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I'm paying cash for shool and I need 5 more classes until I graduate but I ran out of money. Should I take it out of my savings to pay for the final classes and pay it back afterward?
Maybe the savings is an emergency fund? I prefer calling it an "opportunity fund".
Before giving advice on this one I'd like to know what sort of job this degree will lead to. Is is a philosophy degree?...social work? Or will it lead to a job with a larger starting salary?..accounting?, finance?
I would say it depends on how much savings you have, but unless you have a very large savings cushion, I would take out a student loan for the last 5 classes. The interest on your student loan may be tax-deductible, and if you qualify for a federal loan, you may be able to have the interest subsidized, and might be able to defer paying it back if necessary, if you need time to find a new job.
Kudos to you for paying cash for almost all of your college education.
I would use the student loan route, specifically federal loans. You can always ask for a break in your student loan payments when job loss happens, etc. but its very hard to regain your savings.
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