I was far enough away that I couldn't tell if he was ugly or not, but he was hot, in that messy-haired genius kinda way. You see what Columbia did for my vocabulary? I always say "hot" is the only adjective anyone seems to know to describe the opposite (or same) sex.


Arkinese


Apr 5, 2007, 7:41 PM

Post #3147 of 6279 (26153 views)
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Indiana [In reply to] Can't Post

Sorry to interrupt the Kealey encounter.....I had a question about the waiting game though :)

Has anyone heard anything from Indiana in the last, say, three weeks? I know people got in and got on waitlists in February and since then I have heard nothing. Nothing! Then a friend (who was accepted to Eastern Washington on Monday) told me that she received a rejection from Indiana last week. Did anyone else? Did they lose my application again? Did the mail lady lose my rejection letter? Gah...

Thanks for any help.


sarahc


Apr 5, 2007, 8:32 PM

Post #3148 of 6279 (26135 views)
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Re: [Arkinese] Indiana [In reply to] Can't Post

Arkinese, Cathy Bowman is currently making waitlist phonecalls. I was on Indiana's waitlist, and they called yesterday. Good luck!


harja


Apr 5, 2007, 10:55 PM

Post #3149 of 6279 (26080 views)
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montana [In reply to] Can't Post

Accepted off the waitlist at Montana today via email from Kate Gadbow.


Arkinese


Apr 5, 2007, 11:55 PM

Post #3150 of 6279 (26047 views)
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Re: [sarahc] Indiana [In reply to] Can't Post


In Reply To
Arkinese, Cathy Bowman is currently making waitlist phonecalls.

Thanks, Sarah! I appreciate the info and the "good luck." :)

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