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I would greatly advise against going back to college. I'm assuming this would mean you would further defer your existing $80,000 in student loans + add $40,000 student loans. Then while looking for a job let's say you defer for another year. Assuming this is a two year program: Year 1 Interest $80,000 * .055 = $4,400 Year 2 $20,000 + $84,400 * .055 = $5,742 Year 3 $20,000 + $110,142 * .055 = $7,157 Year 4 Repayment $137,300 * (.055/12) = $629.29 in INTEREST each month. Obviously the above make some assumptions, and it's a rough calculation, but I don't think this is a great idea. The real cost of doing this would be roughly $57,299 (Tuition + Interest) + ~$600 a month in interest going forward.
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Aug 7, 2014 16:13
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$40,000 for a 9 month program in Social Sciences seems insane to me. What are some job titles you could be associated with upon graduation? What do they realistically make? Is there a market where you live? Would you be willing to relocate for a job? Even $120,000 in debt at 5.5% is about $500 a month in interest payments. Even if you made a $1,000 payment on it every month you're looking at probably 15-20 years of repayment (without doing the math). If you put it into deferment it could very very quickly spiral out of control. I would only do this if there is a high chance of you getting a job.
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Aug 7, 2014 16:56
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What are you really going to learn in 9 months? I'm not saying it's completely insane, but like someone else asked. What's the benefit? You have a masters? Now you're overqualified because you have no work experience? If anything get an MBA, work on some business connections while you take it, and try and leverage it into some analyst something or another finance job.
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Aug 12, 2014 05:12
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Hot Dog Day #91 posted:As others have said: do not go to graduate school for a phd unless it is fully funded by the university (stipend and tuition waiver) and you are okay with spending 4 to 10 years very poor and then teaching high school (after spending another year getting teacher certified). This is horridly over generic advice. You should look at your expected payback period of your advanced degree. For example my company offers a pay raise for an MBA. So I can look at an MBA as a breakeven after 5 years and after that it only continues to add value. However I agree that an MA in a vague subject with no real career job prospects is a bad idea.
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Aug 12, 2014 20:46
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