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Post by shanni on Jul 7, 2014 21:10:13 GMT
I just finished my associates degree at our local college. My dh teaches there, so it was free. Unfortunately, they only have 2 year degrees, so now I have to transfer. I'm having serious sticker shock! I will be taking classes through Southern New Hampshire University Online and have been pretty excited to get started, but I'm dying at the price! I really didn't want to go into debt for my education. Pell grants will only cover about half of it, then subsidized loans will cover about half of the remainder, and that doesn't count books and supplies. I was already not thrilled about taking subsidized loans, but now it's looking like I may have to take some unsubsidized as well. Here's the thing. I'm a stay at home mom. I really have no intention of going into the work-force post graduation. I am getting my degree more for self-fulfillment than career goals. The other huge factor is that dh and I both really worry that we have no safety net should something happen to him. The kids and I would be screwed if he died today, as I have no bachelors degree and no real marketable skills. So it's important to both dh and I that I do this. But dang- it's expensive! So I guess I just need somebody to reassure me that it's okay to take out student loans. (We just finished paying off dh's! lol!) Or tell me other ways you have found to pay for school. Do people still sell plasma?  Update: You have all given me so much to think about, thank you! This is one of the reasons I love the peas so much! DH and I sat down and talked last night, and I think we have a plan. Looking closely at our finances, we won't need to take out the unsubsidized if we cut back a couple other places. As far as getting a job after I'm done- I know it sounds stupid (and it is) but I hadn't really given much thought to what I would do with my time when I am finished. I started back in school when youngest went to first grade, but didn't really have any plans to work when I was done with the degree, because I haven't in the past. By the time I am done with school, youngest will be in middle school. I think I'm going to need something to fill my time anyway, and I'll want a job. Even if I don't particularly want to work, many of you made the point of not letting the degree go stale and getting work experience. That is something that I hadn't considered, but makes complete sense. It would only take a couple years of working to pay off the debt, then we get into the most expensive time of our child-rearing days; college and weddings! The extra income would help ease the squeeze during those years. I know many are dubious about the marketability of an English degree, but really the jobs I am looking at don't particularly care what your degree is in, they just want you to have a degree. If that for some reason doesn't work out, I could take an extra year and get my secondary certification and teach English. My other thought is that I may continue on at some point and get a Masters of Library Science, and an English degree seemed to be the best fit for that long-range goal/possibility. Thanks again for all the feedback! You all really helped me to solidify what I really want out of the next stage of my life. I've been mommy for so long, I honestly hadn't thought much past that, but it's definitely time to!  |
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Post by AN on Jul 7, 2014 21:15:11 GMT
Can you take classes more slowly so you can pay as you go? I really don't think it's wise to go into debt for a degree that you don't intend to go earn money against. I'm all for getting the degree for self-fulfillment and as a backup, I just don't think debt is going to be a good feeling when you graduate. The goal of the education is to make you feel more fulfilled and more secure, and I don't think debt lines up with helping you reach those goals.
You joke about plasma, but it's not a bad idea! Or starting a little Etsy business, tutoring neighborhood kids, doing focus groups (those can easily pay $100 - $200 for a couple of hours) etc. All of those things could help you pay cash as you go, even if you do need to slow down the pace of the classes.
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Deleted
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Post by Deleted on Jul 7, 2014 21:19:17 GMT
If I had no intention of working I'd do it at a pace that I could afford on a "pay as I go" basis. If it is one course a semester then so be it. I would not take out loans for a self fulfilment education. If I was planning on hitting the work force after graduation, then yes, I do the loans.
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Post by ingrid6 on Jul 7, 2014 21:20:11 GMT
First of all, congrats on continuing your education! Your reasons sound pretty darned awesome to me I totally get the sticker shock - we currently have 3 at a University in VA. It's a small fortune at best. Good luck and hang in there! |
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Post by Pahina722 on Jul 7, 2014 21:32:05 GMT
Congrats on completing the AA! One step down, one to go. Like your DH, I teach at a community college as well, but ours has expanded to offer some bachelors' degrees, so I do understand the sticker shock issue.
