Hard Choice to Make

iVillage Member
Registered: 06-25-2006
Hard Choice to Make
18
Mon, 07-06-2009 - 10:15pm

I have a hard financial choice to make in next 2-3 weeks. I was accepted into Graduate School part-time starting in the fall. I work at the University I was accepted to and we have a great benefit that will cover 90% of the tuition costs. It is a private school and the tuition per semester for part-time is $8800 (INSANE I know) so my portion would be $880 (plus fees) so about $1,000.

That would be $1,000 due 8/1 for the fall semester and $1,000 due 1/1 for the spring semester.

It is an amazing benefit and I worked my butt off to get accepted and asked several co-workers to vouch for me by writing a recommendation.

That said it is $2,000 and we already owe $30,000 on credit cards. I could probably cover the fall semester with cash since July has 3 paychecks in it. But that would be money then NOT going to credit cards.

The January payment might need to be by credit card. I am just so afraid to do this. It doesn't feel right to spend any money even for this great and amazing opportunity that would better my resume and possibly lead to a better paying job.

But if I don't do it I feel like I am failing before I start. I feel like I have asked people of importance that I work with to take time to write a meaningful resume and my not going my be perceived as I wasn't taking it seriously.

I have an email into the Admissions office to see if I can defer for a year, but honestly if I don't do it now I am not sure I will do it next year.

As always I am afraid of making the wrong choice. I feel like if I do it and figure it out later - I will regret it and be further in debt. If I don't do it I worry I will regret it later because I don't want to struggle a bit now.

Any suggestions, advice or thoughts?

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iVillage Member
Registered: 11-17-2007
Mon, 07-06-2009 - 10:43pm

I would go to school if they are giving you that big of a discount. Over the next few years if things pick up in the world You will make that money back and more.


Mary Ann


30,000 will be

iVillage Member
Registered: 06-25-2006
Mon, 07-06-2009 - 10:47pm

Wow I appreciate your thoughts Ky....I was almost certain that everyone here would say, "Don't spend another penny with that kind of CC debt".

I really do appreciate hearing all thoughts from all perspectives.

Thank you.

iVillage Member
Registered: 08-04-2008
Mon, 07-06-2009 - 10:52pm

I think you know my view on education - GO FOR IT!




iVillage Member
Registered: 01-25-2009
Mon, 07-06-2009 - 11:00pm

Just some random thoughts from someone who recently racked up $60,000 of student loans for a second graduate degree from a private school back east as well.

Why did you want to go to graduate school? (Sorry if you have already talked about this in previous posts). How many semesters does it take to complete your degree (in other words, total cost for the degree)? What if you go for a semester and see how you like it before making a decision to continue on, postpone, or drop out all together? The reason I say that is if you are going to school to learn more or for self-fulfillment, then you can decide if the classes are worth your time and/or money. It also depends on the subject. I can read up on things such as history, literature, etc. on my own, but all three of my degrees required various levels of laboratory work which ruled out self-study. And if you are getting the graduate degree to make yourself more marketable, then you need to consider the cost/benefit: how much you have to pay now vs. potential increase in income over X number of working years.

90% off is a great bargain ...

Whatever you decide, best of luck!

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 07-06-2009 - 11:01pm

That is a really tough choice!

iVillage Member
Registered: 06-25-2006
Mon, 07-06-2009 - 11:14pm

All of this is so helpful thank you!

A few additional things to note. My concern is a bit tied to whether or not I will be over educating myself. I have a bachelors degree (english) and a master's degree in teaching and learning. Will getting this additional masters help me or hinder me?

My thought is that it will help (a) because it will give me an additional area of expertise and (b) any degree from Harvard will come with a large network as well as be a solid representation of my knowledge.

That said it might or it might not position me to make more money down the road. While I will have a degree and more education the area I would like to work in long term (after the cc debt is paid down) would be a lower paying field (education/research vs technology).

But life is not all about money and I would really like to get to a place in 3-4-5 years where we have the debt paid down (somehow!) and I can look at doing something I like more.

I don't have to make a final decision until the end of July so keep the thoughts and advice coming.

iVillage Member
Registered: 08-24-2007
Tue, 07-07-2009 - 7:59am

Hi Smoochdog-


I agree with most of the others who have posted -- I think you should take advantage of the situation and go for the second Master's degree.

Kate


empty purse

iVillage Member
Registered: 10-01-2008
Tue, 07-07-2009 - 8:32am

Stop and read what you typed in paragraph three.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 09-26-2007
Tue, 07-07-2009 - 9:50am
I too would say go for it! One option that I don't know if you've considered is checking on your financial aid options. I work at a university as well and we get 100% tuition paid, but we are still eligible for some aid. In the case of a graduate program it would most likely be in the form of loans, but if you are eligible for subsidized stafford loans then the loan would not accrue interest while you were attending at least half time, making it better than the credit card option.
iVillage Member
Registered: 01-25-2009
Tue, 07-07-2009 - 9:57am

There is no such thing as over educated, although one may be over qualified for a job. And I do agree with you life is not all about money.

Another reason not to wait is tuition is not getting any cheaper. If you say you want to buy a laptop, I would say wait a few months and the price will come down. Tuition is going up faster than inflation, and even figuring in the fact that while you are in school, you may not be able to pay down the credit cards as quickly as you have wished and therefore may incur some additional interest, it may still be less expensive to do it now than to wait.




Edited 7/7/2009 10:04 am ET by marie_1229

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