Changing careers: Is now a bad time to take on college loans

[ecstatic]

for a second degree and/or Master's degree? Particularly at private institutions? How much is too much? I ask because of the doom and gloom posts about where the economy is headed (although the field I'm thinking about switching to seems to be recession proof).

[Deja Q]

1. Probably... but consider this:

I'm furthering mine, in the same field.

I too feel uncomfortable.

But I also feel I'll be worse off without taking the risk. Of career advancement, change, even taking a loan. (and don't feel bad; lots of people have to take loans. The folks who didn't, most of the time, are living with parents or getting other freebies you and I are not able to get.)

Ignore the doom and gloom bull plop posts. As with Election 200x being preempted by * and the Republicans, a lot of what's bandied around has NOT come to pass. Indeed, especially with those who whine and bleat "Revolution!!!", note they are merely egging others to do what they want done - if they are so cowardly, they are just being manipulative little militant mental midgets and unworthy of serious thought or response.

What was it, about the only fear we should fear is fear itself? See through the fear. Hell, take drugs if need be. We'll get through this. Order and adult* behavior will be restored.

And if it is "the end", oh well. We tried. That's all we can do.


* adult = mature, grown-up, civilized, where stealing is not condoned.

[ecstatic]

5. Thank you...

I'm hoping it's just more Y2K-type unnecessary fearmongering going on. And you're right, if that's not the case--well, at least I tried!

[taught_me_patience]

2. It really depends on your situation

You must do an ROI analysis to determine whether it is financially worth it to you. Then, you must do a break even and an ROI analysis. Here is an example of a calculation that I did for myself:

MBA cost: 90k
Benefit (salary): +30k/2years +10k/1year +50K for 5 years.
Break even: 3.5years
Total benefit (discounted at 10%): 200k
ROI: 200%

Student loans are easily obtainable.

[ecstatic]

6. that's a good idea.

Thanks. Wow! 90k? The program I'm looking into is 50k which is still a huge amount!

[taught_me_patience]

7. Yeah, it is a major investment

That's why you need to be completely and totally honest with yourself about the benefit you will gain. I "justify" the expense, because the program is a top 20. Good luck!

[damntexdem]

3. It's always a good time to get more education.

Take it from me, a totally-unbiased university professor. ;-)

[Motown_Johnny]

4. No Worker Left Behind.... there is government money out there to help with schooling

check into it, you have nothing to lose.