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Under: Debt
Going back to school
  • cc11782n

    I was just wondering if any of you had any advice on how to minimize student loan debt for someone who is going back to school.

    I came out of school a few years ago with only about $45k in student loan debt, which I've since paid down to close to $32k.

    I've decided for personal reasons that I want to go back to become a foreign language teacher. The area I went to school for and subsequently am working in now just is not fulfilling work, nor is it making me happy. I kind-of got steamrolled through college without really thinking about what I WANTED, rather, just about what would be the most job security.

    So, luckily, I found a school that has a program that is solely a graduate program created for people like me, who want to go back and teach in a subject that was not what they have their bachelors degree in. I know everyone complains about student loan debt, and to each his own, but for me, I'd rather take on the additional 30-50k for graduate school and be happy then spend the 30-50k to go back to graduate school for the field I'm in.

    I'll be working the job Im at currently throughout the whole process up until the time I have to student teach, at which point I will be trying to look for programs with debt forgiveness (ie - teach america, something like that), to help with the costs - but do any of you have any advice on how I can minimize any additional student loan debt (aside from paying as I go), or know of any places that have a comprehensive list of where scholarships are offered?
  • jamasian
    www.fastweb.com may be useful. it wasn't for me in undergrad, but for grad school it must be.
  • PNVang
    I think your plan is an extremely bad one. Going into 70-80k in student loan debt for a job with a starting salary of 32k is a bad plan in my book. I know for a fact that Teach for America does not require a Masters degree. Best of luck.

    source: http://teacherssalary.net/1/1/salary/Foreign-Language-Teacher-Salary
  • jane1
    I so understand how you feel! I feel like I wandered through college and didn't maximize that experience. I also need to acquire new skills and find work I have a passion for. I have done a lot of research on a lot of different graduate school programs. Here's what I would suggest:

    1. Talk to the students. Call the program director and ask to speak with graduates of the program and ask them how they enjoyed the program, what was the day to day really like, and what they are doing now professionally. Ask them if they would do the program again or do something different. Tell them your concern about the cost and see what they say.

    2. Do more research - there are a lot of options now for lower cost educational programs like distance learning, "boot camps," fellowships, random online training programs, etc. State schools and community colleges can be good options. Are there programs that offer classes at night so you can work through your masters? Do you need to go to a top 10 or top 20 program to advance in your career?

    3. Talk to at least 10 people who are doing the job you want to do. Ten is the magic number. Ask them what skills and education they have and what they recommend for people with similar interests. You may find new options.

    4. Think outside the box. Is there a way to do similar work or use similar skills in a related role? What appeals to you about this, and is there any other way to access this kind of work. For example, have you considered corporate training? Can you just live in the country for a year to learn the language and get accreditation some other less costly way?

    5. Consider a PhD. If you hate it, you can quit, get a masters along the way, and get a the cost of the educate covered.

    6. Get a higher paying job for 2 years, pay off the undergraduate debt, and save money for the program of your dreams.

    Unfortunately, masters programs are the cash cows of academia. It's good to be leery of schools that leverage student's desire to move into a new career path to fund their own departments. Some professional programs pay out afterwords, but many many not. Be an educated consumer when it comes to education.

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