Wisdom and experience needed!

<p>My grandfather passed away Sunday afternoon. Some may recall the issues with him and my family beginning in November 2004 when he had a serious stroke and I had a communication break-down with my parents, who felt it best to not tell me and thus I end up shocked to call home and hear from my brother “They’re at the hospital.”</p>

<p>Another such episode – my mother going into a scheduled hip replacement surgery a week early – occurred at the beginning of the month, but this is not the reason for my post, merely background.</p>

<p>Though funerary expenses are already taken care of, but my parents’ finances have been firmly tied up in his since we all moved in together in 2000. The house is in my grandfather’s name, and my parents would be hard-pressed to afford the increase in the monthly mortgage payment that would occur if they were to transfer ownership or buy it off him. As a result, a move is in the near future. How far, to where and when? No clue.</p>

<p>To add salt to the wounds, my dad’s company is unstable, and we’re 75% sure that there won’t be a contract renewal for him when the term expires in February. While this doesn’t mean he’ll be out of a job, it does mean he’ll return to contractor status instead of salary – instead of being paid monthly, he’ll be paid per job after the completion of the job.</p>

<p>The interruption in income flow, combined with the uncertainty over the house, means that my final semester at college is in serious jeopardy. Grants and student loans cover the cost of school and materials, but my parents have been subsidizing my rent and living expenses. This will no longer be possible. </p>

<p>While it is technically possible for me to maintain my student status, it would require taking up a job paying at least $12.50/hour for a 20 hour work week during my hardest semester yet. My schedule does allow for it – I have classes most of the day Tuesday and Thursday and for 4 hours on Monday, leaving Wednesday and Friday-Sunday open – but the courses will require a great deal of outside class work.</p>

<p>The kicker? I can graduate with my Bachelor’s in English right now based on coursework already completed. Staying in college is so that I can pick up a minor in my area of specialty (Medieval Studies), increase my GPA, write more large papers, and network with more of the excellent professors in my field Berkeley boasts – in other words, it’s a semester to significantly increase an otherwise mediocre college record. Additionally, and not insignificantly, it sustains my student health insurance until August 15th and continues to give me academic access to the university and all that entails. </p>

<p>I really want to stay. This semester is the culmination of everything I’ve worked for – it’s the perfect schedule with the perfect set of classes, including a rare opportunity to work with the manuscript librarian in the manuscript library. I also make frequent use of the health services, so the insurance is incredibly valuable to me right now.</p>

<p>If I opt not to stay in school, I will remain in Berkeley, but I’ll pick up a full-time job. There’s no guarantee I’ll have any insurance, as the market for hiring fresh graduates from my field doesn’t often provide for a benefits package. I will also likely end up being a little more responsible for helping with the move.</p>

<p>This (finally!) is the part I need wisdom and experience on. Thank you if you’ve read this far.</p>

<p>I very much want to take this final semester of school, but I feel really guilty and selfish wanting to indulge in this extra semester when my family might need me. I don’t need the schooling in order to obtain my B.A., but I don’t think it’s far-fetched to say that that semester can make the difference if I decide to pursue a Ph.D.</p>

<p>What do you suggest? School or work?</p>

<p>my condolences on the death of your grandfather.</p>

<p>So what I hear you saying is- the rest of this year finances are not there?
Are there scholarships you can apply for to cover it?</p>

<p>in other words, it’s a semester to significantly increase an otherwise mediocre college record</p>

<p>I an leery of above. With the stress on you and your family, one semester is going to redeem your previous academic efforts? Really?</p>

<p>but I don’t think it’s far-fetched to say that that semester can make the difference if I decide to pursue a Ph.D.</p>

<p>That & $3.50 will get you a cup of coffee.
I say, finish your BA, and get a head start on job searching.</p>

<p>Your parents have probably seen your grandfather’s will by now. It would not be out of line to ask them how the provisions of the will – whatever they may be – will affect your personal financial situation. </p>

<p>You may find out that your grandfather had substantial assets and that your family actually will have more money once the will is probated than they did before. You may also find out that your grandfather left whatever assets he had to people other than the members of your household, that he had no assets, or even that your parents have debts and bills to pay as a result of his health problems.</p>

<p>I would absolutely stay for that last semester. If it means you have to get a job, do that. Lots of people, including myself, worked while they were in school. You may have to refocus a bit though. It sounds like your degree has been very academic in nature and you are looking toward graduate school.<br>
I would start thinking about how you are going to finish this degree and get a full time job for a while upon graduation. Grad school may have to follow when you have saved enough money or work for an employer that will assist with tuition or some other options…
I have told my own kids that they will need to pay for their own grad school if they want to attend. Right now, anyone who can graduate with a BA or BS and without a lot of debt should consider themselves fortunate.</p>

