2nd degree- realistic?

rennet · 10-02-2012, 01:55 PM

I'm a liberal arts grad (2008) looking to get a 2nd degree in computer science. There are a lot of reasons this is a good idea, basically I'm a tech recruiter and know how good the market is, and I have a sincere interest in CS. And obviously being a recruiter I'm well networked locally.

That said, I'm clueless on funding. Right now I'm $5k in debt. All told it takes me 3 solid years to get the degree. I probably continue recruiting (I work somewhat independently, from home), albeit part-time, and make $0-$20k/year (depending on how many deals I close, I figure I can close 3 over each year at $6k/deal). The earliest I could start courses is Jan 2013.

I have never taken out a student loan. I have very nonliquid assets (property) of $30k-$40k, so in the long run I probably break even. It is realistic to expect a salary of around $80k after 3 years experience (6 years from now).

I can also continue recruiting--I'm good at it and you can make a lot of money, and as a backup I could always land an agency gig that pays $60k-$100k+, but I just feel like I'm at a dead end and it's very transactional at this point. My options are really limited because nobody will hire me for anything else.

Am I dreaming here? Is this not realistic at all with Stafford + private loans? I guess the biggest question is could I get my hands on private loans. I have good credit, but I'm young (almost 26).

I remember Sallie Mae used to have a very good calculator of loan payments compared to expected salary and percentage going towards payments after graduation, I haven't been able to find it again but I'm sure the numbers would be sound. The biggest question is will I get cut off from funding before I finish.

Anyway I'm going to go to the local college and speak to an adviser, was curious if I'll get laughed off campus

cptofthehouse · 10-02-2012, 02:04 PM

You can't get money for second bachelors, not the Sallie Mae loans, anyways. I don't konw about the private loans.

My DH's cousin get a computer science certificate by going a year at a local state u after he already had a managemnt BS. He was not eligible to get any aid while he did it , but by going two summers and during the year, he get the courses he needed for the certificate and it did parlay into some job opportunities.

rennet · 10-02-2012, 02:07 PM

My understanding is that I am eligible for federal loans up to my lifetime cap, and then private loans on top of that. I don't expect any aid, just loans.

Also if anyone could chime in on what someone with good credit might expect to pay on a private loan, and what is a realistic range to expect getting over 3 years.

cptofthehouse · 10-02-2012, 02:39 PM

Sorry, I meant the PELL, not the loans.
Since you have not taken out loans in the past, yes,you have the federal amounts still available to you. It's difficult to say how it would go on the private market as it does change quickly. I suggest you see what your bank has for student loans.

From your estimates, you seem to be doing quite well at your job. That you see what the need and salary levels are for CS posiitons, you are better able than most of us to be able to see how this would enhance your job prospects.

rennet · 10-02-2012, 02:48 PM

Maybe a good idea to talk to the bank, thanks. My general thinking is if I can be $45k in the red, that's still a good investment given the career prospects. It's just a question of will anyone write me the check

kelsmom · 10-02-2012, 02:52 PM

You should be able to borrow up to $20,500 per year in Direct Loans. Anything additional would have to be private, most likely.

cptofthehouse · 10-02-2012, 03:00 PM

Kelsmom, that is a surprise to me. So a student embarking on a second bachelors can take out more each year than an independent or PLUS denied parent, student can on his first? For how many years can a studen borrow this amount in DIrect Loans?

rennet · 10-02-2012, 03:09 PM

If I could get $20500/year, that should be fine assuming I could close a few deals. Thanks, I will start talking with advisers to see what a plan would look like for the degree.

mom2collegekids · 10-02-2012, 03:22 PM

Kelsmom

that sounds more like the amount for a grad student, not a second BS. Is that right? How come he can borrow more than an independent student that is a junior or senior? Isn't that amount about $15k.

Also....doesn't he still need his parents info if he's not 24 since this is a BS and not grad school?

BTW...that would still mean borrowing TOO much money....even if the student "thinks" he might be earning $80k upon graduation (which is a big if anyway).

The student has $5k in debt, plus that would be an additional $40k.

kelsmom · 10-02-2012, 08:56 PM

Oops ... don't know how I twisted that around!!! I am now in a grad-only school & have $20,500-on-the-brain. Yes, it is only $5500 for freshman year of a second degree, unless you qualify as an independent student (and the fact that you have a degree does not make you independent) - independent students can borrow $9500 as a freshman. You would have to borrow a private loan for anything over & above.

mom2collegekids · 10-02-2012, 08:59 PM

Even if he's going back for a second degree, is he a freshman? or would he have junior status? Would he have to do Gen Ed all over again? Or does the school accept his Gen Ed from his first degree?

kelsmom · 10-02-2012, 09:04 PM

It depends. I have seen 2nd degree students start over as freshmen, and I have seen them come in as juniors. He would have to find out his standing, but a junior would be eligible to receive $7500/$12,500 per year.

juillet · 10-04-2012, 02:06 AM

Have you considered an MS in information systems? It may be possible for you to get an MS in computer science or a related field without getting a 2nd bachelor's - but taking a few prerequisite courses and then applying to an MS program.

Wow, I'd steer clear of any school that made me start over as a freshman if I already had a degree. You may want to specifically target universities that have schools of continuing education that cater towards working adults who want to career change.

happymomof1 · 10-04-2012, 06:40 AM

If there are many requirements, and/or the coursework must be followed in a strict sequence, then yes the OP might be looking at four years. But even then, the Gen Eds can be expected to transfer, so it is very unlikely that it would be necessary for the OP to be enrolled full-time. With careful planning, it may be possible for the OP to complete the second degree without having to give up the current full-time job, which could mean no debt at all.

LBowie · 10-04-2012, 07:06 AM

I am thinking along the same lines as Julliet. An MS would be better, if possible. You can find prerequisites all over -- both at local colleges and on-line. Some related programs may accept you already depending on the degree you have. For example, a Bioinformatics MS program I'm familiar with takes either bio majors or computer science majors as well unrelated majors, provided they have a bachelors degree and some relevant vocational experience in bio or tech.