Is college worth all the debt?

Question

I am maarried with 2 kids an I am 21 I want to go to school My husband does not htink that we should take out loans to do this I am telling him that we will have to. He thinks it will affect us buying a house in a couple of years. I am going to school to be in Healthcare management I have done my reshearch and saw they make 65k or more is it worth it or should we wait.

Answer 1

That all depends on what part of Healthcare management you'll be going for. Alot of websites say what the average that someone makes in a certain field, but do more research and compare how long it will take you to pay back your loans.

Try looking on http://www.craigslist.com under the jobs section, and type in the specific job you'll be applying for after college, make sure to check out what type of schooling they desire to be an applicant. In the healthcare field, stay away from the "assistant" jobs, if you look around, they go through the same time amount of school as more specific programs, and get paid less than half.

Example, look up "Medical Assistant" vs. "RN" and also "Dental Assistant" vs. "Dental Hygienist"

If you're already married, i'd definatly recommend going for a specific program like DHY, or RN. You'll make more money, in the same amount of time.

Answer 2

Education is important, but there is more than one way to go about doing this. Some employers will reimburse all or part of tuition, so try looking for such an employer. Another idea is to start part-time with a courseload you can afford, and when you are getting close to finnishing, go full time and take out smaller loans which you can cover in a more timely manner.

Just remember that getting a degree is no guarantee of employment or a higher salary. Being debt free is more important to me, but I'm fortunate to have gotten into a high paying job without a degree.

Answer 3

You are young, married, woman of color with children. You need to apply for some scholarships. Not only are there foundations specifically for women of color to go into higher education, but also for married women and mothers.

If you DO get scholarships, that should make your decision a lot easier.

Honestly, college can be worth it. You get out of it what you put in to it, you know? So if it is something that you think you would really like and feel that it would make you happy and improve your life, then go for it. If not now, when? It will set a good example for your kids, too, by letting them know that education matters. Plus, if you get scholarships, you can try it out for a year and if it is for you, continue and if not, then you can not continue without having racked up debt.

Look for a state school or a public school as those tend to be cheaper but still pretty good and reputable. Private schools might have better scholarship oppurtunties, though.

EDIT: This is directed at everyone, but was inspired by m-t-nest. He said something along the lines of education is only worth it if you use it. I strongly, strongly disagree. STRONGLY. Education is worth it you feel it is worth it. I have never seen statistics, but apparently a lot of women get their degree to stay at home. So what? They got their education and did what they wanted to - now they are sitting at home with the ability to analyze and understand the world differently than if they hadn't. Plus, someday, they might want that degree if they decide to venture out of the home. It has become increasingly apparent that if you want a job with decent pay and benefits, you almost need to have a degree or really good luck. It is unfortunate because the way that the work place structure is, it's very classist and racist, so you all need to do what you can to at least transcend the education barrier to be able to become upwardly socially mobile. Let's face it, this country relies on people with either no education or a lot of education. Which side would you rather be on?

Answer 4

It's worth it, and DON'T wait. The price of college will be skyrocketing in the years to come, and it's easier to do it when you are young and motivated. It is definitely worth the loans, and you will probably get some kind of financial aid or grants - most people do. Two reasons to go to college sooner rather than later:

1 - The cost is going to increase the longer you wait,
2 - The sooner you get your degree, the more years you'll have earning good money and working towards a good retirement. So if you're going to put in the time, put it in now.

Answer 5

Yes! I admire you for wanting to go to college when you have a family! That is very admireable! I am 21 just like you and in college but no kids and I am not married! I pay for my school through loans and my mom and dad don't help me at all! It is worth it because in the long run you will be able to provide for your family better. I wish you luck on whatever you and your family decide to do!

Answer 6

You are to smart to not go, but to keep the peace get grants to go to school,not all grants require you to pay them back, This might take a little longer to graduate but still, you can do it. and also a small loan would not affect the house thing that much if you credit is good. There are places women can go for help to do what you want try www.onlinewbc.gov. Go to school!

Answer 7

It's valuable if you use it. I see time after time women spending thousands getting an education and then deciding to be a stay at home mom. Concerning buying a home, debt ratio is important in buying a home but home sales are what keeps the economy going. Due to this, problems with credit and debt are overlooked more with home buying than other debt. Actually easier to buy a home than a car with poor credit and a high debt ratio.

Answer 8

In short, yes. Although the cost may seem substantial, it really is an investment in your future. There are many studies showing how much a college graduate can earn versus someone who only went to high school.

Like this one from a "Logistics Management" article,
"Respondents who have a high school diploma only reported an average salary of $55,000 last year. Survey respondents with some college experience earned an average of $68,000, while those with a bachelor's degree averaged $85,000, putting them about on par with last year's $85,393."
Source: http://www.logisticsmgmt.com/article/CA6316354.html

Or this 'reality check' on http://www.triptocollege.org
"There is no doubt that some people have done well without a college degree. However, a college graduate will earn on average about a million dollars more than a high school graduate in his/her lifetime. For most people, college pays."
Source: http://www.triptocollege.org/reality_check/myths_vs_reality.html

And finally, a Fox News quote,
In 2005, the U.S. Census Bureau reported that college graduates earned about $51,000 a year. Compare that to a typical wage earner without a high school diploma earning an average $18,734 a year, and workers with a high school diplomas earning $27,915, and it doesn't take rocket science to see that a college degree can at least double your money-making potential.

"The more you learn, the more you earn — and the less likely you are to be unemployed," according to the Bureau of Labor Statistics. "Earnings increase and unemployment decreases with additional years of education. But completing a program is worth more than attending college without earning a degree."
Source: http://www.foxnews.com/story/0,2933,208165,00.html



Of course, it's impossible to know the specifics of your personal situation and family finances; but, generally speaking, a college education is definitely worth the effort and cost.

Answer 9

Be very strategic about what you are going to school for. If you know what studies you'll be undertaking and the job that you expect when you get out (that will cover the debt). I would say go for it. Otherwise, my friend who is a Certified Public Accountant, wanted to get an MBA, but had no idea what he would do with it. I told him to save his money. He is already the Controller of Finance at a Billion $ company, what was the MBA going to do for him. I told him not to waste his money. Thankfully he isn't. But, if it makes economic sense for you, go for it! Plan carefully.

Answer 10

Well, first, i just wanna say, you're very young to have a husband and kids!! But to get to the point, um.. you just gotta get that scholarship!! But I would think it's worth it.. You may have some hard times with paying bills and taxes but just try to cut low and save water/electricity. Good luck !!:]