Return to school and end up with lots of debt???

<p>Okay, so here's my life in a nutshell:
I attended university for one year without Cal Grant (my high school messed up and did not inform me I had to do it myself), so I used a great deal of the savings accumulated for me by my grandparents. But there was another mix up with my Cal Grant the next year, and I couldn't afford to return. I have taken a year off, living at home and working part-time, and have been re-admitted to my school for next fall.
However, in order to go back, I will have to use up the remaining $12,000 of my savings (which I had been planning on spreading out over my remaining 3 years), as well as $5,000 that I have earned this year. I will also have to take out $6,500 more in loans (I already took out $5,000 my freshman year). This will mean taking out around $16-20,000 more in loans to cover my junior and senior years. My parents cannot help me at all and I have had no luck on scholarships.
If I return, I will be studying abroad in London in Fall 2013, but I can only do this if I'm on campus next year. I tried taking community college classes, but the college is crowded and the teachers are incompetant. I really want/need to finish college (I want to be an online English and Lit teacher), but am not sure if it's smart to return now and end up with so much debt.</p>

<p>Let’s think this through.</p>

<ol>
<li><p>You’re already in debt.</p></li>
<li><p>You want to be an online English teacher. I don’t know what the employment prospects or likely salaries are for online English teachers, but I would guess that neither is especially encouraging.</p></li>
<li><p>If you accumulate $30,000 or so in loans, at an interest rate of about 7%, and pay them back over 10 years, you’re looking at about $350 a month, or $4,200 a year, after taxes, or say maybe $7,000 a year before taxes.</p></li>
<li><p>I’d sit down and make a budget: given that your first $7,000 a year is spoken for, what is the least you can live on. Consider rent, food, transportation, insurance, cell phone, Internet, clothes, entertainment, etc. - and don’t forget taxes.</p></li>
<li><p>Look into the market for your desired profession and determine whether (a) it’s possible to live on what you’re likely to make, and (b) whether you want to live that way for 10 years.</p></li>
</ol>

<p>There are other options - work and go to CC, work and go to a state school.</p>

<p>Good luck.</p>

<p>How much extra is studying in London going to cost ? If it is extra what is the value in doing it? (besides that you WANT to). You won’t get a higher salary because of it…</p>

<p>Sounds maybe a little snobby to complain about the community college. They are basic core courses. It’s not like they are the real meat and potatoes of your college courses. Take 30 credits there and you will save a bundle. Just suck it up and take them. Use ratemyprofessor.com and maybe you can choose better profs next time. If they are so easy you should be able to work a lot of hours while you go there and save more $ to keep your loans down. Seems like a no-brainer to me. (why only part-time work in your year off? How about you get full-time or TWO part time jobs?)</p>

<p>Maybe the community college complaints really have to do with you wanting to go to London and needing to be on -campus this year to do so. You need to reconsider the London thing since it is costing you the extra tuition for 2012 to go there in 2013.</p>

<p>I’ll be the voice of dissent. I think a college education is essential in this economy, and the rule of taking out less in debt than you expect to make your first year out of school is reasonable. By that standard, I think $30,000 debt is manageable, at least compared to the income drop you take by not getting a degree.</p>

<p>Having said that, I’d also do everything in your power to reduce that amount. Get the best job you can and work a fair amount during the school year. Start looking at places for spring break/winter break/summer employment now. Look at things like being an RA that can bring in income, or think about options like being a live in babysitter (a great way to save costs). </p>

<p>As far as Study Abroad, how much extra will it cost you? I do think S.A. is a worthwhile experience, and I know that my program in England actually cost less than what I would have paid that year if I’d stayed in the states, so I wouldn’t assume it’s impossible.</p>

<p>I read the OP as having to take out $32-40K on TOP of the $11.5K to get through Fresh and Soph years.</p>

<p>I read that as $20,000 total for Jr. and Sr. $20,000 a year would be a whole different kettle of fish so to speak. In that case, I’d vote for taking a year at community college and exploring option. $50,000 debt with a liberal arts degree and no solid career plan doesn’t seem safe.</p>

