I am scheduled to start grad school next year. But, I'm having second thoughts based on the following:
My savings have been depleted, and I have no one to assist me in the event that I need a loan. I am now 40 and will incur over $40k in additional debt. In addition, my organization have not given a raise in over 2years due to budget cuts. I want to know if I am making the right decision. If I don't go to grad school next year, that will be it. As I want to start enjoying my life. Advice?
6 Answers to "I am scheduled to start grad school next year. But, I'm having second thoughts based on the following:"
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I made the decision not to continue pursuing my Master's/Doctorate basically for the same reason you are considering not continuing. I took a look at the figures and realized that I'd be extremely deep in debt by the time I finished. I'd be netting LESS than minimum wage when I figured the cost of repaying my student loans. It just didn't make financial sense. As a single parent I couldn't justify it.
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I am really torn, everyone is saying do it, but then who will be helping me paying back these loans until my late 50's or maybe later. If it was guaranteed that I'd be compensated more, I'd jump at it. But that is not the case. I have to make up my mind before the year is out.
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Is there a possibility of getting an assistantship while you are in school? Have you checked to see if there are any grants? Could you work part-time and still go to school? Have you considered deferring your acceptance?
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I currently work and will have to continue working and go to school. I deferred my acceptance last year, and now it's my last chance. I said last year if I didn't do it in 2012, I won't do it at all. There are a couple of grants that I planned to apply for if I start the program, but then again, there is no guaranteed I'll be awarded any financial assistance. I have to make up my mind now.
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I have met one to many Master degree holders working for $10 an hour. A Masters don't guarantee you a job and if you cannot go for your Masters free don't bother. If you want your Masters for your own personal goal - that's different, but don't think it will get you anywhere except maybe for you self esteem.
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I personally don't trust the systems of the industrial systems, what has worked in the past won't work in the future, as the economies continue to shrink and fail, the ability of college degrees to secure good paying jobs will become more rare.
But learning is awesome at the same time, and learning the advanced stuff of a graduate degree would be really cool, it's just not worth the money to me.Like (1)
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Not knowing, your field... family situation, outstanding debt... or what your first alternate choice would be... I am in not position to give you advice.... BUT I will say this... Patience is NOT a virtue.... and try not to grow old while you are postponing what you think is your real life.
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No help from family, normal mortgage, car note, and credit cards that I am trying to pay off before the end of next year.Saving is zero. The field is accounting. I have friend who have their Masters and make $14, but then I also know, those who have their BA like I have and make $45. The only thing that is certain is that I'll be in an additional $40k in debt, but it's uncertain, if it will put me much further than where I am. It's the uncertainty.
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Best Answer (Chosen by Voting):
Posted by LonexWolf Dec 11th, 2011 at 3:57PM
A young man came into my social work class the other day. He came from an abused family, and had to get a job at a young age. He bought his own car, clothes and food. Then he worked with different people to get money for college, when his guidance counselor advised him to go with a more menial job.
It is possible, but the question is, how badly do you want it? Because the opportunity aspect is tempting- hey, I can never do this again- but don't do it just to do it, only do it if it will put you in a career instead of a job, and so you'll be happier at work and in general. Be careful with loan agencies, pick them through colleges, and work with debt agencies to repay debts if you really want to go through with this.
It's your decision, only you know what job will make you happy. And trust me- the more people I meet with high-paying careers, th more I hear, "Don't go for a job for money, do what makes you happy."
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