Revisiting Grad School

[theblissisback]

I know I asked about this before...

That program was the 1st of it's kind and we (the board and myself) decided it wasn't a good match.

However, there's another more established program I've been eyeing. I know a small handful of people who have completed it and are in wonderful roles now.

While my company is growing, that doesn't mean anything isn't definitely isn't a for sure shot.

So...I'm considering doing this program. It won't be until Fall 2017 so I'd have time to study for the GRE.

It definitely relates to my company and could 100% increase my earning potential. And if my company fails then I hAve this as a fallback or Plan B.

I'd get student loans to pay for it. And that would likely push me towards $100,000. Not quite, but close enough to make me blush.

So...what am I missing? Pros, cons, more information?

[lys]

Can you do the program part time while you work full time? AND pay as you go rather that take out more student loans?

[theblissisback]

Apr 25, 2016 20:34:54 GMT -5 mp said:

It's all so vague it's hard to say.

What is the program? The field? The school's reputation?

I mean, do it if you want to do it. But I don't think many can give a truly informed decision with the vagueness to this post.

It's all so easily found that I hesitate to share because of my history with this board and recent events.

It's a program for my industry in a school with a fantastic rep.

It's relevant to my career + company. Does that help? Lol.

[theblissisback]

Apr 25, 2016 20:39:15 GMT -5 lys said:

Can you do the program part time while you work full time? AND pay as you go rather that take out more student loans?

Oh I'd definitely be working. It's the pay as you go, that I wouldn't be able to do.

I'm not opposed to more loans. Although, I know MM in general is. I don't want to own a house and will not be having kids. So, I feel for me, student loans is acceptable.

[hamster]

Lol at the new name.

I wouldn't want 100k in loans given your career field. I don't think it's worth it. Networking and expanding skills will earn you more.

[theblissisback]

Apr 25, 2016 20:44:21 GMT -5 hamster said:

Lol at the new name.

I wouldn't want 100k in loans given your career field. I don't think it's worth it. Networking and expanding skills will earn you more.

I agree and disagree. I've definitely learned a lot with expanding skills and networking. I do think there's something to be said about getting a Masters in my industry.

Especially, if my biz fails.

But, you're right the student loan number makes me cringe.

[Deleted]

I need more info. Getting loans would push you to $100k but how much debt do you currently have? I will be honest that I had about $70k in loans from undergrad and then took an additional $60k for law school and I'm still paying them all off at age 36. It's a PITA but was worth it for me to get into a career I enjoy. But it sounds like you already have that? I would need to see an ROI before making an opinion I guess.

[theblissisback]

Apr 25, 2016 20:45:54 GMT -5 mp said:

Are you still in social media?

I would look into a degree like communications or marketing ... something that could transfer outside this niche field as well. (Though, social media is certainly not going away anytime soon.)

But I would be hesitant to do anything that would benefit your *company* given how easily those can change.

I fixed the OP to say that it would be a fallback / Plan B, if my company fails.

It would help my company but would help in other areas in the event it doesn't pan out.

[theblissisback]

Apr 25, 2016 21:01:53 GMT -5 @notquiteblushing said:

I need more info. Getting loans would push you to $100k but how much debt do you currently have? I will be honest that I had about $70k in loans from undergrad and then took an additional $60k for law school and I'm still paying them all off at age 36. It's a PITA but was worth it for me to get into a career I enjoy. But it sounds like you already have that? I would need to see an ROI before making an opinion I guess.

Current have about $60-70k in debt.

It would be under $40k for the degree.

While, I do have a career I enjoy, I know that having this degree will open more doors if I need them.

So, that's why I struggle. It's not a concrete ROI. But I'd rather do the degree now than 3,5,10 years from now when my company folds.

[AAM2012]

Against my better judgment...


What exactly is causing you to revisit this?! You knew going in that nothing is "a sure shot" (no job/carrier/marriage/decision is..) so what has changed specifically?



Either way, nobody can answer this question without knowing your current income and future income potential with this new degree.

Good luck.


Edit: Also agree with @kirkette that if you have people who have gone through this program, then use those as resources rather then paying $40k.

For the record I think (IMO) $40k is a LOT of a masters unless you are in a specialized field, i.e. Attorney, Doctor, CPA (maybe?).

[theblissisback]

Apr 25, 2016 21:56:37 GMT -5 @kirkette said:

I'd wait it out, unless the employer is funding a large chuck of tuition.

I'd also see if I could take out one of may contacts who completed the program, and pick their brain strategy wise. It may be more than the program that got them ahead to their new position.

$40k is a lot of sunken costs especially if the same thing can be attained by smart networking.

It's definitely a sunken cost.

That doesn't bother me as much as it should I suppose.

[theblissisback]

Apr 25, 2016 22:17:26 GMT -5 AAM2012 said:

Against my better judgment...


What exactly is causing you to revisit this?! You knew going in that nothing is "a sure shot" (no job/carrier/marriage/decision is..) so what has changed specifically?