<p>Two thoughts:

  1. It is normal to think of spreading out expenses, as in “I have $12,000 for two years of college, so that’s $6,000 per year.” Financial aid doesn’t work that way. What we end up doing is spending the $12K the first year and then saying “I am totally broke” the second year. It is nerve wracking but that’s how the game is played. Alas, your parent’s assets are part of the picture (ie, you must put them down on the FAFSA) whether or not the parents can or will contribute. You don’t get to sidestep their income until you are age 24. </p>

<p>2) I am unhappy when you write “my high school screwed up.” I don’t know how CA schools work, but here in WA state, our high school counselors are beyond exhausted. One counselor may serve 400 students. Those students include kids on drugs, kids whose parents are on drugs, homeless students, pregnant students, students with HIV, students with mental health issues and so on. The primary responsibility of these exhausted counselors is to get as many students as possible across the high school graduation finish line. </p>

<p>In short, it is YOUR responsibility to research and understand how financial aid works. I’ll be there is a Calgrant website that explains details throughly. There’s a book “How to pay for college without going broke” by Chany/Khaney (sp??) that lays out details on the FAFSA. </p>

<p>Please work to be a ton more professional in your approach to obtaining your education. Master the details of how Calgrants and financial aid work for your situation. Learn to “target” scholarships and work instead of “broadcasting” efforts – so instead of fifty so-so applications for scholarships, find the one that is most aligned with who you are and put a ton of work into that one application. Ditto on work – working at Burger King gets you nowhere. Working at the local Kaplan or SAT prep course would get you valuable editing/teaching experience. </p>

<p>Check and see if the community college or the regular college will give you credit for any high school AP course – or if you can test for credit – that can be a way to get credits for “free.” </p>

<p>Work like mad. Good luck.</p>

<p>Are you capable of studying/preparing for those general ed courses on your own? Does the university you hope to attend grant CLEP credit? If you answered yes to both questions, you might want to check out the possibility of testing out of those general ed courses with CLEP exams. They are very affordable ($80/exam as of 7/1/12), grant 3-12 credits per exam (depending on your university’s policy) and take a lot less time than sitting in a crowded class for a semester (or waiting for a spot to open in said crowded class).</p>

<p>You want to save money? Suck it up and go to a community college like a lot of students in your situation do. Like somebody said previously, if it’s so easy for you then get a full time job and work while you attend school. You’ll save loads of money in the process. </p>

<p>Based on what you’ve said, I don’t believe you’ve given community college enough of a chance. I, like you, thought community college wouldn’t be much of a challenge after going to a four year my freshman year. While some classes are easier, some are just as challenging as what you would expect at a four year. To be truthful, the general ed courses you would take at a california community college are NO different than what is offered at UC’s/CSU’s, they’re just there to fill the GE credits. The only difference is that they have the potential to be easier and save you money. In the past year I’ve spent at my CCC, I have met several bright students, many of which have recently been accepted to UCLA, UCB, UCSD. Consider re-thinking the CC route and perhaps become familiar with ratemyprofessors…its a life saver!</p>

<p>Lastly, as somebody has already noted, its not the high school counselor’s fault that you weren’t aware of what your financial aid options were. You are more than aware of how over loaded/worked the counselors are at CA high schools and should fully expect to do most, if not all of the base work for your own understanding.</p>

<p>The London Term is through my school with three profs leading a semester in my area of study (Literature, as well as Art and Theatre). It costs the same as a semester on-campus, except for airfare. There is also a London Term in Fall 2014.</p>

<p>My situation with community college is that there are only 3 Gen Eds that transfer to my university, as I took all Gen Eds my freshmen year: History (which I dropped because the prof - only prof who teaches the class I need - was a jerk who loved talking about himself instead of lecturing, hitting on students, and attacking all the Christians in the class, including myself, because of our religion), Art (which I plan to take in London), and Bio (which I want to take at my university because it’s a Christian environment and there’s a new amazing prof that a friend highly recommends). And the Art & Bio classes at CC don’t line up with my work schedule. In additon, I do not have a driver’s license (I cannot afford the insurance and do not see the point of paying for it if I go back to university because I will not have a car on-campus). My dad had to drive me 35 miles to the community college twice a week, which took a lot of time out of his day, thereby cutting into his work time and our family income. The time and cost isn’t worth it, not to mention that it is nearly impossible to get classes, so I do not appreciate the insensitive comments.</p>

