<p>I want to go to school for accounting. How long (in your opinion) will it take to pay it all off? Do you think it's worth it for a state school?</p>
<p>I still need to go to grad school for one year to take my CPA test.</p>
<p>Thanks in advance!!!</p>
<p>It depends on the school. If it’s Wharton, its worth it. If its East Podunk, you should try to figure out a cheaper way, maybe combining CC and then a Public U for the final two years.</p>
<p>yes that was what i was thinking… please read my other question. it’s related.
<a href=“http://talk.collegeconfidential.com/college-search-selection/1307621-should-i-go-community-college-even-though-i-got-accepted-better-schools.html[/url]”>http://talk.collegeconfidential.com/college-search-selection/1307621-should-i-go-community-college-even-though-i-got-accepted-better-schools.html</a></p>
<p>I think it’s a lot of money to be saddled with at the end of your education. You would probably still be paying it off ten years down the road.</p>
<p>I’m going to dissent - $45K is <em>that</em> bad. It’s more than you want to borrow, but manageable especially with an accounting degree (where you can work for quite some time with a bachelor’s degree). The monthly payment would be about $517/month. However, I agree that if you can do it more cheaply, that may be the way to go. (You can still make friends and relationships with professors by going to a community college, so don’t let that “experience” natter push you away if you want to save money.)</p>
<p>My main concern is that in order to borrow that much yourself you’d have to get private loans, which I think is a bad idea. Federal loans have better repayment terms.</p>
<p>I question why you’d need to go to one year of grad school. It seems that I know recently graduated accounting majors who are on the way to becoming CPAs who stopped out with their bachelor’s degree.</p>
<p>Unless your employer is paying for it, that’ll be more debt…</p>
<p>Julliet, actually, for students with parents that can’t qualify for a PLUS loan, they can max out on staffords alone at $45000 after 4 years. A fifth year would allow another $12,500 for a total of $57,500 which is the maximum allowed for undergrad.</p>
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<p>I’m assuming she’s in a state that requires 150 credit hours for a CPA. It’s generally a 5 year program - it can be 4 years plus a masters, or 150 undergrad credits crammed into 4 years, or 4 years plus a 1 year certificate program, or 150 undergrad credits over 5 years. I’ve seen it done a bunch of different ways, often dependent on the state or the school. At the school my D is planning to attend you do 4 years plus a masters. The state has a requirement not only for 150 credits but for a particular number of accounting credits, and you can’t get that many credits in the undergrad program.</p>
<p>Most states now require 150 semester hours to sit for the CPA exam. In Illinois next year, some of the hours will have to be in accounting or other business classes. Today you can qualify with AP credits and basket weaving classes at the local CC. The push is to get your MAcc or MSA. Even so $45K is too much.</p>
<p>My loose rule of thumb is that if you are not going on for an advanced degree and the only way you can go to college is by taking out large loans, those loans should not exceed the amount of your starting salary for your job right out of college. So, $45,000 for someone that gets their CPA falls within that guideline. If you were taking out $45,000 for a job that pays say $30,000 I would say too much. If you are going for an advanced degree, it is WAY, WAY too much for any school.</p>
<p>Also, sometimes “podunk” U is the place to go for accounting:</p>
<p>[The</a> CPA Exam Stats You’ve Been Waiting For: The Best-Performing Accounting Programs of 2011 | Going Concern](<a href=“http://goingconcern.com/post/cpa-exam-stats-youve-been-waiting-best-performing-accounting-programs-2011]The”>The CPA Exam Stats You've Been Waiting For: The Best-Performing Accounting Programs of 2011 - Going Concern)</p>
<p>Yes. (10 char.)</p>
<p>Can you tell us more?</p>
<p>Is this for the last 2 years of college? or is this for all four years?</p>
<p>Can you reduce the amount by doing some of the following?</p>
<p>1) Going to a CC first?</p>
<p>2) Going to a CC during the summer to eliminate that 5th year?</p>
<p>3) Working a lot over the summer?</p>
<p>4) Working part-time during the school year?</p>
<p>5) Get any scholarships while in school?</p>
<p>6) Commute to a local state school?</p>
<p>BTW…who is co-signing the amounts that in excess of federal student loans?</p>
<p>@mom2collegekids</p>
<p>Is this for the last 2 years of college? or is this for all four years?
this is for all four years at a state university of new york college.
Can you reduce the amount by doing some of the following?</p>
<p>1) Going to a CC first?
Yes. Please read: <a href=“http://talk.collegeconfidential.com/college-search-selection/1307621-should-i-go-community-college-even-though-i-got-accepted-better-schools.html[/url]”>http://talk.collegeconfidential.com/college-search-selection/1307621-should-i-go-community-college-even-though-i-got-accepted-better-schools.html</a>
2) Going to a CC during the summer to eliminate that 5th year?
I did not know I can do this.
3) Working a lot over the summer?
Maybe. but I probably won’t get a good paying job until after a couple years at school. i think.
4) Working part-time during the school year?
Maybe a minimum wage job?..how much of a difference will this make…maybe just pay for text books.
5) Get any scholarships while in school?
Yes. I’m trying right now to get more scholarships.</p>
<p>Parent is co-signing.</p>
<p>Thanks everyone.</p>
<p>Thanks, beth’s mom, for the info re requirements for sitting for CPA exam.</p>
<p>In terms of using CC summers to eliminate 5th year, depends on your college, as to whether they will give credit.</p>