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Go back and complete a degree?


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winterpast

I would like some advice on this from those that have been there or those who hire.

 

I was about 1.5-2 years away from completing my degree 6 years ago. I ran into a financial snag and wasn't able to finish. I ended up staying home with my young child for the past three years. I have been trying to get back into the workforce and have had several interviews but no job offers. With my last job interview, I was one of the final two choices and ended up not being a final choice. The lady they ended up hiring was getting her Associates degree online and I believe that was one of the reasons they chose her, (it was not a job requirement but they made it obvious they were looking for it in the interview)

 

I've decided to go back to school if I'm not able to get a job. I'm hoping this will greatly increase my chances of getting a decent job. My only concern is that I still have Student loan debt from before and I will have to add to that in order to go to school. If I am able to get loans and finish my degree then I will be under even more pressure to have a decent job to pay it all back.

 

So, my question is: In this economy is it worth going into more debt to get a degree? Is a degree really important to potential employers (even when a degree is not required for the job).

 

P.S. I will finish my degree at some point, I was just wanting to wait until I was in a better financial state where I could pay for it out-of-pocket. But, that may not happen for many years from now.

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I read a news story recently -- don't remember where -- that said with a degree you can expect to earn $1M more over your lifetime then without the degree. The worst financial problems come from going into debt to get the degree then not finishing because you have debt & no way to pay it.

 

Distance learning programs make it much easier to go back to school on line. Like anything else, some programs are better than others.

 

Also look around for scholarship money available to returning adults.

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littleplanet

A million more with a degree? Those are fudged numbers. (refer to Senator Warren)

 

If you spend a fortune to earn a degree, then start a career with a job position that didn't require the degree in the first place (as far as the job requirements go, but just in order to pass an interview) then.....all the cost of that degree winds up being - is a "job-requirement tax."

Or let's call it an employment tax (compared to income tax)

Just lovely.

 

But back to the question:

Should you? Depends.

-on how much you already owe

-how much completion would cost

-your course of study - how likely it would be to increase your prospects.

 

The rotten thing is that without it, as you've already experienced, preferred jobs can be unattainable. It is used as a screening method, of course. Although you did almost make it through.

 

You have to be concerned about your final debtload, though.

It will stick to you like crazy glue, and no guarantee the job market will improve anytime soon.

 

The dark horse in this race, is the decent job to pay it all back.

The job, of course, is the justification for all that debt.

Too bad "promise to hire" didn't precede signing those loan notes.

Because these days it's a little too much like Russian Roulette.

(or casino weekend in Vegas)

 

I would not necessarily overlook your original plan either - of finishing your degree when you are in a better financial state.

The catch-22 in all of that - is needing the degree in order to secure the job that provides the income that puts you in that better financial state! :confused:

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What field are you looking to go into? Is it one that you could find a job now and let the employer know you're willing to continue classes? (That would be ideal, and they may possibly have some sort of education reimbursement).

 

 

You may want to talk with a college advisor. Since you've been gone for 6 years, some of those credits may not have "held"...my mother in law faced this when she was pursuing her nursing degree, the college she attended had a 5 year limit of non-attendance and "holding" credits.

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pink_sugar

So you do have debt for an uncompleted degree, yes? I would go back and finish..make it worth it. Employers want a degree and experience these days. If it is a bachelor's degree, it will help you be more marketable. I know an older friend who made good money, lost her job and then had a difficult time finding other similar work because a degree is required in her field now. The other good thing is that you can defer your student loans when going back to school. I've been debating on whether or not to get my masters for the same reason. I make a few bucks more an hour than I did before I got my degree, but I am working part time, so essentially I am making the same right now with an extra $200 a month bill once my deferment ends. I think a masters will be worth it once I am in a bigger company working full time with more opportunities...but I do not think it is necessary right now and I don't want to end up with even more debt unless I am working a decent paying, stable full time job.

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A million more with a degree? Those are fudged numbers.

 

No I don't think so. Assuming an work life of about 40 years: ages 25 to 65 It's about $24,000 more per year meaning without a degree you earn $25,000 per year. With one you earn $50,000. That is a very simplistic attitude & of course there are exceptions.

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winterpast

Well, this last job was one I was really wanting. It was an office job as an Administrative Assistant that would take over the Office Coordinator position as she retires. I didn't know about it being a promoted position when I applied, and it was not advertised as such. It also didn't advertise the need/want of a degree.