<p>As for work, again, I do not have a driver’s license, and I live in a small town. My mother drives me to work at the local camp, where I have worked in Houskeeping for the past 3 years. I am lucky to even have a job. I take all the hours I can get, work hard, and am well-respected for it. The director of the camp told me today that I have the best work ethic he’s ever seen.</p>

<p>And it IS my school’s fault. I was homeschooled under an umbrella school, and they are responsible for providing us with all the information we need for financial aid. They made a mistake and did not provide it. They are only dealing with about 100-150 seniors each year. I am the eldest child in my family, so my parents did not know anything about aid. I am left to figure this out on my own and was asking for advice. Thank you to those who gave it without judging me.</p>

<p>I’ve yet to see a school that provides all the information any family need for financial aid. It just doesn’t work that way. And I’ve dealt with all kinds of schools from highly selective private prep schools to large publics. Not a one. Ever. Not in 45 years. Yes, each family is left to figure it out unless you get lucky and someone takes it upon themselves to help you. I’ve yet to have that happen or see it. It does happen, but it is a gift, not an entitlement.</p>

<p>Education is not an entitlement either. It costs money. If you don’t have it and can’t get access to funds, you are not going to be able to go away to school, go to abroad programs, even go to college. When you don’t have the money and/or the time, you have to take what is available or you are going to be paying for a long time and taking a long time to get through school. You take courses you despise and at schools you prefer to avoid if that is the means to the goal you want. You start eliminating paths to get there, and your chances of getting to where you want drop drastically or disappear. </p>

<p>I have written about an old and dear friend on these boards a number of times. Her very talented and bright daughter had her own plans about her college experience and it all sounded great. Her reasons for doing things that way she did were solid. Except she could not afford them and neither could her parents, and their borrowing to do those things plus taking the extra time to do them is and will be costing her family tremendously in years to come. Her brother is commuting to the state U after 3 years at community college and will owe less than $30K total for his degree and will stress out everyone and cost everyone a lot less. The young woman, though had a wonderful college experience is not gainfully employed and isn’t able to make a dent in the money borrowed. Everyone is paying horribly for her ideal college years.</p>

<p>I’m sorry that you were the “learner” child (the first one to go through an experience is the one the family “learns” with) on high school bureaucracy – but please know that “provide you with information on financial aid” could mean simply waving you in the direction of the public library. That’s what happens in many high schools to many students. </p>

<p>Your family chose homeschooling. No doubt there were reasons to do so. But making that choice also means that your family chose to have you “outside the loop” of daily messaging from the public school system staff. No announcements or bulletin board flyers or class handouts came your way – and it IS up to you to bridge the gap. </p>

<p>I’m not judging you – I am actually trying to help you – we’ve had two students go through the financial aid application process (I’m on my seventh year of the annual process) and it is confusing and detailed – and highly case specific. </p>

<p>I don’t care what your religion is – but, my, you seem awfully ready to be prickly about it. It seems like you haven’t done much reading on how the financial aid system works and then cry “discrimination” when all the dominos fail to line up to your satisfaction. </p>

<p>No one owes you an education. Financial aid is a benefit made available through the government and/or alumni – and it is up to you to learn all the rules and play by them – and even when you do you will find that a typical student has perhaps 1/4 of costs covered by grants and the other 3/4 must be covered by parents, loans or student work.</p>

<p>It is a horrible, national reality – made worse by the fact that most developed countries provide free or low cost college (Germany, for instance, finds it cost effective to produce an educated work force). </p>

<p>Please don’t feel that anyone is “picking on you.” It is horrible for young people across the continent right now. </p>

