Is getting a ba degree worth going into debt for?

Question

I am wondering becuase I'd like to get one if it will improve our economic well being becuase it sux right now but is it worth the risk of going into finanical debt to get a ba and will I get a job making enough money to offset and pay it off in time? We are a family of six and My youngest will be going full day into Kindergarten this next school year. I am so afraid to take a risk because I always get burned.

Answer 1

Statistically, yes, it is worth it. Amortized over a 30-year career period, a baccalaureate degree (B.A. or B.S.) is one of the best investments in your earning capacity possible. Here's some things to consider:

(1) The debt terms for student loan debt are the best terms any lender will ever give you (except maybe your sister or father loaning you $5 for lunch with no expectation of repayment).

(2) The tax implications of student loan interest are comparable to those of a mortgage. There are additional family tax credits for tuition payments while you are in school (basically $2000/year in the Lifetime Learning Credit, and you may qualify for the Hope Tax Credit also--check with your financial advisor).

(3) Consider a state school or a private school willing to provide scholarship or grant assistance. The actual sticker shock of an undergraduate education can be offset by forms of financial assistance available.

(4) Indisputably, people with college degrees, on average, earn considerably higher than those without. This trend is projected to steepen in the years ahead; by 2015, the disparity between the college-educated and those without college educations in income and opportunities is expected to be significantly higher. Over the last generation, the percentage of higher-paying jobs available to those without B.A. or B.S. degrees (or their equivalent in other OECD countries) has dropped significantly. This is projected to increase as well, particularly in the United States.

(5) Few student loan defaults (to answer your concern about making enough money to pay it off in time) are actually due to impoverished earnings. The majority are, in fact, due to voluntary factors (basically, neglecting to pay). If you have been able to pay consumer debt, or household debt, of any kind, you can almost certainly pay a student loan debt, because the terms and options for repayment are so generous.

By all means, college is a smart investment. But be smart about how you do it. Look at state schools and lower-priced (once financial aid is factored in) private institutions; consider the cost of living component of education; take advantage of tax credits for students; use student financial benefits (e.g., insurance, etc.) if they are advantageous to you; do well in school academically to increase your earning potential; ask for help; do your research.

Good luck!

Answer 2

I wouldn't worry too much about the economic situation right now, since it is unpredictable what it will be like by the time you graduate, but whether college is worthwhile for you depends on what type of job you want to have. College is generally useful for two things: getting a certificate and making contacts. If you want to go into a very technical field (like computer software or television production) companies will place a lot of weight on if you have a degree certifying your training in that field. I know this is unfair, since you can learn most anything from a book and lots of practice just as well as you can in a classroom, but that is how the world works. If you want to go into a very competitive industry like freelance writing or graphic design, college can be very useful because your professors will know people in the industry and be able to give you contacts for jobs not only after you graduate, but while you are a student! If either of these two scenarios might help you I think college will be worth the debt. Otherwise, you might be disappointed!

Answer 3

You know, get an education. It's worth it.
Especially for your children. Studies have shown that if one parent is a college graduate, then each child has a 75% chance of graduating from college.
If both parents have college degrees, then there is a 95% chance that each child will graduate from college.
On the other hand, if neither parent has graduated from college, their children experience only a 5% probability each of a college degree.

So I say, do it! Learning can be great fun! You'll gain confidence, and you'll model lifetime learning skills for your children. Plus, SOTA's (students above traditional age) make the best students! Ask any professor....

Also, I agree with the poster who said read "Rich Dad, Poor Dad." It changed my life. But go to college anyway.

Answer 4

There are so many ways of getting lots and lots of money that I wouldn't bother getting a degree and therefore getting into bad debt, but, if I were you, I would instead improve my financial education and make much more money off something else.
If you want to learn how ot make more money, take a look at this website: http://www.richdad.com/
It's awesome!

Answer 5

Well, you are probably too stupid to finish it anyhow...I mean 4 kids. Maybe take some sex education classes and learn how to spell, then perhaps you could start thinking of higher education. Plus you're probably fat from all that fast food, so why waste your time getting an education when you'll just die from that at a young age anyhow?

Answer 6

Yes, it is worth it. I have 2 kids and in debt up to my eyeballs right now with student loans, but it will be worth it in the end. Go for it!

Answer 7

Muggles
10 minutes ago


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I want to marry my dog fluffy


hmm different but you go for it
but hey they gay section would be better without ya

Answer 8

what the hell is a mooggle. r u out of ur mind? im serious. u really r out of ur freakin mind. r u a coo or something

Answer 9

I hoep so, I owe too much to go back now.

Answer 10

no..its not right way...
the debt will be bigger not further future