Your applications are in, transcripts have been sent, GRE’s taken, and a pile of money has disappeared from your accounts as if by magic.   Despite the temporary debt, breathe a sigh of relief–now all you have to do is wait.

Yes, wait.   And be patient, because graduate admissions committees often don’t make decisions until late February through March.   I once received an acceptance letter on April 1st–just two weeks before I had to make my binding decision on which school to attend.   So, if you’re stressing, do all in your power to get your mind off those letters and concentrate on what’s presently at hand–if you’re entering your last semester as an undergraduate, hone in on schoolwork.   If you have a part-time or full-time job, try to stay occupied in the spaces between checking your e-mail obsessively and dashing to the mailbox for any letters of note.   (If you’re really anxious, consider checking out websites like WhoGotIn, a rolling list of who got accepted/rejected where, and when they received notification.)

So what do you do that fateful day when a letter does arrive?   My next few posts will deal specifically with this difficult process.

Note: though schools may say otherwise, some programs will send you an informal e-mail notification before an official letter has been sent regarding your application status.   Don’t forget that there are people on the other end of this process, not nameless, faceless machines (though sometimes it can feel that way after all that officious paperwork!)   Admissions committees are made up of professors in the department, often very occupied with their own teaching and work, so stay cool and calm and the answer will come in time, my friends.

One question that inevitably comes up involves two very important aspects of the selection process:   reputation and funding.

Are reputation and funding mutually exclusive?   Must you sacrifice one for the other?

To put it simply, no.   Funding for graduate school can be difficult to come by, especially with larger numbers of people going back to school or continuing their educations after finishing their undergraduate degrees.   If you receive partial or full funding from a school, take it seriously–this means the program is very interested in you, and is extending an offer that only a select group will receive.

For a hypothetical scenario, let’s say you get in to the #1 program in your field, but with no funding.   This will require you to take out several loans and perhaps be in further debt on top of your undergraduate costs.   However, you’ve been told that since the program has “The Reputation” and carries a certain amount of clout with it, this will perhaps channel into a good career once you’ve completed your higher degree.

This is where my advice becomes a sticky wicket, and very dependent on your chosen field, your goals, personal interests, and financial situation.   Here’s what I believe:   don’t make exorbitant monetary sacrifices just for the sake of “reputation” unless you can truly afford it.   Paying your way for a Master’s Degree, en route to a PhD, JD, MBA, or other degree is advisable if you have your own monetary means available.   Getting in to that #1 or top-tier ranked institution, and paying for it, could carry its own weight and bring with it its own benefits in returns despite cost.

However, if you are like me, and had to take out loans/depend on scholarships to barely afford an undergraduate education, you may strongly consider going for the program with funding.   I find that paying to enter a Master’s program in this situation, for instance, isn’t advisable especially if the program will land you in 1) unwieldy amounts of debt, 2) if the program is not an ideal match for your scholarly goals, or 3) you hear horror stories from current or past students.   (that may seem a given regardless of your financial situation, but see my past post on getting the “real deal” on programs from current students.)

This is not to say that high-ranking pedigreed programs can’t be perfect for you–because they may–but take all the other factors in stride.   Will you be confident that you can get the job you want and pay off your new loans with some degree of certainty and comfort?   If the idea makes you queasy, you may need to take a deep breath and consider other options.   (Though congratulations, if you do receive that acceptance from #1 Competitive School X–relish your achievement!)

As I’ve listened to a handful of folks who chose the pedigree over a lower-ranked school with funding, reputation does not always equal quality.   You may get more one-on-one assistance, more hands-on opportunities, and have a better educational experience a “lower ranking” school.   Plus, it’s important to factor in what constitutes the differences between tiers and ranks.   How is reputation decided?   An impressive pedigree of past achievements, or a department’s innovation and progress in a field?

My bottom line is that if the program seems like a perfect fit, go for it.   And when faced with a decision between mounting debt and funding to pursue what you’re interested in, I’ll almost always choose the funding.   But that’s up to you.

Since there is no one clear-cut answer to this reputation and/versus funding question, I’d love to hear from you–your experiences, decisions you’ve made (or pending decisions), and any advice you have for those struggling to make this difficult decision.   I’d love to read your comments.

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