<prompt> Human: Im a math major and my school U. Maryland offers a combined B.S.M.A. program for math students. I would get my bachelors and then stay an extra year to get my masters. The reason I want to do the combined program is that my current level of experience wouldnt likely allow me to get into the grad schools that I most want to go to.The total tuition and fees for the last year in which I get my masters would be 15,209.I will likely have around 33,000 in debt from undergrad maybe as low as 25,000. Mostly Perkins loans and subsidized direct loans, but maybe 5,000 unsubsidized and private loans.I plan to go for a PhD after I get my masters. My impression is that my stipend would be around 20,000 - 25,000 per year for the PhD program.Im comfortable with living a frugal lifestyle and wouldnt likely have many other expenses other than rent for my room no car. So is this a bad idea or would it be worth it? Going to a good grad school for my PhD is important to me, but I really worry about the financial implications of staying in school a year longer. Additional questions: At what point would I have to start repaying my loans: after I get my BS or after I get the MA? What kind of deferment options do I have for when Im pursuing my PhD?Any kind of advice that will help me build a plan would be appreciated.  <response>: As a STEM person with a masters, paying 15k for a masters degree is a steal and you should go for it. Youd start repayment once youre below half-time in school. So when you graduate youll pay the loans back. Your federal deferment options are the same for your PhD as for your B.S. 