<p>The only way forward is to pick up as many skills as you can – you can get a driver’s license, for instance, and choose not to drive the family car – but then you could drive for an employer or help with a car pool. </p>

<p>Please don’t rage at us or the world when some of your own choices limit your horizons.</p>

<p>You need to stay at community college and finish up an associates degree. This way all of your classes can cleanly transfer. </p>

<p>Make an appointment to see the counselor at your community college so that you will know what schools your school has articulation agreements with and the appropriate courses.</p>

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<p>Perhaps that tuition is the same as it is if you attend school on campus. But what about the room and board (do you live on campus at your current CC?)</p>

<p>I can tell you first hand, that one does not only pay airfare to study abroad. You will have pocket money in a country and money for misc. expenses. This will add up really quick.</p>

<p>This is a choice that you want, not what you need. The plain and simple fact is that you don’t have the money to pay for it, you cannot go.</p>

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<p>You do realize that most people who do this job are experienced English teachers who have taught in school. Many are either retired or work on a part time basis to supplement their income (very few, if any do this as a full time job). The salary that you will receive to do this work will not be enough to service your loans. If this is your goal, then you need to accumulate the least amount of debt possible.</p>

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<p>Actually it is not. The financial aid process starts in your house with your parents who are first in line when it comes to paying for your education. After all has been said and done, you can sit back and whine about “the wrong” you have been done or you can figure out a way to move forward. It seems that your parents cannot afford to pay for what you want, so you need to look at options that are financially feasible for your family.</p>

<p>Maybe I’ve misread your post, but it seems to me your sense of quandry is related to borrowing the maximum amount of Federal subsidized and unsubsidized loans, which at the end of the process, would be about $31,000.</p>

<p>If it’s a 4-year bachelor’s degree you want and need and it’s not cost-effective or viable to get to the community college 35 miles away (no buses? no trains?) then assuming that debt is your remaining option.</p>

<p>IF however, you can’t actually AFFORD the school even WITH the regular fed loan max, and you’re talking about taking ADDITIONAL PRIVATE loans, that’s another matter.</p>

<p>So, if your question is “Is the fed guideline of fed loans of $30k too much debt” the answer, as any self-supporting college kid will tell you, is that “It might be too much if you don’t get a job when you graduate but that’s about as “good” as it gets.”</p>

<p>If your question is should I return to school if I have to exceed the fed loan limits and borrow privately, then I’d advise against that and suggest you work f/t for a year and save. That said, working for another year would certainly help in either case.</p>

<p>You work at a camp, but the courses don’t line up with your work schedule? Are they summer classes?</p>

<p>The cost of the insurance should be more than made up by the $ you earn going to a job with more hours. The cost of the insurance to drive yourself to a cheaper college will be less than tuition at a more expensive college.</p>

<p>You clearly know what you want, and you are rationalizing ways to make it make sense.</p>

<p>I know that’s what you are doing…I’m quite good at doing that myself! I understand what you WANT, but if you can’t afford it you will have to find alternatives. Get the car insurance, get a second job if you have to for a while, or just one full time job. Having the independence of driving may open up new horizons for you.</p>

<p>I can’t believe there aren’t 60 credits worth of courses that will transfer, but I am not in your state. Here in NJ almost everything will transfer, some will transfer as electives and not requirements, but you can get credit for almost all but remedial type classes. It stinks if other states don’t do that. Make sure you speak with an advisor, preferably one from each school. Watch for the word SUGGEST. A school here SUGGESTED my son transfer only 60 credits, but he was eligible to transfer more and he saved a lot of time and $ (the CC is a mile away!). The advisor where he was transferring did tell him they WOULD accept the credits, but of course she wanted him to spend his $ at her school, so she “suggested” he transfer sooner. I will admit that he isn’t having the full campus college life, and transferring earlier might have given him that, but he chose his nearly full-time job, easy commute etc, so he transferred more than suggested. S1 and S2 will have degree from same school. S2’s will cost much more due to not going to CC. </p>

<p>I hope you can work it out. Stop blaming others, make some decisions and try to make them smart decisions with your head not your heart. London isn’t going anywhere…</p>