 

According to the candidate that got the job (on her facebook, some friends know her). That she was going to be the Office Manager next year and make a lot more money than the current employee because the current Coordinator doesn't have a degree.

 

 

So, as far as the break-down on the financial side.

 

 

  • I owe about $8,000 left on my current loans. I've paid off about $5,000 since I left.

 

 

 

  • Tuition to finish my degree is $8,000 per year (two semesters).

 

  • Degree is in Business Marketing. I'm not sure of the prospects for that particular field but because I am very close to finishing it, it makes sense it finish it first.

 

  • I've noticed quite a few jobs in this area ask that you have a Degree but that it doesn't have to be in any particular field.

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8 times 3 = 24

 

I can't think of a job that you will get with a degree that won't enable you to pay that off.

 

I think many people's fear was that it was going to cost you $24,000 per semester to finish & you are already sitting on $100,000 worth of loans.

 

People pay $24,000 for a reasonably priced car these days. By all means finish your degree.

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winterpast
8 times 3 = 24

 

I can't think of a job that you will get with a degree that won't enable you to pay that off.

 

I think many people's fear was that it was going to cost you $24,000 per semester to finish & you are already sitting on $100,000 worth of loans.

 

People pay $24,000 for a reasonably priced car these days. By all means finish your degree.

 

I'm leaning in that direction as long as I can get funding. :)

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pink_sugar
Well, this last job was one I was really wanting. It was an office job as an Administrative Assistant that would take over the Office Coordinator position as she retires. I didn't know about it being a promoted position when I applied, and it was not advertised as such. It also didn't advertise the need/want of a degree.

 

According to the candidate that got the job (on her facebook, some friends know her). That she was going to be the Office Manager next year and make a lot more money than the current employee because the current Coordinator doesn't have a degree.

 

 

So, as far as the break-down on the financial side.

 

 

  • I owe about $8,000 left on my current loans. I've paid off about $5,000 since I left.

 

 

 

  • Tuition to finish my degree is $8,000 per year (two semesters).

 

  • Degree is in Business Marketing. I'm not sure of the prospects for that particular field but because I am very close to finishing it, it makes sense it finish it first.

 

  • I've noticed quite a few jobs in this area ask that you have a Degree but that it doesn't have to be in any particular field.

 

Your major is very similar to mine. I'm in Business Management, although Marketing is my profession. I'd say in your case at least a bachelors degree is necessary unless you get into the direct marketing/sales and are very good at it. I know people who make all kinds of money doing direct marketing/sales without a degree. But you have to be very good at it and work around the clock, otherwise you won't make anything. I'm in online marketing myself...direct marketing has never been for me.

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winterpast
Your major is very similar to mine. I'm in Business Management, although Marketing is my profession. I'd say in your case at least a bachelors degree is necessary unless you get into the direct marketing/sales and are very good at it. I know people who make all kinds of money doing direct marketing/sales without a degree. But you have to be very good at it and work around the clock, otherwise you won't make anything. I'm in online marketing myself...direct marketing has never been for me.

 

I'm not sure if I'll actually get into a Marketing position because this area doesn't offer many jobs in that field BUT I'm hoping that a Bachelors degree while help open up more opportunities with jobs that want you to at least have a degree in something.

 

I've heard that College degrees don't promise much in the workforce as they used to. I know that is more likely because there are more people with degrees now then ever before and it's flooding the workforce. I've also heard that the College Degree is the new High School Diploma in terms of job screening/requirements.

 

There can be a very good chance that I do all of this and STILL can't get work. All I know is I don't want to sit around and watch the world pass me by and I do nothing.

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winterpast

So I've been able to get all the necessary paperwork in order. I have to wait for 7-10 business days before I can speak with financial aid.

 

Based on my old Transcripts, I was half-way through my Junior year. I spoke with a lady in the Graduation dept. and asked her if I will need to repeat any classes since I've been out so long. She said they might ask me to retake two accounting classes but the rest are still good.

 

So, hopefully if everything works out and I can pay for this, I will try for completion in Fall 2015.

 

 

Side note: Has anyone ever heard of getting a Student Loan through other sources than Financial Aid?

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The current economy rate says you are gonna need more money than today to run your family, which implies you must have a decent job which means you need to complete your degree.

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thefooloftheyear
The current economy rate says you are gonna need more money than today to run your family, which implies you must have a decent job which means you need to complete your degree.

 

Not really....

 

I have a degree, but never used or needed it for my line of work, and I am financially set..My cousin owns a busy plumbing company and is easily a millionaire as well...

