Weighing the costs of grad school

This fall I am beginning a Master of Arts in Conference Interpretation (MACI) through the Middlebury Institute of International Studies at Monterey (MIIS). This is a long-awaited season for me, as I have been interested in pursuing a graduate degree in the translation and interpreting field for some time. My language combination will be English (A), Spanish (B), and German (C). I will be a full-time, in-person student (if the campus does not shut down again due to COVID-19).

In this post I would like to briefly share my reasons for and motivation to pursue a masters, and then dive into the financial breakdown so you can make a more informed decision if it’s something you’re also considering. I’ll structure everything in a Q&A format, so you can scroll past any topics that might not be relevant for you.

Q. Why a a graduate degree in conference interpretation?

A. Long story short, I like my chosen career and want to continue to progress in it. I would like to have the skills and education to interpret at an international and diplomatic level, and to have the qualifications and/or certifications that set me apart from others in a freelance world. Going through an intensive two-year training program surrounded by instructors and other driven students is something that appeals to me.

Q. Why MIIS?

A. This question usually arises because of the costs associated with private graduate school in the US. I’ll get into finances later on, but I chose MIIS because I see myself being professionally based in the US in the long run. I know many European-trained interpreters have transitioned to the US market (or vice-versa), but European schools focus heavily on European institutions. I am not particularly drawn to working in Europe nor for its institutions at this point in time.

Besides that, I chose MIIS because of its long-standing reputation both in the US and internationally. The University of Maryland (UMD) has a more recent conference interpreting track that is more affordable (and close to DC), but my experience in the application, testing, and admissions process with MIIS has been one of outstanding quality, communicativeness, and responsiveness. My communication experience with UMD was negative to such a degree that I abandoned the application process. For an investment like grad school, I am willing to pay more for quality, and feel that I am doing just that at MIIS.

Q. Did you apply with advanced entry?

A. No. I wanted the full training experience. I’m still kind of young, so I didn’t feel doing both years would be of any chronological detriment to me.

Q. How much does it cost?

A. Tuition fees for the MACI are $42,804 per year. If I remember correctly, student living expenses are estimated to be around $20K per year. That expense estimation seems laughably low for the central coast of California, so I will be reporting back with an update on whether it’s accurate. All that to say, the running cost of the degree plus living expenses hovers around $120K–$130K.

Q. How are you paying for this?

A. In summary, about one third in savings, one third in scholarships, and one third in loans. I have about $45K in savings earmarked for the degree; I received a $36,000 scholarship through MIIS; the rest will be through federal student loans (approximately $44K-$54K).

I am an aggressive budgeteer and have been using a comprehensive budgeting system called YNAB for awhile. I feel confident I can pinch pennies for two years, but the question is to what extent will be necessary and/or possible. I will share more on this front as time goes on.

Q. Do you think it will be worth it?

Yes. I have consulted with a a slew of people whose advice has really run the gamut. Some conference interpreters I spoke with said they don’t feel the cost of the degree is justified based on what interpreters earn. Others have said they wouldn’t exchange their T&I degree for anything. It’s a scary investment, but I think I’d be much more likely to bitterly regret not pursuing a degree. I don’t really see myself 15 years down the road looking back and thinking to myself “man, I really wish I hadn’t gone for that MACI.”

I’m intent on sharing the gritty details of my MIIS experience both on this blog and on my Twitter feed, so stay tuned and feel free to drop me any questions or comments below. Thanks for stopping by!