I already asked this over in r/college.
I'm 31. Currently taking some courses at a community college, to get me to the level I need to be at to enter their engineering science program. This program has very high transfer rates to 4 year schools, primarily a very highly ranked engineering school.
I will be ready to transfer for fall 2021. Until then I had intended to work full time and take 10-12 credits per semester and 6 credits over the summer. It's tough so far but I've adjusted well, currently have an A in 2 classes, and the 3rd class is a high B but an A will be no problem (missed a hw, entirely my fault I didn't know it was assigned)
Unfortunately, there are rumors my plant will be mothballed, and I'll be out of a job. It's been nice, I work a 3rd shift, and I had a plan to pay for the 3 years at CC out of pocket and wouldn't need to consider loans until transfer time. I had been saving up to put a down payment on a home, but no longer find my location or my career desirable. I do not wish to use these funds unless absolutely necessary.
I've decided that in the event I lose my job, I will be returning full time this fall. In fact, I have actually considered doing this even if the plant does not close. BUT this will force me to use loans so I can maintain my savings. It will be unlikely that I find another job with a shift that works while paying enough to pay for school out of pocket.
This will amount to roughly $12k of loans. In the grand scheme of things, tacking $12k onto whatever the transfer school will cost seems like a pittance, though my tune will likely change once the payments start.
My bills are relatively low. Alls said they total $500 per month not including Netflix, Hulu and some other unnessecaries(which can go). I moved in with family, not something I'm proud of approaching middle age but fuck it, it saves me a fortune. I can tolerate a more frugal lifestyle, and supplement what ever job I take with uber/lyft and some welding when it allows.
So to cut to the chase, is it crazy to take out an extra $12k or so to cut a year off of my pursuit of a degree? I'm not a young man anymore and I see an extra year in my new career. I haven't calculated the interest either, but my 10 credits are costing nearly the same as full time tuition, so going part time will actually cost me about $4k more out of pocket to get to the same point.
Just looking for others experience as a older college student. As I have already stated, this is likely what I will do should I lose my job, but would doing it regardless be a bad move?
Tl;Dr. Currently trying to do a 2 year program part time in 3 years. Is it a bad idea to take out $12k in loans to complete it in 2 years so I can finish it sooner?
Submitted March 06, 2018 at 02:08AM by VegunWelder http://ift.tt/2oSWQAH
