While I realize that this theory is applicable to just about any topic in some manner, I'm starting to toss around the idea of just doing school loans in order to finish school in a reasonable amount of time, rather than paying as I go and working two jobs and having to take classes around two work schedules.

Problem is, I'd like to not be tied to any debt when I'm done with school. It means a lot to me to pay my way through. But in looking at the schedules for the next sememster, finding the classes I need close enough to each other to not be driving back & forth to school all the time is gonna be tough. And I could take more than 2 classes, but that will cost me hours at work.

I'm fact finding right now, I'd have to stay working a second job until fall, when I could get financial aid, so I'm just thinking ahead. But multiple heads are certainly good, so opinion away. You guys might think of something I didn't.

And, as a by the way, when you go back to school and you have a degree of any kind, you are not eligible for any scholarships, grants, etc. Not a penny's worth. So that's out as an option.

How cool that you're going to be an engineer! My dissertation research is on women in science and I have been to some really fun events with women scientists -- they are a really fun and smart bunch of people.

I don't know if you've already done this, but I would suggest you talk to a counselor or faculty member you like at the school to see if they know about any options you might not have already thought about. If you already have a bachelor's you shouldn't have to take all those general ed courses again -- most of them should transfer. Stuff like that.

I've got all the kids I'm gonna have...hubby & dog. I'm done.

But I appreciate what you're saying Denise.

quote:

my current job #2 which is 1.45 hours from home. The lack of having to do that much driving might be the real factor behind everything.

My first 3 years of college, I worked two jobs and went to school full time (also at a JC) and the commuting was BRUTAL. I lived in San Francisco and used busses and Bart and going to work... going to school... then going to job #2... then going home... transportation just ate up 2-3 hours a day.

Also, I was 29 (30...31...etc) and it was very difficult to compete with 17 year olds still living at home who had moms doing their shopping, making their dinners, doing their laundry, cleaning their bathrooms so that they could study...

When I was 31, I moved in with dh and was able to cut back to one job. Unfortunately, because I didn't graduate from HS... and I didn't do the greatest job of choosing a major (I was an engineering and math major... and had NO background classes in math or science in HS... and basically spend two years completing HS math, chem and physics... and THEN started working on my 4 year degree when I was 31...) If I had it to do over… I would have been an English major… much fewer prerequisites and I obviously have the ability to churn out pages and pages of verbiage on a typewriter/keyboard.

At any rate... I'd really encourage you to plan ahead and figure out where you want to be in x years and factor in any plans you have for starting a family, etc. If you do plan on having kids, I'd really encourage you to get your degree first.

I got preg when I was 33 and about 18 months away from graduating... and being preg (and turned into a high risk preg) and living with an infant/toddler/child/teenager can really throw a wrench into your plans... and the years slip away VERY, VERY quickly.

I know MANY MANY people who get side tracked getting a degree by pregnancy. The people I know who were able to finish... had LOTS of grandparent support.

If loans will get you thru school faster... and improve your chances of getting a degree... and facilitate your goals. I would go for it.

Right now I'm just working toward an associates, hoping to get into the field then let a future employer foot the bill to bachelors & then (maybe) a masters. I wanted to head straight to the bachelors, but couldn't afford to go to a four year school on my "pay as you go" system. Besides, I didn't want to commit to a program until I decided if I like it.

I'm also going to hold off until later to think about loans because I want to see how much difference there is between working close to home at 2 different jobs and my current job #2 which is 1.45 hours from home. The lack of having to do that much driving might be the real factor behind everything.

And, I also suffer from "impulsive" and "get it done now" itis-es. Life right now is just crazy (only 2 more weeks of psycho driving schedule), and overtiredness is probably factoring into things. Hence my "ponder this for a while then jump in" mentality.

My other thought...
Is there anyway you can take the core classes required and then do the rest of the degree as a Master's instead of another Bachelor's so that maybe you can get a Fellowship or Assistantship?

When DH went back for an accounting degree, he took a handful of core classes that he didn't have as an undergrad and then the rest of his program was a Master's. (His B.A. was in History and Political Science.)

