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Just a quick rundown on my situation. I currently work in a company (100 employees)as an Accountant and have my Associate's Degree in business. I do however have at least 7 years of experience in this field and in Jan 2010 decided to head back to school to work towards my Bachelors Degree. A year ago I decided to start taking on student loans because throwing school expenses on my credit card were not cutting it any longer. The issue is looking ahead, I still have at least 3 years until I graduate being that I go to school part time and can't take any more than 6 credits a semester. If I were to stop going to school, paying back student loans then kicks in. If I keep going, I just add on to the debt. I'm not expecting a golden answer here, but what is the right thing to do?
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Really depends on how much total debt you will have at the end and how much your salary will increase after earning your degree.Originally posted by cm5878 View Post -
Well since I started the loans, I'm taken on somewhere around 8k-10k. Looking at the bigger picture when all is said and done, I could be looking at loans around 25k-30k. As for a salary increase with a Bachelors degree, that is definately not guaranteed.Comment
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What field are you getting a degree in? What type of job would you hope to get after you get out and what are the starting salaries for that type of job? What does the job market look like for your major? Whether loans are worth it really depends on these things. Of course there is no way to guarantee your starting salary (or even that you will get a job) after you graduate. But taking on $25k of loans for an engineering degree with starting salaries of ~$50k and a decent job market is significantly different than taking on $25k of loans for a degree in history.Comment
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There are lots of variables here.
Would getting a degree increase your salary at your current job? Have you talked to your superior about this?
Would it be better to wait and find a company that will pay for your school?
Would it be better to decrease your class workload so that you can pay as you go and not incur debt?
How much of a salary increase can you resonably expect once you have a degree? Would 25 to 30K of student loan debt be worth that increase?
Would having student loan debt impeed your abilty to meet other financial goals down the road?BrianComment
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Well currently, I work in Accounting and the degree I am working towards is a Bachelors Degree in Accounting. I do not need the degree here, but I would imagine that if I wanted to jump ship elsewhere, I would need it.Comment
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I have been told that your education is the best investment. I'm not saying one thing or another. Those were just words from an investing mentor of mine. Maybe you are getting a better education doing the real thing.
You're an accountant, run the numbers out!
Another note, college is about the degree, for sure, but it can also be a productive hub of networking and such. Maybe you are interested in that or maybe not.Comment
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Perhaps you could get work at a company that would help you pay for your degree. (Is that benefit disappearing since 2008?) Keep your eyes open; find out if there are employers of non-degreed accountants who offer a tuition reimbursement benefit.
I suggest you always know how much debt you have. I'm surprised someone doing accounting think they have somewhere around 8k-10k debt, rather than knowing how much they have. The total debt you have is going to affect your budget, regardless of whether you finish the degree."There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid
"It is easier to build strong children than to repair broken men." --Frederick DouglassComment
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Does your company offer any compensation for your schooling? My girlfriend works for about the same size of a corporation. Although, they didn't have a school reimbursement set in place she drew up a proposal and sold them on the idea. She now receives $3500 a year in reimbursement as she attends school for her masters. Of course what she is studying would benefit the company.Originally posted by cm5878 View Post
I would put a proposal together and SELL them on the idea. It's gotta make sense for them. It should be a write-off for them and they would be able to develop you into a better employee.
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Well you work in accounting, and higher paying jobs can certainly open up if you get your CPA. Which you cannot sit for with just an associates degree.
See the reqs in your state:
Say you get your Bachelors, what then? Do you continue on towards the CPA? Do you stay at the same firm? Does your firm offer tuition reimbursement?Comment
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Work unfortunately does not offer tuition reimbursement, which is a big issue. Honestly, i would not want to be a cpa. Im basically just trying to achieve the bachelors in accounting to use that as a tool into one day becoming a senior acct or controller within a managerial accounting setting. Definately do not want to be a tax preparer.Comment
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CPAs don't have to do taxes.Originally posted by cm5878 View Post
Where will your CPA take you?
In fact, you'd likely have a hard time becoming controller without one.
Salary Estimator - What you can earn as a CPAComment
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