#1
Hi guys. I'm trying to decide the fate of my career and have come to the conclusion that if I keep waiting to have the money to go back to school, I may never actually go back.

I'm fairly sure that I could get the federal Stafford loan, probably not subsidized, and be able to take classes on a regular basis as I consolidate my work schedule down to 20 hours a week to pay for rent, food, and gas.

My question to you: Is it worth it? I'm scared to take it because my dad has always been an anti-loan & anti-credit kind of guy. He's warned me against using loans or credit cards for anything, but at the same time refuses to pay for my education. I have a 30-40 hour a week job paying 12.00 an hour and it is very flexible with hours.

Trying to work full time and go to school full time is not an option. I have tried it in the past and my grades dropped dramatically. Even with taking two classes a semester my grades were below my own threshold of acceptance.

Thanks in advance
...it was bright as the sun, but with ten times the heat
#3
I don't have experience with US student loans, but I do have experience with money.

Don't do it.
#4
I've got Stafford loans as part of my financial aid package. I'm not worried and I'm smarter than your dad.
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#5
Is there room to move up in your job? Just stay there. $12 an hour full time with flexible scheduling? Just keep it. Maybe get a raise or promotion. Maybe just amass experience and find a better paying position somewhere else. Forget the debt. Forget loans.

Do get a credit card though. Just use it a few times a month and pay it off in full as soon as possible after using it. Just remember you're simply using it as a tool to improve your credit.

EDIT: Why exactly do you want to go back?
#DTWD
Last edited by primusfan at Jun 29, 2014,
#8
Quote by primusfan
Is there room to move up in your job? Just stay there. $12 an hour full time with flexible scheduling? Just keep it. Maybe get a raise or promotion. Maybe just amass experience and find a better paying position somewhere else. Forget the debt. Forget loans.

Do get a credit card though. Just use it a few times a month and pay it off in full as soon as possible after using it. Just remember you're simply using it as a tool to improve your credit.

EDIT: Why exactly do you want to go back?


I work out on a farm so there isn't really room to move up. My boss is just a nice lady who needs some help with the property.

I want a degree because I want to learn (obv) but also because I want people to take me seriously in the business world.
...it was bright as the sun, but with ten times the heat
#9
What do you actually want to do in "the business world?" If you've got a set plan, go for it. But if you're just going to get a business degree and then ??? and then profit, I wouldn't suggest it. If you're a hands on kind of guy working on a farm have you considered vocational school?
#DTWD
#10
Yes I have considered vocational school, but again, money is an issue.

With business there are a couple of different things I consider to be an option for me. Most of them are entrepreneurial in nature, e.g. starting my own coffee shop or building apartments for rent. Not really things I need a degree for, but when the bank is considering loaning me money for either of the above, I'm sure having a degree is a plus, along with a good credit score, which I currently have.

The farm is a great place. I love the work and my boss, and it teaches me many things that I like learning. The farm, however, cannot provide me with a long term career option. I've considered going to school for auto or motorcycle mechanics, woodworking, and also truck driving, but I just don't see myself doing any of those things for more than five years or so, aside from woodworking, maybe.
...it was bright as the sun, but with ten times the heat
#11
Just go talk to the bank now. Instead of getting student loans AND a small business loan just go straight for the small business loan and save money. Or at the very least just talk to them about what it's going to take on your part to get a loan for an upstart business. I doubt it will necessarily include getting into a whole heap of debt just to get an unnecessary degree. Getting a degree is costly, superfluous middle step to your plan in my opinion.
#DTWD
Last edited by primusfan at Jun 29, 2014,
#12
But what about all the learning involved? I still need people to teach me about how to handle my business. If I went to get a loan right now that's all well and fine, but I wouldn't even know what to do after that. I mean, it's not like I'm clueless, but I'm not about to assume that I am just as capable of starting a small business now as I would be if I had a degree in it.
...it was bright as the sun, but with ten times the heat
#13
Quote by c3powil
Yes I have considered vocational school, but again, money is an issue.

With business there are a couple of different things I consider to be an option for me. Most of them are entrepreneurial in nature, e.g. starting my own coffee shop or building apartments for rent. Not really things I need a degree for, but when the bank is considering loaning me money for either of the above, I'm sure having a degree is a plus, along with a good credit score, which I currently have.

The farm is a great place. I love the work and my boss, and it teaches me many things that I like learning. The farm, however, cannot provide me with a long term career option. I've considered going to school for auto or motorcycle mechanics, woodworking, and also truck driving, but I just don't see myself doing any of those things for more than five years or so, aside from woodworking, maybe.

seriously the loans are easy to pay back, it's just the amounts that are annoying
Quote by primusfan
Just go talk to the bank now. Instead of getting student loans AND a small business loan just go straight for the small business loan and save money. Or at the very least just talk to them about what it's going to take on your part to get a loan for an upstart business. I doubt it will necessarily include getting into a whole heap of debt just to get an unnecessary degree. Getting a degree is costly, superfluous middle step to your plan in my opinion.

most businesses fail within the first year, his plan is halfcocked at best and he lacks the experience necessary to run a business and make profit. if he takes loans and doesn't make any money he's in debt with nothing to show for it. the education is an investment he can get returns on his whole life
Last edited by captaincrunk at Jun 29, 2014,
#14
By May 2012 when I graduated, I had over $35,000 of federal student loan debt, about half unsubsidized and half subsidized. The interest rate was already fucking ridiculous, and then about 1/3rd of the way to today, they privatized the debt account to be handled by a 3rd party (Nelnet).

Granted, the Nelnet interface was a little better, but they introduced some......creative accounting that made interests even worse. Before, there were 2 clear columns of debt at around 4-6%.

With Nelnet, they split that further into 5 columns, with the highest interest rate at over 7%.

