Someone recently told me that it would cost $50,000 per year to send her twins to college (This number is based on 2013 tuition).  Yikes.  How does one ever save up for that kind of expense? Please tell me, because I am contemplating returning to school. It won’t cost me $50,000, BUT it will take some dough.  I’ve juggled the pros and cons in my head nearly 500 times.  I have not been able to answer the following questions.

1) Will a more advanced degree increase the chances I will be hired in this economy?  I work in health care.  I thought I was set for life with the degrees I already have.  I learned this was not true when I moved to a different state.

2) Will going back decrease the amount I will be able to give my future children for their advanced degrees?  Or will I be able to help them MORE because of the investment I put in my own education.

Blurg.  Such difficult questions!   I’m sorting through my decision day-by-day.

Do you plan on paying for your children’s (or future children’s) advanced education?   Did your parents help you with your degree?

10 Comments on “School”

  1. It is nice to think we may pay for our kids education. Its a lofty goal! In truth I paid form my education so did my wife. so do lots of people. I think taking care of the needs at home supersedes funding a 529 education plan. When you get enough money to do both go for it!

    Another degree helps you stand out from the rest of the crowd and in with others that have that same, or similar degree. I think what stands out are achievements and a great references on your work. They open doors, people want those kinds of people. ~ I could go on here with our situation. I am considering the same thing right now. Join the web site to find others in your desired field. THEY have the insight you want on what is current in your field. Good Luck!

  2. leanneveitch says:

    I went to University in Australia, where there is a government loans scheme called HECS in place. My debt as it stands for my degrees is about $10,000 (for a 3 year undergrad degree, a 1 year Honours degree, and a 1 year postgrad diploma. My PhD was on scholarship and free).

    My parents didn’t help me at all, but they did support me with living expenses in that time, although I also worked a few jobs and served in Army Reserves to make ends meet.

    That said, the scheme also has a loophole which they never closed, which says that if you go overseas you don’t have to pay it. We migrated to New Zealand four years ago, and I’m hoping I’ll therefore never have to pay my HECS!

    US education is well-known around the world for being incredibly expensive, just like the US medical system. I don’t know how you manage it, to be honest – it must beggar families to put their kids through.

    I wouldn’t go back to education unless you have absolutely done your research and are certain that it will give you a better position. In that case, your current employer might be willing to foot the bill, as they wil be gaining from your skills. If that’s so, go for it.

    But if *youre* footing the bill, be really wary. Unemployment centres are full of overqualified people looking for work. In the current economic climate, I’d stay put in your current job and, once things settle, look for a better paying job with your current quals. and while fully employed, before considering extra education.

    Just my 2c. Good luck, whatever you decide.

  3. Its hard to say if going back would be good or not. I think alot of research and talking to someone from the local employment office/unemployment office might help. They could give you first had advice on if furthering your education would be beneficial.

    I’m paying my way though school, a litle at a time. Luckily Pell grants can help take care of some or all of the costs depending on the cost of schooling. That’s another avenue I’d check out. Go in and talk to the financial aid office at the school you’re thinking of attending. You never know if there are loans or grants or scholarships available.

    My humble opinion on going back to school is to do it. As I’ve been job hunting, I’m seeing positions that pre-recession wouldn’t have required a degree but are now. Or what once required an associates in now requiring a bachelors. Since so many people are unemployed, companies can get someone with the higher education for the same money the lower education person would have gotten pre recession… Just my personal opinion! (can’t tell I’m frusterated by the job hunt, can ya?)

    Either way, good luck! 🙂

  4. I think paying for your child’s tuition really depends on how money saving savvy you are and what you’re willing to give up (a new car, a smaller home, everyday cutbacks) in order to pay for or at least help them out.

    My husband was completely on his own for college, and we’ll be paying for that for the next twenty years or so. My tuition is completely paid off thanks to scholarship, my parents, and me. But I know my parents were able to help me because they saved from day one, we lived in a two bedroom house (three kids), we always had used cars, and we never had the latest video gaming systems or cable.

    Again, it’s a trade off. I don’t know if I’d ever be in a position to pay for completely a college tuition, but I know I want to be in a place where we can at least help my children, because I know student loans can be daunting.

    • ihavetriedit says:

      My parents were able to help me for undergrad and I will FOREVER be grateful. I’d like to do the same for my future children. It is daunting. It almost seems impossible!

      I also grew up with used cars, couches, and very ugly carpet!! I used to think my parents were crazy for being SO frugal. Now I’m VERY appreciative because I am not worrying about school loans at this point!

  5. We pre-paid both our kids’ tuition through Washington’s GET program, and I’m really glad we did, because otherwise we wouldn’t be able to help them now. If you start early, these plans can be a great way to save for college. I’d check into your state’s tuition programs (and make certain they’re solid enough to be around when you need them) or other 529 plans. I also expect my kids to help out, because I think students take college more seriously if they’re the ones paying the bills. I put myself through college, and it was tough. My husband paid for his degree with loans, and it took us a long time to pay them off. Good luck if you decide to go back. I don’t think any education is ever wasted.

    • Sai says:

      Thats a great suggestion! We started with the WA’s GET program. Too bad they hiked the prices last year y 15% or more.

      But anyways, we do intend to pay for our kids’ education. Thats the least we can do. After that of course they are on their own. At least provide them with a good foundation that they can use (if they wish to). 🙂

  6. Kate says:

    Morning! Heath care is a great field to pursue. Baby boomers will need lots of care. It is very hard to find quality care for a love one. Alzheimer’s patients really need safe “day cares” to help maintain daily functions as well as be back up support for the families caring for them.

    Consider the field of life insurance and investments. Only select a company or brokerage where training is provided. Get specifics on the type of training. Get licensed. Continue to acquire your designations ie. LUTC, CLU, ChFC etc. these are degrees designed to broaden and enhance your CAREER while working! This field will allow you to travel the world as rewards for a job well done as well acquire CE credits at the same time. You’ll also derive a great income and still be able to raise a family when the time comes. Work hard to lay your life’s foundation. Only you can limit your expectations and results. Look to companies like John Hancock, Liberty Mutual, Prudential.
    Good luck!

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