Here are some a couple of things to think about. First, while SNHU markets aggressively for online degrees,there are LOADS of places with online degrees available now. I don't know that SNHU is a public university, so its cost might be higher than state colleges and universities. Have you checked into online offerings at public state colleges?
There are lots of federally sponsored programs for specific populations. Your DH's college should be able to advise you on some of them. For example, there are ones for women in non-traditional fields, welfare-to-work, former military and dependents . . . It can't hurt to ask.
As others have mentioned, it might be a good idea to ease into the degree, a couple of courses at a time.
Good luck!
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Post by donna on Jul 7, 2014 21:32:57 GMT
I would have a hard time going into debt for a degree I didn't intend to use.
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Post by shanni on Jul 7, 2014 21:34:16 GMT
See- this is kind of what I have been thinking too. I doesn't make sense to go into debt for this. But dh feels like it's worth it. The other thing I've been throwing around is working for just a few years after I graduate. If we put all that money straight toward the student loans, I could get them paid off fairly quickly.
I keep using myself as a cautionary tale to my kids and their friends. STAY IN SCHOOL KIDS! It's so much easier to get that degree before you have a family and all the other grown up responsibilities!
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Post by Erica on Jul 7, 2014 21:36:19 GMT
I start back to school tomorrow. Just my AA in accounting. Then the bachelor's.
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Post by shutterspeedgirl on Jul 7, 2014 21:42:35 GMT
While I agree with not going into debt for something you aren't going to use right now, one thing I always go back to is: No one can EVER take your education away from you. Your husband could die, you could divorce, whatever your worst-case is, but no matter what, that education is part of you. And, by getting an education of your own, you ARE planning for the future (your safety net), so if your husband were to die, you would have a plan, you'd use your degree to support yourself and your children. Loans can be put on hold for circumstances like those, and some loans are forgiven, depending on your field.
I do agree with the PP that say, take a little at a time because we all know that is much easier on the budget!
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Judy26
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Post by Judy26 on Jul 7, 2014 21:42:43 GMT
Is your degree going to be in something that you could find a job in relatively easily? How old are your kids? If you want to be a stay at home mom while they are younger I would take one or two courses at a time and by the time you are done the kids will be older. Extra $$ you earn from working then could go to help defray their college expenses.
Edited to say that term life insurance and disability policies are a fairly inexpensive means to protect your family from an unexpected catastrophe.
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Post by turangaleela on Jul 7, 2014 21:45:47 GMT
I'm going to the local tech school to get my Associate's in Accounting right now. It's not cheap, but definitely not as expensive as the state university down the road (which I'll have to consider if I decide to go for my bachelor's). What did you get your Associate's in? Could you continue to go there and get more degrees, since it's free? Then you'd be more employable in the future but wouldn't have to shell out all that dough. Like, if you have your Associate's in graphic design, could you get one in Finance or something?