Either way, no body can answer this question without knowing your current income and future income potential with this new degree.

Good luck.

Nothing has changed. It's been a thought that I've pordered for years. A recent connection with an alumni of this program reignited interest.

So..it's something I find myself longing for, if the right fit comes along. This seems like it. But, who knows. It's a year away.

And it would help in 10ish years when I pivot directions.

So...it's just something on my mind. Getting a master's was always the plan at some point along my journey.

[AAM2012]

Apr 25, 2016 22:21:43 GMT -5 theblissisback said:

Apr 25, 2016 22:17:26 GMT -5 AAM2012 said:

Against my better judgment...


What exactly is causing you to revisit this?! You knew going in that nothing is "a sure shot" (no job/carrier/marriage/decision is..) so what has changed specifically?



Either way, no body can answer this question without knowing your current income and future income potential with this new degree.

Good luck.

Nothing has changed. It's been a thought that I've pordered for years. A recent connection with an alumni of this program reignited interest.

So..it's something I find myself longing for, if the right fit comes along. This seems like it. But, who knows. It's a year away.

And it would help in 10ish years when I pivot directions.

So...it's just something on my mind. Getting a master's was always the plan at some point along my journey.

We could be driving in space like the Jetsons in 10 years so I vote HELL NO.

[daisypaloma]

I don't see why not.

If it's a specialized program that is highly technical and is always evolving/changing with the times it may be iffy.

Otherwise, now that you're still single, and still in your 20's; and has no major distractions going on in your life, I think it is worth it to invest $40K towards your future.

Ditto PP's: ask your friends: how much more of a jump in pay since they graduated with the degree?  That should give you an idea how many years you can likely get your $ back on average.

[Deleted]

How much does it increase your possible earning potential? You say only a small handful of people have completed it. oOu say wonderful roles but... money wise...

If you work and go to school, are you able to pay some cash towards the program? That's a ton of money for a program. Especially for one that you don't know for sure will end up using.

[theblissisback]

Apr 25, 2016 22:42:54 GMT -5 daisypaloma said:

I don't see why not.

If it's a specialized program that is highly technical and is always evolving/changing with the times it may be iffy.

Otherwise, now that you're still single, and still in your 20's; and has no major distractions going on in your life, I think it is worth it to invest $40K towards your future.

Ditto PP's: ask your friends: how much more of a jump in pay since they graduated with the degree?  That should give you an idea how many years you can likely get your $ back on average.

It's not a technical degree. That would definitely be a sunken ship.

Sadly, I'm not in my 20s much longer. But...I'll be single for longer.

I'll ask about income increase.

I'm also going to look into auditing a few select courses.

[theblissisback]

Apr 25, 2016 22:43:32 GMT -5 @lemonlover said:

How much does it increase your possible earning potential? You say only a small handful of people have completed it. oOu say wonderful roles but... money wise...

If you work and go to school, are you able to pay some cash towards the program? That's a ton of money for a program. Especially for one that you don't know for sure will end uph using.

Lots of people have completed it. I personally know a handful.

I don't care about the money. That doesn't excited me. What excites me is the opportunities this could provide.

Could those come from other means, you bet. But could this help me in the event my current path doesn't work out, definitely.

Honestly, I doubt I'd be able to cash float it. Nothing is impossible.

[Deleted]

Apr 25, 2016 22:55:47 GMT -5 theblissisback said:

Apr 25, 2016 22:43:32 GMT -5 @lemonlover said:

How much does it increase your possible earning potential? You say only a small handful of people have completed it. oOu say wonderful roles but... money wise...

If you work and go to school, are you able to pay some cash towards the program? That's a ton of money for a program. Especially for one that you don't know for sure will end uph using.

Lots of people have completed it. I personally know a handful.

I don't care about the money. That doesn't excited me. What excites me is the opportunities this could provide.

Could those come from other means, you bet. But could this help me in the event my current path doesn't work out, definitely.

Honestly, I doubt I'd be able to cash float it. Nothing is impossible.

Money is important though for when you repay your debt/loans or want to live. So while money may not be your goal, it is important to live within your means. Can you currently afford 100K in debt on your current salary?

[theblissisback]

Apr 25, 2016 23:46:24 GMT -5 @lemonlover said:

Apr 25, 2016 22:55:47 GMT -5 theblissisback said:

Lots of people have completed it. I personally know a handful.

I don't care about the money. That doesn't excited me. What excites me is the opportunities this could provide.

Could those come from other means, you bet. But could this help me in the event my current path doesn't work out, definitely.

Honestly, I doubt I'd be able to cash float it. Nothing is impossible.

Money is important though for when you repay your debt/loans or want to live. So while money may not be your goal, it is important to live within your means. Can you currently afford 100K in debt on your current salary?

Yes. I'd have to give up a lot....

[just]

Apr 25, 2016 22:51:43 GMT -5 theblissisback said:

Apr 25, 2016 22:42:54 GMT -5 daisypaloma said:

I don't see why not.

If it's a specialized program that is highly technical and is always evolving/changing with the times it may be iffy.

