Degree or Debt?

I agree it depends on your particular field of study. but I'd say degree. I know for a fact that it does open doors, and quite often immediately puts you into a higher salary bracket. my DD flew up the ladder in a financial institution ending up in stocks and securities. her major....Spanish. (she wanted to be a teacher, then changed her mind) employers often (ok..it's not always fair, but that's life sometimes) acknowledge that the mere effort you took obtaining that college education shows you may be a person that follows thru...is driven to excel...dedicated. (again...just saying how it LOOKS out in the real world of big business sometimes. not always...but often) when I think of the job possibilities that opened for my son after graduating from college, I am thankful every day for that degree. it's not like you can't find a job and live a good life without it, but ask alot of folks working very hard making minimal salary which they'd prefer in the long run. and be aware that jobs that once only required a high school diploma now want that degree. it seems sad, but true. do I think most of college is a big ole waste of big bucks...yes, I actually do. however, if you really want to get ahead...get that degree. if you want a more simple life...pay the debt first, but when you're older you may end up regretting not finishing your education.

And, for me, this is the big thing. Life is short. Do you WANT the degree? How much?

Degree- hands down. I had experiences in college that have shaped who I am as a person. It was worth every penny. In my experience, better degree leads to better job which leads to better salary and better benefits/insurance.

Relevant facts:

Degree is a Masters in Library Science. I started the program a couple years ago because I was looking for something to do, basically. I got a part time job at the local library to see how I liked it and ended up hating it. (Could have just been that particular library.) Librarian salaries vary wildly. Also I have found that most librarians engage in a type of groupthink that I really am not comfortable with.

I am taking 1-2 classes at a time, paying for each out of my paycheck. I still have student loans from my undergrad, a mortgage, and need to save up for a decent used car when my current lease is up. Finishing the degree will likely cost about $6000. I have already invested over $10,000 out of pocket. No idea what kind of salary increase this degree might bring me, if any. I make very decent money now.

Since I started the program things have been niggling at the back of my brain, more or less a 'get your house in order' feeling. Like I need to get out of debt cause something big is gonna happen. Could just be me having a weird feeling. I have felt a huge sense of foreboding for quite some time now, which has put a huge dent in my motivation to be a good student. But depression runs in my family so that could be the cause.

So them's the facts. I really cannot decide whether to continue with this degree that I've already invested some money in, and that may or may not lead to a better job, or cut my losses and start getting rid of debt/saving up for land.

In your case I would get rid of the debt and put off the degree or take a class or two at a time. Go with your gut. I was recently reading an article that says that a college degree does not necessarily pay for itself (depending on the degree). Sometimes an advanced degree can be a detriment. I have a friend who has a masters in education and can not switch jobs/schools - no wants to hire her because if the do the have to (by Union rules) pay her a higher salary, which can hurt their already hurting school budget. This is something you might run into in the library field too.
I think education is important, but it seems not every employer is willing able to pay a higher salary for it.

Get rid of the debt. A degree in Library Science won't let you earn much more in that field because there are so many people out there with that degree.

You are right, get your house in order, first, then think about further education.

The plan that I recommend can be found here . . . .

Well, I certainly wouldn't keep going in a field you "hate". Before I took one more class I'd figure out another direction to apply your credits.

I had to make that decision a few years ago. To keep my teacher certification as a school librarian, Wisconsin requires me to obtain a Masters of School Library Science. I already owed too much money and decided against it even though it means moving by 2010.

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Marvelous Madame
Be kind to others. You do not know what burdens they are carrying.

Can your credits be used toward a different degree? I'd hate to put myself through college so I could work at a job I don't like. Takes years off your life. Or, is there a field of clerking other than working in a library, but requires a degree in library science? Something you'd be more interested in? Check out Law, for instance.

Six thousand dollars isn't really much money when looking at college degrees. I would take a single class at a time instead of giving it up entirely. It will take longer, but you will have something instead of nothing, and an unfinished degree is usually considered nothing. In fact, many employers look down on a person who did not finish a degree (doesn't finish what he starts- which is pretty shallow, I know). Most like to see a person who puts in the extra sweat to get a degree while working and raising a family- shows tenacity. Many employers love a degree so much that they will hire someone with a degree or advanced degree over someone who has no degree, even if the degree is in a totally different field than the job. Crazy, but true.