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swanie78
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Post by swanie78 on Jul 7, 2014 21:46:44 GMT
Honestly, I wouldn't go into debt for an education I didn't plan on using. Even having it as a safety net isn't helpful. If an employers choice is between one person without a degree but has experience, and one person with a degree but without experience they are likely to go with the experience if they can. I'm at a private university right now paying HUGE tuition costs and accruing a lot of debt in student loans, but the payoff at the other end is worth it for me. I don't mean that to sound mean, I just don't think it's a justifiable debt. That said....many places offer scholarships, it just takes a lot of work to find and receive them. Also, talk to the financial aid dept and they can help you. I quit my job in Feb due to hostile work environment and poor management. I notified my FA advisor and she was able to get me some state aid and a Pell Grant that I wasn't initially entitled to. They know the ins and outs and tricks to finding students money. Good luck!! Sent from my iPhone using Tapatalk |
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Post by shanni on Jul 7, 2014 21:46:49 GMT
Congrats on completing the AA! One step down, one to go. Like your DH, I teach at a community college as well, but ours has expanded to offer some bachelors' degrees, so I do understand the sticker shock issue. Here are some a couple of things to think about. First, while SNHU markets aggressively for online degrees,there are LOADS of places with online degrees available now. I don't know that SNHU is a public university, so its cost might be higher than state colleges and universities. Have you checked into online offerings at public state colleges? There are lots of federally sponsored programs for specific populations. Your DH's college should be able to advise you on some of them. For example, there are ones for women in non-traditional fields, welfare-to-work, former military and dependents . . . It can't hurt to ask. As others have mentioned, it might be a good idea to ease into the degree, a couple of courses at a time. Good luck! Thanks for the suggestions! None of my state's school offer the degree I want fully online. I live in a rural area and the closest 4 year school is 1.5 hours away. I looked at Arizona State University Online, and it was about 30% more for the same degree. I'll keep looking to see if there are any other programs. I hadn't thought of going to dh's college about programs or scholarships. I will definitely do that. Thanks again for the input- it was helpful! |
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Post by shanni on Jul 7, 2014 21:51:29 GMT
I'm going to the local tech school to get my Associate's in Accounting right now. It's not cheap, but definitely not as expensive as the state university down the road (which I'll have to consider if I decide to go for my bachelor's). What did you get your Associate's in? Could you continue to go there and get more degrees, since it's free? Then you'd be more employable in the future but wouldn't have to shell out all that dough. Like, if you have your Associate's in graphic design, could you get one in Finance or something? Unfortunately, there aren't really specialized associate's degrees at our school. You can choose arts or science. They do have a nursing program, but that's not something that I think I could do. I really admire those who can- I'm just not one of them!  |
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swanie78
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Post by swanie78 on Jul 7, 2014 21:53:28 GMT
Another thing to look at is job market in that position and what that market looks like for the future. Is it a position that has the potential to be eliminated by technology in the future?
I only say this because my boyfriends unemployed adult daughter who is currently living with us and wanted to go back to school to get a degree where jobs are not widely or readily available. I supports her desire to follow her dreams, however at this point she needs income more than a dream job and it's not feasible to expect her dad (and me) to support her for the next few years. She has redirected her focus for the time being.
Sent from my iPhone using Tapatalk
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swanie78
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Post by swanie78 on Jul 7, 2014 21:55:25 GMT
Ignore the typos lol I'm on my phone.
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Post by turangaleela on Jul 7, 2014 21:55:34 GMT
I'm going to the local tech school to get my Associate's in Accounting right now. It's not cheap, but definitely not as expensive as the state university down the road (which I'll have to consider if I decide to go for my bachelor's). What did you get your Associate's in? Could you continue to go there and get more degrees, since it's free? Then you'd be more employable in the future but wouldn't have to shell out all that dough. Like, if you have your Associate's in graphic design, could you get one in Finance or something? Unfortunately, there aren't really specialized associate's degrees at our school. You can choose arts or science. They do have a nursing program, but that's not something that I think I could do. I really admire those who can- I'm just not one of them! Ahhh, that's a bummer. And I agree about the nursing thing 100%. |
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Post by shanni on Jul 7, 2014 22:04:46 GMT
Is your degree going to be in something that you could find a job in relatively easily? How old are your kids? If you want to be a stay at home mom while they are younger I would take one or two courses at a time and by the time you are done the kids will be older. Extra $$ you earn from working then could go to help defray their college expenses. Edited to say that term life insurance and disability policies are a fairly inexpensive means to protect your family from an unexpected catastrophe. We do have life insurance that would pay off the house and leave some extra, but would not be enough to keep us going for more than a few years. My kids are 14, 11, and 8. Part of why we are feeling the push right now is that we would like to have me done before oldest dd starts. My degree will be in English. I think it would be fairly easy to get a job at the college once I have my degree. Every year they are looking for advisers or various other staff positions. Also, one of my friends works in the student support services office (they help struggling students) and she called me last week to see how soon I would be done. She wanted me to teach a couple of her student support classes. (I laughed at her and said even with a bachelors degree I would be grossly under-qualified for that one! She said the last two teachers of that class only had bachelors!) We live in a very small community with a shockingly low rate of college degrees, so the college is always looking for people with degrees. You make a good point about the extra money going toward the kids college expenses once we are done paying for mine. I should look at that more closely. Thanks so much for the feedback! |
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Post by traceys on Jul 7, 2014 22:06:53 GMT
What kind of degree are you pursuing? The amount of student loan debt I would be willing to take on would also be influenced by that. (Never mind....you posted that while I was typing....)
