Adult Student Returning to school

sybbie719
Sun, 17 Jun 2007 08:43:09 +0000

Hi Jan,

Welcome to CC.

I don’t know your financial situation, but I have career changed and gone back to college, unless you are single-no dependents, you should look into going part-time/weekends and holding on to your day job (or try to get reduced hours at your job). It would not be a good move if there are others dependent on your income.

Should you decide to stop working, some biggest things would be:

Being debt free (pay off all consumer debt). I remember my D was leaving her 6 figure job to career change and go back to school, the first thing she did was pay off all her debt (car notes, credit cards, everything). This move alone gave her a lot of financial freedom.

taking on as little debt as possible. Even if you can afford to pay a good protion of your community college expense out of pocket, that would be great. Remember your FA for school year 2008-2009 will be based on your 2007 income. SO if you have a “good paying job” you may end up being a full freight payer your first year at community college.

seeing what you can actually live with out (magazine subscriptions, starbucks, cell phones -or at least downsizing your plan, etc)

having a “slush fund” in the event of emergencies (not counting the money you need to maintain your basic living expenses) in the vent the car does break down, sink stops up, roof springs a leak, dog gets sick.

Can you afford the COBRA or other type of medical benefits (unless you are going to be on a spouse’s/ domestic partner’s plan). Life happens and a trip to the emergency room for something minor like a sprained ankle, could set you back