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WWYD?

June 10th, 2008 at 10:46 pm

So, I know I want to go back to college. I just don't know if I can afford it. At least not this year. My goal was to start classes in August ... but ... I also want to get out of debt.

Would you:

Go to at least one class (around $300 out of pocket) just to at least get started on the degree? (It's a community school, and I wouldn't get a loan for this money, just pay it out of pocket wiht money saved over the summer.

Or ...

Go back full time to school this August, and put the debt repayment plan on hold? Possibly meaning taking out a private loan if I can't get my current loans straight with the DOE?

Or ... Go to school full time in Jan, and spend the next 6+ months on a rapid debt repayment plan ... Paying off the loans from the last (failed) attempt at school ($3000), the car (1000), the credit cards (3000), and possibly the personal loan from my parents (5000). I'd also like to aim to get about $2000 saved during this time.

So, what would you do? There is the possibilty of going to take one class this August, and still being able to tackle the debt and do some massive savings as well. I think I am just scared of getting in over my head. And also terrified of not doing well in college this time around ... but I think that's normal.

Posted in Uncategorized | 11 Comments »

11 Responses to “WWYD?”

  1. compulsive debtor Says:
    June 10th, 2008 at 10:51 pm 1213138294
    1213138294

    Personally, I'd take the one course in August and still tackle the debt because it seems once you get that one class under your belt you'll see that you can do both and you'll be on a roll.

  2. gruntina Says:
    June 10th, 2008 at 11:22 pm 1213140163
    1213140163

    I put school on hold for 3 years to pay off debts. But at the same time I got a second job to expedite the debt payment plan. Now I am going back to school this fall. I am now 32 years old and I was worried I was putting it off too long but I realize I am now in a better state of mind for school and have full support now financially and from my family. I am also married and based this decision on the best interest of my husband and me so it might be different perspective than what you are looking at.
    School will always be there and a job is just a job. I believe in Education strongly but also well being and health is very important. Only you know if you can handle more than what is on your plate already or not. If you can, go for it but if you are unsure... maybe wait and focus on one goal at a time.
    Maybe instead of a course for the fall semester, get a second job and see if you can pay off the debts by winter /spring semester and then take a class? (I do not know how much debts you have so my suggestions may be way off base here)

  3. gruntina Says:
    June 10th, 2008 at 11:25 pm 1213140330
    1213140330

    Sorry, somehow I missed your debts listings.

  4. reginaastralis Says:
    June 10th, 2008 at 11:43 pm 1213141388
    1213141388

    I honestly don't know if I can have a second job. Don't get me wrong, it works for some people, and I had done that for two years ... but paying for darcare or someone to watch her while I worked the second job just wouldn't make any sense ...

    I've been playing with the numbers to see if there is a way to have a seocnd job right now ... and it just isn't looking to possible.

  5. greengirl Says:
    June 10th, 2008 at 11:45 pm 1213141513
    1213141513

    i was sort of worried about the same things. i have a personal loan to pay off for a car ($4000+ remaining), and my boyfriend and i wanted to buy a house asap.
    i've finally figured out that i'm going to pay off my loan and then save for 1 year to get some money behind me to live off while i'm at university. i guess i was just scared of deciding on something, because it meant i would have to go trhough with it.
    i am thinking either we buy a small unit where we can afford repayments while i am at uni (bf makes twice as much as me) or put house buying on the backburner until i finish my degree and get a job where i earn a comfortable amount to consider buying a nice house.

    anyway, i didnt mean to give you my life story Big Grin but that's what i would (and am) doing! hope it helped in some way.

    basically, i feel much better being financially prepared for uni, because it will be one less thing to stress about.

  6. pjmama Says:
    June 11th, 2008 at 12:23 am 1213143800
    1213143800

    Use your challenge money to pay for the class? haha. I like the idea of taking one class. It gets you in that student mindframe and will transition you a little better. But obviously, that's coming from me. haha. I say do whatever you think is best. If you need that kind of transition, or you think you may stray away from going eventually if you keep working, then take the class. If not, then do what you feel is best for you Smile Good luck, I hope all works out well!

  7. sounderella Says:
    June 11th, 2008 at 12:25 am 1213143950
    1213143950

    How about filing for the Pell Grant. It's a grant that's income based. Being a grant, you don't have to pay it back. I go to a technical college and it covers everything. All you have to do is apply/get accepted to a school then fill out a FAFSA. www.fafsa.ed.gov. They then coordinate payment to the school for you. Then at the end of each quarter/semester, they send you a check of left overs to cover books. I buy my books on Ebay.

    I go to school online, have a full time job, a second job, and a 2 yr old. Smile

  8. sounderella Says:
    June 11th, 2008 at 12:27 am 1213144070
    1213144070

    How about filing for the Pell Grant. It's a grant that'ss income based. Being a grant, you don't have to pay it back. I go to a technical college and it covers everything. All you have to do is apply/get accepted to a school then fill out a FAFSA. www.fafsa.ed.gov. They then coordinate payment to the school for you. Then at the end of each quarter/semester, they send you a check of left overs to cover books. I buy my books on Ebay.

    I go to school online, have a full time job, a second job, and a 2 yr old. Smile

  9. sagegirl Says:
    June 11th, 2008 at 05:18 pm 1213204709
    1213204709

    I would say maybe take the one class this fall but definitely make debt repayment a priority. You will feel so much better about it in the long run, and you will save some interest in the end. I, too, made a failed attempt at college right out of high school and went back a few years ago. I just take a couple of my core classes at a time and never more than I can afford to pay cash for. Sometimes it requires skipping a semester in order to save for the class I want (books and fees), but I feel like this is the best option for my family. Ultimately, it depends on how you view the best situation for your family.

  10. reginaastralis Says:
    June 11th, 2008 at 11:31 pm 1213227063
    1213227063

    I think sagegirl, that your idea is probably going to be the best for my family as well. Of course, I was just hit with a $800 car repair bill. ACK!

    I know I am able to get Pell Grants and stuff, but I just worry about the "What if?" if I don't get it or something. I guess the goal is going to be to take one class this semester, then work my bumm off to get out of debt and to save for a semester of classes in the Spring. If I don't get the whole semester saved, I guess I could take a class or two in the spring ... and just work my way up.

  11. gamecock43 Says:
    June 13th, 2008 at 01:45 am 1213321553
    1213321553

    Personally I would take the class. That can keep you from feeling overwhelmed when you start school full time. You will already know your way around campus, have a computer password set up, know where to park, know how to get a parking pass, work blackboard and ect. misc stuff associated with school. And you will get an idea of how much homework you will get a night, and if you put it off, you are likley to put it off again later when something inevitably comes up.
    Investing in yourself is very self empowering. And no one can ever take away a degree. Or a class. Those go on your resume forever.

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