The current balance of my student loan is $14,000. If I go back to get my B.S. degree in Business I will rack up another $20,000+ in student loans. I'm 32, is it worth it? The prospect of paying $400+ a month to pay on student loans scares me! And by the time they are paid off, my daughter will be 20!
2006-09-21 04:37:18 · 11 answers · asked by Anonymous in Education & Reference ➔ Higher Education (University +)
I have a Associates degree in Business Mgmt/Information Systems Mgmt. My current job only pays $11.00 and I've been here 3 years! I work at a small business and there is no college reimbursement/assistance available.
2006-09-21 04:43:35 · update #1
it is really not worth it because a business degree is not as good as experience within a company, but you do not have to pay off your loans until you finish taking classes, so just continue taking one class a semester while you are paying off your loans and who knows you may end up with that degree anyways without the burden of all of the interest
2006-09-21 04:42:31 · answer #1 · answered by ashleynicole 2 · 1⤊ 0⤋
Keep in mind that I don't live in a big city, but from my personal experience, if you want to go back and get your B.S. it might be better to get it in something more specific. I originally got a B.S. in General Business, and I had a hard time getting a specific job because my degree was just too broad. I ended up taking a lower paying job that only required a high school diploma. They wanted an accounting degree or a marketing degree, etc. So, you might think about what it is you really want to do and get your degree in accounting, finance, marketing, human resources, etc. Like I said the situation may be different where you live, but that's just my experience. I ended up going back to school to get a degree in accounting. Unless you are getting an MBA, a general bachelor's in business just really didn't do me any good. Good luck to you!
2006-09-21 04:55:12 · answer #2 · answered by maceddyfan 1 · 0⤊ 0⤋
If you already have three years experience I don't know that going back to get your BA will make much difference... you'll be better off trying to move up the ladder either by getting promoted or by posting or looking for another job...
Most companies require a degree to get anywhere if you have no experience, but the more experience you rack up the less importance is placed on the degree...
My wife has no degree and now makes $30. an hour in an insurance company home office...
2006-09-21 04:49:14 · answer #3 · answered by Andy FF1,2,CrTr,4,5,6,7,8,9,10 5 · 0⤊ 0⤋
do you have a current degree? or was your current balance from taking classes that didn't earn a degree?
A lot of times, if you have a degree (or even if you don't), your employeer will help pay for continuing education if the work is of benefit to them. If you work for a company that would value you having a degree in business, consider talking ot your HR representative about your options and what the ocmpany is willing to do. If you are a valuable employee, you'd be surprised what your company is willing to do. My advise would be to explore your options with your employer.
Also though keep in mind that if you do get a degree, you can expect your salary to increase significantly, so don't be discouraged by the cost of the loan. you will probably make up for that quite quickly.
2006-09-21 04:41:04 · answer #4 · answered by HokiePaul 6 · 0⤊ 0⤋
If you're really doing something with your life, putting those degrees to work and getting money, you'll have them paid off much much sooner than that. Notice how the wealthy are always entrepreneurs and investors yet you don't need degrees for either of those things rather than simply for credibility for your contacts assuring them their dealing with a person of professional caliber. There's other ways of ensuring this and it doesn't even have to come up. Make your situations win win and think outside the box. Asking the wrong questions will always get you the wrong answers. Asking the right questions on the other hand, get you exactly what you want. Always remember that.
2006-09-21 04:48:09 · answer #5 · answered by Answerer 7 · 0⤊ 0⤋
You have to ask yorself how much more money you'll be able to make in your lifetime by having that extra $20k invested in your education. One way to reduce the pain of student loans is to take a second mortgage on your house to pay for the education. Mortgage interest is tax deductable, so you'll only have to pay the principal. Having a BS may increase your gross earning by the $35k a year that you'll owe, and you'll be caught up in only a couple of years. The higher salary you can command the rest of your working life will be very worth the slight sacrifice.
2006-09-21 04:42:30 · answer #6 · answered by Anonymous · 1⤊ 0⤋
To get a job these days, now they prefer a 4 yr degree and sometimes a masters is even better. I hate the school loans as well. Good luck.
2006-09-21 04:40:39 · answer #7 · answered by tanyae2002 3 · 1⤊ 0⤋
God yes. Think about it ... BS = 10000 more a year at least.
You pay 20000 for in 5 years 50000 ... Sounds like a sound investment. If you get a M.S it will be around 30 k more but you get an extra 30 per year. Your call but if you can do it. It will balance out
2006-09-21 04:43:34 · answer #8 · answered by Platlander 4 · 0⤊ 0⤋
Absolutely, a Bachelors degree is almost a must nowadays.
2006-09-21 04:39:04 · answer #9 · answered by thesweetestthings24 5 · 0⤊ 0⤋
in today's world bachelor's degree is must. age is no barrier for any one to study .go for ot only if you have the confidence and ''i will clear it once i finish my studies'' .
don't worry about your daughter , if u are financial independent you can support your daughter.
all the best and good luck to you.
2006-09-21 05:32:44 · answer #10 · answered by dil 2 · 0⤊ 0⤋