I am almost $50,000 in debt and going to school fulltime...should I quit school to work fulltime?

Question

I have 3 kids and live w/ my b/f. His parents want me to quit. It's always been my life long dream to go back to school and now that i am bills just keep coming out of the woodwork. I've been looking for a partime job but there aren't any out there right now. Sometimes I just want to pack up and leave and get things straightened out and come back for my kids. Problem is I love my kids too much to do that. Please, kind words would be apprieciated!

Answer 1

Don'y quit school. With a degree you can make so much more money than you can without one. Your bf's parents don't care about you if they're making that suggestion, they're thinking short term only, you have to think long term. Find a way to get by until you graduate.

Answer 2

Is the $50,000 debt school loan debt or other debt? It makes a difference. If it's not school loan debt, you've gotta get it paid down because it's probably at a very high interest rate and just getting worse the longer there is a balance.

The way I managed to finish school (on my own) with no extra debt was to work at a job that had tuition reimbursement. I got a clerical job in the big state university system. At that point, anything more than half time employement got me health insurance and some tuition reimbursement. I used the tuition reimbursement to take classes part time at a cheaper state university. My job was at a hospital, inpatient clerical so I could work evenings and weekends which left me able to take what classes I needed for my degree. When I was tight on money, I could pick up double shifts or holidays for overtime or just take extra shifts for the extra cash. There was a semester where I didn't take a class so I could just have the money to pay bills, but I was consistent and took one or two classes all semesters (through summer sessions too). The point was both school and work were flexible enough and complimentary enough for this to work out. It was a little slow going, but far less stress over money.

Maybe something like this might be a good thing to look into for you so you can finish the degree without going into more debt while also getting some bills paid.

Answer 3

Yikes. That's a problem there. I agree with the debt counselor idea. Also, see if you are eligible for any financial aid or scholarships. I understand about debt and school and the worries parents have. Just some tips to get you started.

Make a budget. Begin with what you NEED (groceries, utilities, rent, transportation, kids' clothes and bills). Try to figure out how much all that will cost and try to set that amount aside.

Don't use credit cards to pay for anything. If you don't have the cash to pay for it, then don't buy it. Credit cards will lead to interest, meaning more you'll have to pay.

Stick with school! You will never, ever break even or be able to save money while working a minimum wage job. I know. I've been there.

If necessary, use public assistance to get your kids what they need. It won't cost you anything or very much, and the public is always willing to help kids. It's obvious you love your kids, so do the best you can. Stay in school, and slug it out. You'll make it. If the pressure from your boyfriend and his family is too much, get your own place. You don't need that added pressure.

Good luck, hon. Again, you'll make it.

Answer 4

well dont leave the kids. They didn't cause your problems and should not have to live without parents because of them. You don't say what the 50K was for. If you are just blowing money, well then you need to change habits quick. If it was from something out of your control, then seek help with it from a credit counseling agency (be careful with them though). An education is the only way you can not end up where you are right now. Stay in school somehow no matter what.

Oh and I am amazed when people tell me there are no part time jobs. My daughter is 17 and has found jobs everywhere. Go waitress at sonic drive in, go to every store in the mall, go to every grocery store..there is a job, maybe not one you want, but take it anyway.

Answer 5

You should not quit school, file bankruptcy before you do that, can you consolidate all your bills. Go to school financial office, get any aide you can, There should be jobs for students listed in school but if you want to make decent money part time work somewhere fortips, I used to bartend at a nice little bar and I worked 3 nightsand always made over 300.00. a week, You wont go back to schoo if you quit because youll never feel caught up, and your boyfreinds parents wont pay your kids future needs. When work ing fulltime you wont make alot of money after the expenses of childcare, food, gas and reg bills, so go to school and get a carreer for your kids.

Answer 6

Why can't you be a part of them? It's time to grow up and take some responsibility. Get some help, deal with your issues and stick it out. If you are not willing to do that, then throw away the investment you've made in education and go get a job - there are always opening for service jobs like fast food, housekeeping and dish-washing. Education makes a difference but you have to want it bad enough to get it. If college is not for you, how about beauty school or some other vocational training?

Answer 7

What's the point in going to school if it's only going to put you further into debt. Work, and take care of your kids. Save up money to invest in mutual funds and real-estate. In 10-15 years when your kids go off to college you can retire with the money you saved.

The point of school is to learn how to work and make money but it's a bit late for that. I think you're old enough (judging by the 3 kids) that you can get a decent job and save up. Try doing something on the side like selling items on eBay. Good luck.

Answer 8

For the time being you have to work and earn sufficient to get rid of the loan. Work full time for time-being.Your kids will also grow older in that time and will become more independent. Then you can think of studying.If you have genuine urge for learning age is no bar. Actually life is a good teacher and teaches you something every moment. You should keep an open eye and learn from it. Going back to school is surely great but in your case has to wait for a while.My best of wishes to you.

Answer 9

How about this: Quit school now until you can work with a debt counselor to get out of debt. At that point, go back to school and fulfill your dreams. You won't waste much time in doing this and you'll get back on a secure footing. Good luck.

Answer 10

Keep in mind that if you stop taking classes (or drop out!), you will have to start paying that 50,000 back (assuming it's student loans)--so you may want to wait until you have your degree. Have you considered taking courses online so you have more time to work and do other things? I go to UMUC (see www.umuc.edu), which offers tons of degrees completely online. There are other options to earn money, too, like selling cosmetics (AVON or Mary Kay), or if you are majoring in an academic like English or math, have you considered tutoring? You could place an ad in the paper--tutors make great money!