But it doesn't matter now. I have exactly one more payment when I take a massive $4k dump on this POS government and I'm done for good.

Fuck the gubmint for being shadier than banks on this. They screwed me out of an extra thousand or so due to creative interest accounting. These motherfuckers are so talented, they should be hired by Hollywood to do their accounting. And yet they are so incompetent at spending/investing money wisely. Every time I deposit a payment, I just know my money's going down the toilet for bullshit defense and makeup for corporate tax shorts and welfare. Fucking cocksuckers.

Anyways, I have multiple professional jobs to pay all this off so it worked out. Just lucky though.

...modes and scales are still useless.


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Last edited by Xiaoxi at Jun 29, 2014,
#15
Quote by c3powil

With business there are a couple of different things I consider to be an option for me. Most of them are entrepreneurial in nature, e.g. starting my own coffee shop or building apartments for rent. Not really things I need a degree for, but when the bank is considering loaning me money for either of the above, I'm sure having a degree is a plus, along with a good credit score, which I currently have.

lol you don't need a degree if you're going that route. Are you crazy? The degree ain't gonna look that impressive to banks when they see you're already in debt.

Go to community college and take a few basic business and economics classes. You don't need to go the full MBA to open a goddamn coffee shop. Running a successful business (especially one in the food industry) has virtually nothing to do with shit you learn in college, unless there's some course on discipline, focus, and tact that I don't know about.

...modes and scales are still useless.


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#16
I'm gonna have a little over 10 grand by the time I graduate, also half subsidized and half unsubsidized.

I doubt it'll take me more than a few months to pay off and I'm a political science major.
Quote by jakesmellspoo
ooh look at me i'm ERIKLENSHERR and i work at fancy pants desk jobs and wear ties and ply barely legal girls with weed and booze i'm such a classy motherfucker.
Last edited by ErikLensherr at Jun 30, 2014,
#17
Quote by ErikLensherr
I'm gonna have a little over 10 grand by the time I graduate, also half subsidized and half unsubsidized.

I doubt it'll take me more than a few months to pay off and I'm a political science major.

... you think you'll pay off ten grand in a few months?
#18
Quote by captaincrunk
seriously the loans are easy to pay back, it's just the amounts that are annoying

most businesses fail within the first year, his plan is halfcocked at best and he lacks the experience necessary to run a business and make profit. if he takes loans and doesn't make any money he's in debt with nothing to show for it. the education is an investment he can get returns on his whole life


I suppose. Particularly the half-cocked plan part. As an alternative I might suggest simply getting a job at a similar business to become accustomed to daily operations and necessities. I just hesitate to encourage anyone to go get a degree when they ultimately just want to go out on their own. I feel like there are other answers to "how do I learn to operate a business?" than "saddle myself with debt and still no guarantee of any leg up on competition."
#DTWD
#19
Quote by captaincrunk
... you think you'll pay off ten grand in a few months?

Hey I'm an optimist.
Quote by jakesmellspoo
ooh look at me i'm ERIKLENSHERR and i work at fancy pants desk jobs and wear ties and ply barely legal girls with weed and booze i'm such a classy motherfucker.
#21
Quote by captaincrunk
alright

It's possible, especially if you just live at home rent-free.

...modes and scales are still useless.


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#22
Quote by Xiaoxi
It's possible, especially if you just live at home rent-free.

not really, if you drop 10 grand in 3 months you're on a rate to spend 40k a year, so you have to make at least that much plus whatever it takes to live right out of college
#23
Generally avoid student loans. It's the latest scam to suck cash out of you for the next 10 years or more. There are exceptions, but not many.

A girl I know got her BA without any debt, spent two years playing professional sports in Europe, and when she came back she wanted to complete her Masters in Education. She was accepted to an Ivy League school but tuition was crushing at $50k for the program. The good news is that grads from this school are in high demand and job placement is 100%. She got the loans, got the MA, got a job right away from a school she interned with, and is making $80k/yr as a Master teacher and coach. After 5 years teaching they forgive $10k of the loan. She is paying it down pretty easily with a good job essentially guaranteed with her degree.

This is a pretty rare opportunity but it made sense to get the loan and an MA from a prestigious university in this case.
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#24
My wife and I will be in around 20k of debt because of her degree, but it was to a certain degree unavoidable.

Her field of expertise, social work, isn't exactly well paying either.

I'm not really worried though. You can make these things go away if you try hard enough.
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#25
There is nothing, NOTHING, wrong with student loans or student loan debt as long as you're responsible about it. The problem is too many people using student loans to subsidize their lifestyle, and then wondering why they have so much debt when it comes time to pay the piper.

As a younger man I chose not to get a degree, but to enter the workforce directly. Over the course of the next several years, I got a lot of experience and moved up rapidly to what was generally considered a high paying job.

Then I got passed over for a position because I didn't have a degree. Not because I wasn't otherwise exceptionally qualified, but because the company wanted everyone above a certain level to be a college graduate. Stupid perhaps, but it was what it was.

I then decided to go back to school, while holding down a more-than-full-time job, along with the family responsibilities that come with a wife and children. I had to take out loans to do it.

Tough? Yeah!

Was it worth it?

Within 5 years of my degree, I had more than doubled my previous income, which was substantial to begin with. I now sit in an air-conditioned office and make decisions regarding how best to implement other people's labor instead of being in the field, away from my family and in the heat, cold or whatever conditions it took to get the job done.

Yeah, it was worth it.
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#26
Quote by KingChris90
move away fromt the us it sucks.


getting to the moon and not being occupied by nazis was p awful tbf

There's no such thing; there never was. Where I am going you cannot follow me now.
#27
fill out a FAFSA and submit it to your college/university after you apply. They will give you loans when you get in to the school.
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