Myself, I would continue to go to college, but switch to something that will be useful to me when I have my land. Either horticulture/ag, or something I could do living in a rural community.

I can't use the credits toward a different degree. They are all geared specifically toward library work. I imagine I could use it to find a career other than that of a librarian - probably doing database management or something. I have thought of that as a possibility, but no guarantees there.

I just feel like I'm throwing money down a hole for no good reason. Especially since every single class I've taken has made me more and more sure that this is a useless degree. Virtually all of this stuff I knew how to do beforehand, or could have figured out with a few hours of googling.

I guess I probably should just stick it out and see what happens. But I'm really not learning much at this point, I'd only be sticking it out for that piece of paper at the end.

Depends on where the debt is coming from. If its a "student" loan then Yes take the debt. Those are usually pretty good on terms and not very nasty if your late. If its a normal loan that will be used twards schooling then you really need to look at earning potientals for the knowledge. Maybe you only need to go for a couple of years, get a better job then let your employer pay for the rest of the schooling.

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Gary in Central Ohio

I've got an advanced degree and *lots* of student loan debt to go with it, but I also have a really interesting job that I couldn't have without the degree.

I earn less than I would have if I stayed in my pre-grad school career, but I'm very fortunate to love my work (most of the time), which I didn't before.

There are more factors than just debt versus income potential. There's passion and quality of life, too, and your sense of identity. There's no right answer to your question, of course, but I encourage you to look at *all* the factors, and know that it's ok for you to value something intangible when you're weighing the pluses and minuses.

I surmise that you are planning to work in public libraries. Make sure your university has ALA accreditation or you are throwing your money away. How old are you? If you are under 40 and you would like a job in a library, keep on going. My decision to not do so was based in part on the fact that I'm 55 and would never get my investment back.

I've worked in both public and school libraries. I don't do too much of the 'groupthink' and find I've done better in smaller libraries. You may find the same to be true for you.

Salaries are a secondary consideration. Intern somewhere and see if you like the work. If you do and can see yourself doing that time of work for 20-40 years, go for it. If you dislike it, stop now. Either way, good luck.

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Marvelous Madame
Be kind to others. You do not know what burdens they are carrying.

Yeah! I'm afraid of going into debt because of just the kind of thing that seems to be about to happen now in the economy.

I am going the time-stretched route, which can be problematic when your college does not offer evening classes and caters only to traditional students. Sigh. But it's close-ish, it's the field I want, the people are good.

Best of all, I'm paying as I go, so there's no debt to freak myself out with.

It is a field I love, in my case. So in your case, I say these folks know what they're talking about. I haven't gotten my degree yet, but I'm just finishing some work in the field that I was able to do at the same time, so a little experience, I'm hoping, will be good.

I'm tired and cranky in life, but I'm making progress toward my degree.

Unless there is some other area that has a demand for library science degrees, (checked monster.com , jobs.com?) finishing an advanced degree in an area in an area you dislike, is throwing good money after bad, IMO.

Some times you have to just cut your losses. Face it and move on.

Good luck.

Marty

Hey.

Alot would depend upon the interest rate you're paying. If you can make a higher percentage thru investment, I would continue to carry the loan. If you're paying high rates to credit cards, you should pay them off asap.

If the degree won't guarantee a higher income, don't waste your money during these troubled times. You can't eat paper...

RF

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It's not good enough that we do our best; sometimes we have to do what's required. - Winston Churchill

Paria copulantur paribus. Things unite with similar things.

To what extent can debt and education be compared? As in accumulating stocks, gain as much education as you can afford and still continue to sleep at night.

What exactly will and advance degree in library sciences do for you? Has some one offered you a job for more pay if you had a higher degree? If not, you answered your own question, you said you aren't learning anything. If your degree isn't worth the paper it's written on, that's probably about what you should pay for it...

It doesn't sound like you are very happy with this career in the first place. If so, why would you want to stick with it? Pay off your debt and start looking for a different area to work in. Then start taking classes in that area.

Definitely pay off the debt. The money you would have been using to pay payments each month could be saved and applied towards school. Afterall if you went for the degree you would only be getting further in debt without the guarantee of making more money in the end.

Can you even get student loans???? Word on last nights news was that area was going to dry up very very fast and hit hard.
Get out of debt and stay out of debt.