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I've been reading the posts here and I'm wondering if it is a good thing to continue going to school? I have three years left until I have my BA. With all the gloom and doom lately it is hard to stomach the thought of being so much in debt. My school is around $20,000 a year. I will graduate with more than $60,000 of debt and I am in my thirties now. I have less time to save for retirement and pay off debt than the younger generations. The whole thought of going back to school was to get a better job that pays more and hopefully one that I would enjoy. I currently am only skilled in office work and it doesn't pay nearly enough to do what I need to do anyhow, plus I hate it and I think I'm starting to get Carpal Tunnel from typing so much. At my last job the positions I wanted and thought I would be good at required degrees, so I'm stumped on what to do if the economy is really tanking for a long time.
I've been reading the posts here and I'm wondering if it is a good thing to continue going to school? I have three years left until I have my BA. With all the gloom and doom lately it is hard to stomach the thought of being so much in debt. My school is around $20,000 a year. I will graduate with more than $60,000 of debt and I am in my thirties now. I have less time to save for retirement and pay off debt than the younger generations. The whole thought of going back to school was to get a better job that pays more and hopefully one that I would enjoy. I currently am only skilled in office work and it doesn't pay nearly enough to do what I need to do anyhow, plus I hate it and I think I'm starting to get Carpal Tunnel from typing so much. At my last job the positions I wanted and thought I would be good at required degrees, so I'm stumped on what to do if the economy is really tanking for a long time.
Any thoughts for those in College young or older?
I worked full-time while going through college, so I completely understand your mentality. Been there, done that. It's an exhausting treadmill, and small wonder you want to throw in the towel. That being said...don't.
College is almost essential to having a good, well-paying career. Your alternative is going through extensive technical training, such as carpentry, electrician, etc. etc. Those pay equally well. But some form of post-secondary education is vital to your long term economic happiness. Forget all the stories about high school dropouts making zillions of dollars. Those are the exception, not the rule. Are you really willing to gamble with your life that way?
That being said, why don't you be a consumer and go to a less expensive college? $20,000 is extremely steep, just a notch or two below Ivy League expenses, and you aren't getting much out of the experience. There are plenty of public universities that give you a comparable education and don't charge extortionate tuition to do it.
The economy will not permanently tank. Don't listen to the doom-and-gloom halfwits on this board. The economy will go through an adjustment for six months, and then be back on track. As far as economic downturns are concerned, this one is relatively mild. Unless something dramatic happens, the market has already hit bottom.
What (specifically) are your goals after getting your degree? Are you getting a degree in a field that you're passionate about?
From my perspective, it looks like you're taking a short-term view. Yes, the economy may be in a slide right now but that won't always be the case (probably less than 5 years...much less). You've probably got 30 more years in the workforce, so don't let the prospect of a couple of potential bad years get you down. Besides, you won't even have your degree for three more years. The economy could be completely different in three years!
You're also thinking of tossing $20k out the window that you've already paid/borrowed for your first year of school. You'll get zero value out of that, because no one hires someone just because he/she has one year of college.
As you can probably tell, I would favor staying in school (as long as you're there for the right reasons in the first place).
Sign up for the bailout when the time is right. Plus inflation is going to wipe your debt away for you. Just make sure the loan is amortized for the longest period of time and at the lowest fixed rate, just incase I'm wrong .
Seriously, so many people are going to BK that a bad credit score isn't going to matter anymore. Credit will almost completely evaporate, so even a good credit score will be meaningless. A BK won't be a black eye. It'll be a badge of honor that says you weren't a sucker to hold onto cripping debt like it was dead weight on your back.
If your field isn't in something useful that will generate revenue and will be needed in the near future, then don't continue.
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Get the schooling, but be diligent and consider your talent, desires, future earnings, future jobs. - you can take an 'aptitude' test and get career counsel at any school or unemployment office.
steps to success...
Find a cheaper school (community college for first 2 yrs = <$5,000/ yr)
Alternatives to your EXPENSIVE BA program - evening adult learning BA's are ~ $15,000 total for the last 2 yrs, and they only meet once / week allowing you to have a full-time job.
State U's are ~ $6,000 > $12,000 / yr
School loans are cheap, use them, and payback later.
Find a job that pays for school, there are many out there (government, big companies)
Learn a skill that will both train and pay you well while going to school. - consider working 'off-shift' as it usually pays better, and allows more time for school + less time for spending $$ (Also get a few part-time jobs) Fill your toolkit with a variety of skills and experience.
Another option to consider... if you don't want to go to school for 3 more years, consider going for roughly 1 more year to get an Associates degree. Although an Associates degree is not as good as having a B.S. degree, it is still more valuable than a high school diploma. Then, you would not "throw away" the $20,000 you have already spent on your first year of school.
The economy will go through an adjustment for six months, and then be back on track.
Can I have your crystal ball? This happening seems to be just as unlikely as what the doom/gloomers go on and on about. Most of the predictions I'm hearing now predict a L shaped recession that lasts at least 18 months. Regardless, the economy is more than likely going to be doing better when the poster graduates.
Also, just to note. Under current laws government sponsored student loans can't be wiped away with a bankruptcy, they will be with you until you pay them off or die.
Thanks everyone for the posts. I am very close to having an AA degree, since I have past credits from right after high school. I just know it doesn't mean anything in the job market, sadly. It is just general requirements on the way to a BA. I have to figure this out. I have been thinking of going back to work for awhile, since I have some health issues that need to be taken care of. I actually find it harder to go to school than to work when not feeling up to par. Just reading some of the job descriptions today made my stomach turn though. I really don't want to go back to doing that stuff.
I have some time to figure things out. I won't be borrowing any money until 2009 anyhow. Things may be better in the world by then, hopefully.
1) A degree doesn't promise you that you will get a better paying job or even a job at all.
2) What is your degree in? If its in a job markets that pretty much is oversaturated or offshores to other countries, I would think about doing something else.
3) College education is very expensive and its going to get more expensive in the future. Better to get it now rather than later.
4) There are plenty of better paying jobs that don't require a college degree. How much are you making?
I suggest you first look for better paying jobs that don't require a college degree then if you can't find one, pursue a degree that is booming (nursing degrees come into mind) and not oversaturated. Perhaps look at what other cities are in need of and plan to move there after graduation. College tuition will forever be increasing (its a guarantee) and soon we will have people demanding socialized education once they socialized other aspects of life... however you will probably be too old for socialized college and end up paying more so in your higher paying job later in life...
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