Need advice about school please

**mmy2grls** · 04-17-2008, 10:52 PM

I have 15,000 in student loans right now, that scares me. I was working towards a business/accounting degree. As I looked over my school stuff 2/3 or 10,000 of that loan covered pre-req classes only!

I went to Baker College Online and they had all these classes I had to take before I could take the classes that counted towards my degree.

I was looking at other online classes at other colleges and my degree would have been paid for if it wasn't for the pre-req classes that Baker made me take.

When I started school there was just my oldest. My plans was to finish by the time she was in school so I could start work. Well I have a 2 year old now and i'll be working at home for at least another 2-3 years until she goes to school.

If I went back to Baker it'll probably be another 10,000 in loans to complete my degree, this is after my financial aid. I'm not sure if it's worth it. When I start paying loans back it will be $190 a month

I want to go back to school. I don't want to make big payments when i'm done though.

At this time I worry about providing for my kids and i'm not sure the expense of going back to school would be wise.

advice?

**happimommi** · 04-18-2008, 12:00 AM

I wish I had some wonderful advice for you but we are in the same boat. By the time my DH finishes his Masters degree we will be paying $300/month for student loans. And DD will be starting college about that time. It is scary!

**staciah** · 04-18-2008, 07:20 AM

mmy2girls,

I was just talking to DH about your post. DH is an Assist Exec to a very large com. with a masters. He is the brains of the family. Anyway, his advice - You have is set down and think about your ultimate goal. What is it? Is it to be a CPA someday? If so, what is the whole cost of that? How long will it take you to recoup that amount spent for the degree? These are all questions that you need to ask your self. Like DH said "Don't chase the degree if it's not going to benefit you."
Right know you have a lot of money and time invested but it's not doing anything for you, seriously think about what your real goal is and whether it's really feasible.

**fluttermuffin** · 04-18-2008, 08:39 AM

I can't offer any advice, but can tell you my story and see if it helps you somehow.

in 1991, my DD age 6 months was diagnosed with cancer. My boys were 6 & 2 at the time. I had to quit my job to spend the time with her that she needed. Her "father" was in school and continued his classes. in Nov 1992, she was pronounced in remission and by then, her "father" had left us and I was stuck in the welfare system.

I had a wonderful support system in our community. With the encouragement and assistance of my Social Worker and NEKAP family assistance counselor, I was able to get into the LPN program at the vo-tech school. After I finished my 10 month course, I was fully ready to get off the system and into the job field. LPN made $9-14 an hour back then.... HOWEVER.... My SRS social worker had bigger plans for me. She strongly encouraged me to take one more year and attend the RN bridge program at the local community college. I resisted, because I really wanted to be self-sufficient. But she convinced me to give it a try.

I bless that woman every day.... another year later, and I had my RN associate degree. My earning potential nearly doubled, as well as my marketability. I did this all with the assistance of others. I was getting food stamps, welfare assistance check, SRS paid my daycare, the local hospital paid my tuition (in exchanged for a 1 year work contract), another program picked up my books cost and reimbursed my fuel costs.

Although I am now married to a wonderful man who has provided for my kids and I very well.... I still work as an RN... I enjoy helping others. There will always be a need for healthcare workers. (RN, LPN, CNA, lab, xray, EMT, ..etc.)

just a thought....

**PrairieRose** · 04-18-2008, 08:40 AM

The way I look at it is this....you're gonna have to pay back what you owe already, right? Well my take on it is, 'in for a penny, in for a pound'. You've started this and unless you've discovered it's not in harmony with what you want for life, you might as well finish it and then have the ability to earn well enough that the payments won't hurt so bad. Jmho.

**mmy2grls** · 04-18-2008, 08:40 AM

Thanks for the advice. I need to think about that.

**forHISglory** · 04-18-2008, 08:50 AM

I suggest trying to finish the degree. I also suggest that you search for financial aid: grants, etc. I know nothing of Baker, but most schools have lots of financial aid for people in hardship conditions.

**brenda67** · 04-18-2008, 09:01 AM

I do agree w/ going into the HealthCare field..I'm a CNA and I make really good money to the tune of $16.50 an hour w/out a degree...most facilities will pay you as you train..so you will take on no more dept. On the other hand it takes a certain kind of person to handle a nursing career..I wanted my sil to go back to college (she worked for IBM and they downsized ...yes you guessed it she lost her job of 9yrs ) to be a RN as I know around my area you can make up to $50.00 an hr...however she can't take anything to do with blood or needles so thats out of the question for her..I wish you lick in whatever you decide.

**suki** · 04-18-2008, 09:57 AM

brenda67, if you were a CNA in my area, your wage would top out at around $12.50/hour and you would start at $8.50.

mmy2girls, I have to agree with the advice about considering your goals. Don't just get a degree to get a degree, that's a waste of time and money. However, if it is something for which you have a passion, it will increase your earning potential significantly, and you don't mind doing the work for many years... then, go for it.

I read an article last night that stated student loans will be much more difficult to secure. Many banks will not be offering them any longer. Sallie Mae is considering not offering the Federal Guaranteed Loan Program any longer. It's gonna get ugly and limit choices for everyone.

**brenda67** · 04-18-2008, 10:08 AM

Originally Posted by suki

brenda67, if you were a CNA in my area, your wage would top out at around $12.50/hour and you would start at $8.50.

mmy2girls, I have to agree with the advice about considering your goals. Don't just get a degree to get a degree, that's a waste of time and money. However, if it is something for which you have a passion, it will increase your earning potential significantly, and you don't mind doing the work for many years... then, go for it.

I read an article last night that stated student loans will be much more difficult to secure. Many banks will not be offering them any longer. Sallie Mae is considering not offering the Federal Guaranteed Loan Program any longer. It's gonna get ugly and limit choices for everyone.

Suki..did you work in a Nursing home or Hospital?

**suki** · 04-18-2008, 10:29 AM

I was HR Director for a nursing home, however I worked closely with our local hospital. That's the going range in our area.

**suki** · 04-18-2008, 10:32 AM

No edit button... grrr.

I had to do regular wage surveys to make sure my employer's wages were competitive. RN's were more in the $20 - $30/hour range.

My only point is that it really depends on where one is located.

**brenda67** · 04-18-2008, 10:44 AM

Originally Posted by suki

No edit button... grrr.

I had to do regular wage surveys to make sure my employer's wages were competitive. RN's were more in the $20 - $30/hour range.

My only point is that it really depends on where one is located.

Yes...I should of said that it does matter where you live..However there is always going to be a job in the HealthCare field..

**Loganberry** · 04-18-2008, 10:51 AM

Have two degrees under my belt. One nursing and finance, and honestly, you paid way too much for schooling and to drop another 10K, is outragious for an online degree that doesn't have to overhead like a traditional brick and morter school. There are cheaper alternatives if you are determine to complete your degree. Best of luck!

**Sonnenwende** · 04-18-2008, 11:04 AM

I would look for a local community college and finish at least an AS there and move on as time and finances permit to another state college. Most major colleges have transfer agreements with their local community colleges and a lot offer online courses. It is usually much cheaper and something I wish I had done a million times in the past.