Is it wise to try going back to school if I'm already in debt?

Question

I heard there is good and bad debt. School is the good kind because it is like an investment. I can get a better paying job after all this. But what if I'm already struggling with $15K-20K of credit card debt? Is it better to put graduate school on hold until I can pay my bills or should I just take out school loans again and worry about my debt later?

Answer 1

Get your
a
s
s
to school, & finish what you start.

Answer 2

Just an idea...you are allowed to take out student loans to cover living expenses as well as tuition / books. So why not take out student loans beyond what you need for your tuition, use them to pay off your debts, and wind up owing student loans totalling the cost of tuition plus $15k-20k. You would replace the high interest you probably owe on credit cards with low student loan interest. Then you could pay it all off with the better salary you will make after you graduate. I am not sure if this scheme is financially responsible but if I were in your position I would at least consider it. I would consider it a lot more strongly, if the degree I were going for was a practical one like Law instead of a questionable money maker like Philosophy.

Answer 3

Get your credit card debt paid off or at least nearly paid off before taking on any more. If you are struggling to pay the debts you have, you will not be able to pay even more. How much concentration will you be able to give your schooling when you have to nickle and dime every expense??? Start with a plan and stick to it. You can either increase income (part time job, roommate, sell things) or decrease expenses (cut out cell phone, cable channels, starbucks coffee, etc.). Now, I am not saying to stop treating yourself but stop indulging yourself. That debt had to have bought you some unneccessary things over the years. Stop using the cards immediately!!! Pay the minimums and a few bucks more, concentrating on the lowest balance first. Once that is paid, apply that amount to the next lowest balance and the next and the next. You didn't get into debt overnight so you won't get out of debt overnight either. If you really want to do the schooling thing, that's cool... take ONE class and really focus on it. You can get your life back but only YOU can take the first step. Work on the credit card debts first and if you cannot do it alone, check out the "take the first step" link on the website below...

Answer 4

Since you have so much debt and it is very hard to pay off that much debt quickly.....it is going to be much better for you to go back to school and get your higher degree and start earning as much as you can right away.

It would be beneficial for you to try to get your higher interest rate debt rolled into your student loan debt because of the better terms.

But beware, the better interest rate is also going to be tied to a longer payoff period, usually ten years after your 6-month post graduation grace period expires.

If you were planning to pay off the debt sooner and you now just extend the lower payments over a longer time so it is more affordable, you will end up paying back way, way more than you originally owed because of compounding interest.

I would get the better interest rate and terms of a student loan and then set up a payment plan that pays it back in a quicker time frame.....like pay $100 more per month than the required minimum or something like that.

The sooner you pay it back, the sooner you can start putting the extra earnings into some savings vehicles and begin to build up some savings rather than pour it down the credit card interest rate hole.

And, MOST IMPORTANT!!!!!! Start living within your means. Don't overspend. That's what got you in trouble in the first place.
If you concentrate on school rather than spending money, you'll be well on your way back to financial freedom!

Answer 5

I think its best to try to go back to school. Getting a good education will enable you to get a better job which will mean more money and then you will be able to pay your debts off. Try getting with some credit agency that refinance your debts and allows you some breathing space to get your education and at the same time handle your debt payments at lower rates that you can handle until you finish school. Of course it will take longer and require hard work and dedication but in the end it will be well worth the effort

Answer 6

i would definitely finish school. you could use your increased salary to pay off your debt. You can pick certain careers and the government will pay off your school loans, or the company that you work for. If you find one of those, borrow enough to knock out the high interest credit card debt.

Answer 7

I stay outdoors of Philadelphia and it extremely is a huge midsection for the humanities. I even have generic quite a few those with MFA's. maximum of them look to finally end up as over qualified artwork instructors. in case you have an interest in a particular college see in the event that they have a job placement software or confer with their alumni association. My niece is interested in artwork, like maximum resourceful fields there are some nicely paid stars and ninety% of something wait tables or have another style of day activity. With artwork that's greater approximately skills and connections than what degree you have.

Answer 8

Depends on what you are going to go to school for. If the cost of schooling outweighs your earning potential from the added schooling, don't go back till you've gotten the debt under control.

You really need to do a cost benefit analysis.

Answer 9

yes you do