I got a very general bachelors degree which I regret, but due to scholarships/grants I was able to go to school for free and live at home so I was able to save quite a bit. I decided to go for my masters degree immediately after because the field is in high demand, it is something that I am passionate about and eager to begin, and it pays much better than my options with my bachelors degree. The program is going to cost me $46-50k (tuition is 46, estimating up to 50 to account for textbooks/parking/driving), and I have about $25k between a savings account and investments. I plan on taking out federal student loans and paying out of pocket for some tuition costs, but my question is how much should I plan on keeping in savings?
A few things that may impact the response:
The program is 2 years.
I have a car with 130k miles on it. I live ~10 miles from campus and will be required to drive 1-2 hours away for practicum during one semester of the program. I will also have practicums every semester within the city.
I have a couple side hustles which are enough to have me break even, but with just the GA position that I received from the school my expenses are about $250/mo more than what I will be receiving not including emergencies or entertainment.
The school has told us that they recommend we do not carry any outside work due to the rigorous nature of the program, but we have ~2 months a year worth of breaks where I plan to work.
I know there are tax benefits for being in school but I am not sure how to determine how big of a return I will get. (any tax advice on this would be very much appreciated, next year will be my first year filing as an independent)
I have family that would be willing to loan me money temporarily if needed for an emergency.
Submitted July 24, 2021 at 08:02AM by Puzzleheaded-Text947 https://ift.tt/3eRwmdB