If you didn't work at all after getting your degree, would it create any hardship for you all to pay your loans back? If I were sure I wasn't going to work I would be more likely to go slower at not do loans, but that's just me.
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Post by moveablefeast on Jul 7, 2014 22:09:52 GMT
I paid for one semester OOP and took loans for everything after. It preserves our cash flow a little and the loans I took accrue no interest till I'm done. My post-graduation earning potential is high enough that it didn't make sense to slow the pace and pay out of pocket - I will make more in increased salary than I will pay in tuition and interest. Loans are not evil, loans are one way to finance an education that will increase your earning potential afterwards.
Just my opinion.
But I would definitely feel differently if I didn't intend to use my degree after I was done. I'm past that point in my life, looking towards paying for college for my kid and retirement for us, so I picked a professional degree that has a clear career path I can pursue. That was what makes sense for us at this time, you know? So I think it really does depend on what your long term goals are.
We took loans for my husband's MBA, which paid for itself in less than two years. We won't take loans for his doctorate if we can help it, hoping to get it paid for by his company, but it does have a career path so a certain amount of loans makes sense.
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Deleted
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Post by Deleted on Jul 7, 2014 22:16:29 GMT
Honestly, I wouldn't go into debt for an education I didn't plan on using. Even having it as a safety net isn't helpful. If an employers choice is between one person without a degree but has experience, and one person with a degree but without experience they are likely to go with the experience if they can. ITA. Experience/less education over education/no experience most of the time (esp. if the education is not recent). I like another poster's suggestion of perhaps getting multiple AA degrees, especially if they are complimentary (all business related or all design related, etc.). To me, that would look better than an unfinished bachelor's degree, but YMMV. Congrats on finishing your first degree - great job! |
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AmyS
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Post by AmyS on Jul 7, 2014 22:22:02 GMT
Here's another suggestion to take classes as you can afford to pay for them without going into debt.
In the meantime, while you're working toward your degree, take out a hefty life insurance policy on your husband. When our kids were little and I was at home with them and dh worked full-time, we took out a $750,000 policy on him and a $250,000 policy on me. The policy on me would have covered after-school childcare expenses for as long as necessary. The policy on him would have paid off our house and provided enough for us to live on while I worked part-time so after-school care wouldn't have been necessary. I think both policies cost us around $50 a month or so. Now that the kids are 18 and 21, we're keeping the policies.
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mallie
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Post by mallie on Jul 7, 2014 22:22:28 GMT
I'm all for self fulfillment and education EXCEPT when it means going into debt. Then? No way. Either pay as you go or take classes online, etc for your need for fulfillment.
Here's the thing about having an education as a safety net. Say your dh dies and you have a degree. Do you also have work experience and references? If not, then you're really not much better off than you are right now. ESPECIALLY if you now also have debt to pay off! So unless you also have plans after getting your degree to work in your field, gain references, and salient experience? You're wasting your money and time.
And you know what's a way cheaper and much more guaranteed safety net? Life insurance.
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Post by Deleted on Jul 7, 2014 22:47:30 GMT
<<<The other huge factor is that dh and I both really worry that we have no safety net should something happen to him. The kids and I would be screwed if he died today, as I have no bachelors degree and no real marketable skills.>>>
That's what life insurance if for.
Go to school if you want and as you can pay for it, but it's far easier for most people to buy more term life if he's healthy.
Not to be crass, but if Dh passes, the last thing I want to face is needing to start a career back up.
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Post by moveablefeast on Jul 7, 2014 23:03:38 GMT
A large life insurance policy can be spent through in a much shorter time than one might need. If my DH died tomorrow I could expect to live another 50 years.