Dawn

Laura,
Here are my thoughts:
1. I advocate student loans IF your income is going to increase proportionally to help pay them. My guess is with engineering that will be the case. I don't necessarily mean that your first job after you finish the degree but if in 5 years or so, you will be seeing a decent increase in salary, go for it. To my way of thinking, it is more important that you have the skills down pat so that you can thrive in the profession than to lose some of that opportunity working to pay for them AND finishing the darn degree so you can go start making that higher salary sooner rather than later (one of the major reasons I decided to go to school FT vs. PT when I went).

2. Look for federal loans over private loans if at all possible. Private student loans have a lot of the same deferments, repay schedules, etc. but they do not have the same sort of consolidation and fixed rate options that federal loans do and I don't think most have a disability benefit. My huge student loan is private with a variable rate with no cap. Not my best financial choice although I would borrow again for my salary increase (more than 2x what I used to make at this point with no end in sight for salary increases unlike my old deadend job).

3. I think you already own your home so really there is not much downside to the student loans. They are generally low interest and tax deductible (up to an income limit which you'll want to look at since you have a spouse who might throw you over that limit sooner).

HTH! You're doing great! Keep plugging away. I bet you can do some sort of loans for spring semester if you want to. Be sure to ask if that is something you want to try and make happen.

Peg

I appreciate the advice. Thankfully I still have some time to think about it.

Jen, I'm studying Engineering. And having a total blast! Love the classes!

Okay, back to my crazy life.

Laura,

I took the loans, and am living to regret it, but who knew that my health was going to pppppppppppfffffffffffftttttttttttt!

You, on the other hand, would be a better investment than I was. Who knew? Go for it.

You might also look into an AAUW scholarship - I do know that there are scholarships out there for people in your situations. I also know they are not easy to find and could take up valuable study and work time to try to find.

Good luck!

Linda

Some universities do offer scholarships for further education. When I took my daughter to Flagler recently, one of the things the guidance told us about were the different scholarships.
In fact, the scholarship catalog that was given to my daughter actually has some in it.

I opted to take student loans this year and work an assistantship (pays about 1/4 of my former salary but does cover tuition) so that I could get the degree done faster. I actually maxed out the loans to help with living expenses because if not, I would be incurring credit card debt, which is not "good debt." Better to get the tax-deductible interest and the generous payoff schedule than give any more of my money to Visa and Discover than they're already getting.

I made the decision because with work, school, and my home responsibilities, I was doing a lot of things but doing none of them well. I think that the quality of my schoolwork is better now that I'm working less and have more time to focus on it.

So my suggestion would be that if you can get down to one job, definitely do it even if it means taking out some loans. It isn't a failure of any kind to have student loans, most professional people have them and will be paying them off for a long time. I know that banks look more favorably on that kind of loan than credit cards (which you can continue to charge up indefinitely) when you're getting a home loan. I don't know all the details of your situation but it seems like trying to coordinate two schedules for two different jobs and school and all the home stuff could make you miserable.

I apologize for not remembering, but what are you studying?

I'd agree with Tay, education is an investment. If you were buying a car that was going to depreciate after time, like when you drive it off the lot, it wouldn't be the thing I'd do. But education takes you so much farther than the debt that it incurs. I didn't get grants, scholarships for my masters either, it was all loans. But it has been so worth having it, and every month when I write the check I am reminded of the FACT that I could have been a classroom teacher (bless them all) or an administrator/counselor instead. The pay is so much different, and the rewards for me so much higher. I'd work the two jobs until fall, and work the one that best suits your schedule. Less stress, less tension, and maybe better grades.

While I am a proponent of staying debt free, I think there are certain things that you have to look at as an investment, rather then debt.

A mortgage and education fall into this category for me. These things are "good debt" so long as you don't bite off more than you can chew (as in getting a home with a mortgage you can't afford).

As long as you don't really have any other kind of debt that might make the student loan difficult to pay off, then it may very well be worth it, and will pay off in the end.

Dawn

To pay now or pay later depends a lot on your age and situation.

I did not use student loans when I went back to school for my associates degree because I was 56 and did not expect my income to increase enough to pay back a loan.

Dd on the other hand is using a loan for her on-line graphic design classes because she is only 25 and with that degree her income should increase dramatically over what she makes in child care.

I feel that if you can focus on school only. I certainly was fortunate to do that for undergrad and grad. I did towards the end of both work part-time.

Loans have such a low interest rate is a deal right there. Or at least the last time I checked they were.