<p>For a semester of room and board (that’s what you are talking about) is not more than $5000. I would work 10 hours a week and take out a loan for the remainder, or borrow it from your parents or relatives. It is not that much considering how much you have already spent. It is also a very bad time to look for a job now.</p>

<p>Thank you, everyone, for your responses (and time)!</p>

<p>emeraldkity: My parents have been living paycheck to paycheck for a while, a result of recovering from bankruptcy about 10 years ago. I think that sentence right there says a lot about the financial picture in my home.</p>

<p>It’s not just next semester; it was fall semester as well. I’m a transfer student, and as a prospective grad student, the last two years and upper division/graduate courses are much more important that the first years. So, yes, an extra semester does make a big difference.</p>

<p>Marian: My grandfather has been living with us for the past decade, and my mother has his power of attorney. We know that there are no assets and no debts. </p>

<p>ebeeeee: Grad school is not an immediate option right now; I fully intend to take a year off. Knowing what I do about the state of English academics, I also know that I completely refuse to pursue a program that would require additional debt of me. Those programs are obviously more difficult to obtain an offer from, which is why an additional semester of good grades will make a big difference.</p>

<p>I agree about working. I have been doing some work, but the combined income from those jobs is nowhere near a living amount, more like paying for pocket money. I worked almost full-time a couple years ago, so I know I am fully capable of it, I’m just wary of 20 hours on top of two language courses.</p>

<p>oldfort: Putting it in terms of the total cost was very helpful. I was thinking of it as a month-to-month concern, but of course it’s not – and even though $5000 is still a big number to me, I know it’s no an insurmountable amount, and there are ways to make it work. I definitely agree it’s a bad time to look for a job, another reason why I was hesitant to take my English BA now. I at least know that there are a great many opportunities aimed at spring graduates which could dovetail with the end of the semester.</p>

<p>

I don’t understand. If you are living in your grandfather’s house and he has passed away, why would you buy it off him? Won’t your parents inherit this house? Is it paid for already, or does it still have a mortgage on it?</p>

<p>I would borrow a loan for the $5000. Perhaps your family can help you pay it back when they get paid. There are 3 choices that I see here:

  1. Graduate now - Pro: no $$$ problem; Con: it’s not what you really want
  2. Graduate later
    -----a) Borrow loan - Pro: allow you to do what you want; Con: debt</p>

<p>-----b) Work to pay for it - Pro: allow you to do what you want; Cons: you will not be able to put in the extra effort to bring up your grade which is what you want.</p>

<p>anxiousmom: The house is still mortgaged. His old home, the one he lived in for 30 years, was sold 12 years ago when my grandmother, his wife, died.</p>

<p>Columbia_Student: I’m not sure where I’d get a loan for $5000 that wouldn’t require me to make payments every month as it is. I’m maxed on student loans and my parents can’t take out the PLUS loan. I do agree about the second pro/con – my major hesitation is that it would be horrible to have an extra semester that brings my GPA -down-.</p>

<p>ETA: I checked with USAA. Assuming I could qualify (and that’s a big assumption), I could get a $5000 loan with $130/mo payments, which is much more tenable than working for all the money needed monthly. It’s whether or not I qualify that’s the issue.</p>

<p>undecided-</p>

<p>If the house is in your grandfathers name and he is deceased, I believe our parents will have to address that. It is an asset, and has value, even if the mortgage balance isnt much different than the value of the home. I am not an attorney or a financial advisor, but the house has taxes due, etc, and I don’t think they can continue to pay them in the name of a person who is deceased.</p>

<p>a) are you maxed on the stafford loans (subsidized or not)
b) if you parents try for a plus loan and get turned down, I believe that qualifies you for several thousand more in stafford loans. </p>

<p>Possibilities?</p>

<p>It sounds as if this would be a crucial semester for you. I would try to stay and complete it if possible. Talking to the FA people would be a good idea, I would think.</p>

<p>I would also contact your advisor/profs as they may know of outside funding to assist students with unexpected financial issues</p>

<p>I think you should get the diploma and then get a job. If you’ve already maxxed out your loans, you’re in debt up to your eyeballs. Get the job, preferably in the field you love, and apply to graduate school later, with the job experience on your application. It will be an enhancement, not a detriment.</p>

<p>As an option, you could contact the U and arrange for a leave of absence. That would preserve your class/ academic progress status, and when your financial picture improves you could return and complete your Degree, including your minor. I am sure there are students who have to stop their studies each year for various hardship reasons, so this would not be an extraordinary request on your part. Good luck.</p>