It's difficult to get a life insurance policy that will last through 50 years of expenses - paying off a house, retirement savings, college, and so on.
But a career with a steady income and retirement savings is more likely to provide for the needs of the family for the duration.
I would not personally want to rely on life insurance for my livelihood if I were younger than mid-50s.
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Deleted
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Post by Deleted on Jul 7, 2014 23:15:24 GMT
I had to take out student loans when I went back to school. It was necessary in my case. Then, in graduate school, I earned money so I paid off my student loans and paid for child care.
If I was going back to school for fulfillment (which I think is totally awesome and support!) I would take as many classes at a time that I could afford to pay for out of pocket.
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froggyscraps
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Post by froggyscraps on Jul 7, 2014 23:16:25 GMT
SNHU is definitely not a public school. Up until 10 or so years ago, they were a little known private college in suburban NH. Now they advertise their online classes extensively. Not sure how good the classes are and quality of education, but the school has certainly changed very quickly in the past decade.
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mallie
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Post by mallie on Jul 7, 2014 23:40:04 GMT
A large life insurance policy can be spent through in a much shorter time than one might need. If my DH died tomorrow I could expect to live another 50 years. It's difficult to get a life insurance policy that will last through 50 years of expenses - paying off a house, retirement savings, college, and so on. But a career with a steady income and retirement savings is more likely to provide for the needs of the family for the duration. I would not personally want to rely on life insurance for my livelihood if I were younger than mid-50s. A degree without experience isn't going to give her a career if her Dh dies years after she gets it. Especially a degree in English -- English BAs are a dime a dozen and I would have no reason to hire someone with an "old" degree when I can so easily hire someone with a new degree and current references. I just know so many women in my age bracket w an English BA who got married and were SAHMs and then tried to reenter the workforce and discovered their expensive degree s were not worth a dime in terms of getting a job w when competing against newer degree holders. |
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Post by Pahina722 on Jul 7, 2014 23:48:34 GMT
Is your degree going to be in something that you could find a job in relatively easily? How old are your kids? If you want to be a stay at home mom while they are younger I would take one or two courses at a time and by the time you are done the kids will be older. Extra $$ you earn from working then could go to help defray their college expenses. Edited to say that term life insurance and disability policies are a fairly inexpensive means to protect your family from an unexpected catastrophe. We do have life insurance that would pay off the house and leave some extra, but would not be enough to keep us going for more than a few years. My kids are 14, 11, and 8. Part of why we are feeling the push right now is that we would like to have me done before oldest dd starts. My degree will be in English. I think it would be fairly easy to get a job at the college once I have my degree. Every year they are looking for advisers or various other staff positions. Also, one of my friends works in the student support services office (they help struggling students) and she called me last week to see how soon I would be done. She wanted me to teach a couple of her student support classes. (I laughed at her and said even with a bachelors degree I would be grossly under-qualified for that one! She said the last two teachers of that class only had bachelors!) We live in a very small community with a shockingly low rate of college degrees, so the college is always looking for people with degrees. You make a good point about the extra money going toward the kids college expenses once we are done paying for mine. I should look at that more closely. Thanks so much for the feedback! Hmmmm . . . . my degree is in English as well. Around here, having a bachelor's degree in English wouldn't get you a job teaching at a college, but it would certainly put you in the running for one in K-12. Check the requirements for those advising and staff positions to make sure that any degree will do. For example, our advisers positions require a BA or BS in counseling with a minimum of two years of experience. On the other hand, I live in an area with a heavy military retiree population, so we tend to have far more people applying for jobs than there are jobs available. Every one of our posted faculty positions has had at least 100 applicants in the last few years---and our salaries are shockingly low compared to the rest of the state. |
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AmyS
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Post by AmyS on Jul 8, 2014 0:05:35 GMT
Life insurance isn't meant to get you through 50 years of expenses. A good policy could provide enough to pay off your mortgage, two years of college classes to finish your degree, and enough to pay living expenses for those two years. At the end of those two years, a job you could get as a new college graduate would likely more than cover your living expenses if it didn't have to pay for a mortgage since the house would be paid off.
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