Otherwise, now that you're still single, and still in your 20's; and has no major distractions going on in your life, I think it is worth it to invest $40K towards your future.

Ditto PP's: ask your friends: how much more of a jump in pay since they graduated with the degree?  That should give you an idea how many years you can likely get your $ back on average.

It's not a technical degree. That would definitely be a sunken ship.

Sadly, I'm not in my 20s much longer. But...I'll be single for longer.

I'll ask about income increase.

I'm also going to look into auditing a few select courses.

Most colleges charge a hefty fee to audit. Most of the ones I've worked at its about 70% of the actual charge for the class so that may not be a good direction to move in.

[dr.girlfriend]

I think it's worth the risk to say what actual degree it is on here. I mean, it's not like you're shy with your identity generally.

That said, is $40k all tuition and books for two years? That seems steep. Will you be eligible for another $40k in student loans? What's your current student loan payoff plan?

[Saint Monica]

I think it is a great idea~!


#learningis4lyfe!

[steamboat185]

There are so many free or low cost ways to learn I wouldn't invest 40k in school unless the ROI was there. Orginally I planned on getting a masters, both my parents had one, but I really don't need one at this stage in my career. What's on my resume in experience is more valuable than an advanced degree- especially one that costs so much.

[theblissisback]

Apr 26, 2016 9:05:21 GMT -5 Saint Monica said:

I think it is a great idea~!


#learningis4lyfe!

]


I know you're being an ass.

But yes, learning is for life. At least for my life. It's one of the things I enjoy most and why I've invested so much in continued education.

This is just another avenue that I keep circling back too. So, for me, it's worth a consideration.

And perhaps, that consideration is waiting until Fall 2019 and paying for most popular. Who knows.

[theblissisback]

Apr 26, 2016 8:22:31 GMT -5 dr.girlfriend said:

I think it's worth the risk to say what actual degree it is on here. I mean, it's not like you're shy with your identity generally.

That said, is $40k all tuition and books for two years? That seems steep. Will you be eligible for another $40k in student loans? What's your current student loan payoff plan?

After everything that has gone down here, I don't feel comfortable. I already have enough fans who Internet stalk me as it is.

I believe I'm eligible, I don't see why I wouldn't be.

Current plan is just continue paying.

I guess I compare it to buying a house. But instead of a house, it's a degree.

Idk. Like I've said, it's an idea I keep coming back too. So..

[irene adler]

If you know people who have already been through this program, why are you not targeting them for advice instead of making a vague post about it to ask some strangers who can give you no real insight without more details? This is not the network you need to be working/consulting.

[theblissisback]

Apr 26, 2016 10:38:52 GMT -5 irene adler said:

If you know people who have already been through this program, why are you not targeting them for advice instead of making a vague post about it to ask some strangers who can give you no real insight without more details? This is not the network you need to be working/consulting.

I am. Lol. I posted that in the OP.

I'm posting because of the money side of the equation.

MM doesn't see the value based on the unclear ROI. So while, I'm itching to do it, I know that talking to those individuals will convince me to go ahead.

While MM will make me think about the ROI and calculating that. Or how to best calculate it. I'd charge more for my services + in the event I need to renter working for someone else it would certainly help.

So....I post to keep the MM side fresh instead of just jumping in because the people I know are rockstars and I want to. Lol.

[theblissisback]

Apr 26, 2016 11:46:14 GMT -5 mp said:

FWIW, $40k for a masters degree seems pretty cheap to me, given that the programs I looked at were all $50k plus, lol. And I am now in a more $$ MBA program. weeeee. Yay for debt.

I just don't know that I would do it for a maybekindamaybe career change in 10 years and you're not really sure of the payoff.

It's not a career change. I'd still be in the same industry.

It would help my current situation (entrepreneur) and if that pivots in 3,5,10 years, this degree would be a great thing to fall back on. Same as my current degree, but this would put me in a different league than my current degree.

I'm not sure how to quantify the payoff. I could guess that it would be a 20-50% income increase. But that's guessing so....

[quesyrah]

If the masters is your fallback plan 10 years in the future is it sill going to be relevant/current?

I can't imagine going another $40K+ into debt now for something that you might possibly want to use 10 years down the line.

Where does the 20%-50% increase in income come from? If you own your own company, you set your rates....so you can just charge more if you're worthy of a higher rate. You don't need a masters to increase your income that you set yourself

[theblissisback]

Apr 26, 2016 13:18:59 GMT -5 quesyrah said:

If the masters is your fallback plan 10 years in the future is it sill going to be relevant/current?

I can't imagine going another $40K+ into debt now for something that you might possibly want to use 10 years down the line.

Where does the 20%-50% increase in income come from? If you own your own company, you set your rates....so you can just charge more if you're worthy of a higher rate. You don't need a masters to increase your income that you set yourself

Exactly, I don't need the degree to charge more.

But I don't know where I'll be in 3 years.

So....it is a gamble.

And I need to sit down and really think about the ROI.