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Enrolling part time to save money?

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  • Enrolling part time to save money?

    AFAIK, my federal loans do not require payments while I am enrolled half time in a degree granting program. Furthermore, the government will pay the interest on all subsidized loans during this time, which means they effectively become 0% interest. Since half of my loans are subsidized, I think I would save a lot by being enrolled part time for a very long period of time.

    In addition, my employer is generous with education benefits and would pay for my course tuition and all related fees. Furthermore, when I do get a graduate degree, I am very likely to receive an automatic promotion and salary raise (if I haven't been promoted by then). And if not I'll be even more competitive for a new job if I'm passed up.

    Being in a program also has other benefits, such as networking with students/faculty, and also I can get additional work being a TA which in reality is really free money for very little work (I worked as TA 3 years in undergrad).

    I can do all this while still working full time with a competitive salary, and I only need to take 2 classes per semester.

    Besides getting a higher paid job, or not being able to handle 2 courses and full time job at the same time, are there any reasons I would not want to try this?

  • #2
    Can you afford to repay your loan? I'd hate the fact of having that loan hanging over my head which is why I paid of my student loans within 4 years of graduating.
    Gunga galunga...gunga -- gunga galunga.

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    • #3
      As long as your employer will cover the tuition and other expenses I think it would be worth it. I'm not sure about the whole delaying the degree as long as you can. You may want to calculate how much of a raise you will get from the promotion. If it's significant enough you could have enough money to pay your undergrad loans quicker and still have extra to invest. I'm not a huge fan of delaying repayment of debts. The longer you have debts hanging over your head the greater the chance you could run into a financial emergency and then you are stuck chosing which lender/creditor to pay back.

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