 

A son of a friend of mine some years ago went out to North Dakota to work on a gas exploration rig...Hes currently making 150K and not even 25 years old...No college..

 

Most halfway decent tradesmen now make upwards of 100K+...And the future for these jobs is getting brighter by the day...

 

Conversely, lawyers are coming out of school with 200K in college debt and taking jobs at Home Depot and Starbucks, because there isnt an "seat for every ass", so to speak...

 

Its time this country got away from the thinking that the "traditional" white collar jobs are the only way to go.. Its not the case...Find what people need and focus on that...

 

.02

 

TFY

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Finishing a degree can actually be helpful in a couple ways:

 

1. New skills -- add versatility to your skill set, which enables you to get different jobs during various economic cycles. You can also combine skill sets.

 

2. New connections -- Students you meet in your courses eventually go out into the field and networking can be a way to get jobs.

 

But make sure you don't overspend on a degree. You won't value education that you've overpaid for. Don't take out private loans, and I'd advise working while going to school if possible. Don't get into too much debt.

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So I've been able to get all the necessary paperwork in order. I have to wait for 7-10 business days before I can speak with financial aid.

 

Based on my old Transcripts, I was half-way through my Junior year. I spoke with a lady in the Graduation dept. and asked her if I will need to repeat any classes since I've been out so long. She said they might ask me to retake two accounting classes but the rest are still good.

 

So, hopefully if everything works out and I can pay for this, I will try for completion in Fall 2015.

 

 

Side note: Has anyone ever heard of getting a Student Loan through other sources than Financial Aid?

Good for you! Very exciting :)

 

Do you mean like FAFSA or getting a bank loan?

I start uni next month (currently at community college). Prices are MUCH cheaper when you're not living on campus...to go full time for me, it's about $6k a semester and I can defer the payments until I graduate. I stuck with regular financial aid through the college, but admit that I didn't really do my homework re: financing options. The people I talked to in FA steered me away from work study because it's such a "small amount", the jobs are pretty limited and get picked up quickly, and they're all on campus.

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I already have my SAR report from FAFSA and I know what I may be eligible for. I was wondering about Bank Student Loans because I want to know my options. My interest rate from the previous federal loans are at 6.8%.

 

The reason I left before is because the school sent me a letter stating that I was not meeting their requirements to receive aid. My SAP wasn't good enough because I had withdrawn from a semester and was told once by an advisor to not withdraw from another semester and just stop showing up for class and get incompletes. Bottom-line: it jumped my attempted hours up and messed everything up.

 

Based on what I can see in their policy, they must have changed the PACE number because I'm in the green again.

 

Plus, SAR from FAFSA says I might qualify for the Pell Grant which will pay a little over half of my costs.

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  • 4 weeks later...
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So I am enrolled to start school at the end of the month. I ended up with a Pell Grant that will cover half my costs and a Federal Student Loan for the rest. So far so good....

 

H doesn't want me to worry about working so I can focus on school. I have to complete 13 more courses and I will have my degree. If I am able to attend Summer Semester then I will be done by then.

 

I, on the other hand, can't help but think about possibly working while in school to help with bills. I think a part-time job might be too much if I can't do something on the weekends or just a couple of days per week. I have a three-year-old to take care of and that's something else to factor in with the time I will have for working.

 

Any other ideas on how to bring in some extra money? Even $50 a week would be a huge help.

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littleplanet
So I am enrolled to start school at the end of the month. I ended up with a Pell Grant that will cover half my costs and a Federal Student Loan for the rest. So far so good....

 

H doesn't want me to worry about working so I can focus on school. I have to complete 13 more courses and I will have my degree. If I am able to attend Summer Semester then I will be done by then.

 

I, on the other hand, can't help but think about possibly working while in school to help with bills. I think a part-time job might be too much if I can't do something on the weekends or just a couple of days per week. I have a three-year-old to take care of and that's something else to factor in with the time I will have for working.

 

Any other ideas on how to bring in some extra money? Even $50 a week would be a huge help.

 

 

Pell and Federal is all good. (Best to stay away from banks.)

Suggestion: See how it feels once you're into the workload. If you don't feel totally swamped, maybe some modest job schedule will work for you.

But if you've been away from it for awhile, you may wind up feeling overloaded. Perhaps good to play it by ear.

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Waitressing or bartending can be great PT jobs that are flexible enough to work around school & child care. Dog walking may also get you what you need.

 

Look around for surveys & other tests you can take that may pay you. You can earn around $200 for serving on things like mock juries if you can find them.

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