Can I afford to go back to college?

[latamoni]

I am new to this site and need advice. I want to go back to school and get my bachelors degree but not sure if I can afford to go back.

I am 29 turning 30 in March. I have and associates degree in Business Administration. My current salary is $43,500

Total cash in savings account is $10,250

I have $43,000 in student loans already
No credit card debt
No car loan
No mortgage or any other kind of debt.
My monthly living expense is $1,173

My plan is to take the $845 left from my monthly income and pay cash for tuition cost- no more loans! (part time enrollment). Is this reasonable or should I take the $845 and pay off my current student loan debt within the next 7 years.

What should I do???

[bjl584]

What degree do you want to pursue, and what is the lifetime income potential of that degree?

If the potential raise will be significant, then I say go for it. You are young, and the lifetime payoff will be much greater than the amount that you will payback for your loans.

[Joan.of.the.Arch]

Have you looked into the cost of public universities? Check both the cost for full time study, and the cost per credit-hour. Even if you cannot afford full time, I think you can probably afford part-time. Don't know how much you are paying monthly on the previous student loans.

The amount of loan you took out for an Associate's sounds outrageous, so I'm glad you see clearly not to do that again.

If there are classes that you will need for your Bachelor's that are offered at your local community college, consider taking those classes there. However, confirm ahead of time that they really will transfer to the 4 year school.

[latamoni]

The degree I would be pursuing would be a Bachelor of Science in Business Administration. I feel like with todays job market, I need to at least have a 4 year degree if not more to even compete for a higher paying job.

[latamoni]

Joan, in reference to the current student loan debt. I accrued that amount because I did 2.5 years in a Pharmacy program and realize science wasnt what i was good at Then eventually changed majors, got the associates degree and took 4 classes towards the bachelors degree in 2010. I ahve 16 classes left to complete the bachelors program .

The tuition cost is definitely doable if I go back on a part time bases. I just wouldnt beable to pay down the current student loan debt or do anything else major (ie buy house, or move to a better apt complex) for that matter if I went back to school because all of my extra money would be going towards the tuition.

[Fizgig]

Does your current job offer any tuition reimbursement? Also, consider looking for grants and scholarships to be your new part-time job. You'd be surprised what is out there, even for returning students. Hint - apply to ANYTHING, especially if an essay or extra work is required on your part. The more hoops there are to jump through, the fewer people will bother and therefore your chances of getting the scholarship are increased.

In short, I do think it would be wise to complete your 4 year degree, but be very very deliberate with the finances.

[cschin4]

Wow. That is quite a bit of student loans. I personally would want to pay that down ASAP and be able to move on with life and not have that over my head, no matter what the interest rate. And, I would advise that you live as frugally as possible, continue saving some as you are and that if you can go to school part time and pay as you go without taking on any more loans, then that seems like a reasonable plan.