Is it better to go back to school if I already owe a lot for loans, if I don't make very much with my BA?

Question

Help! I got my bachelor's in communications, and now I can't make over $31,000 (in CT that's not much). I can't seem to advance much and it's been about 4 years since I graduated. If I go back for a master's it will add to my school loan repayment, which is already going to be $23,000. ($161 for 20 years!) I am between a rock and a hard place, but am open to any ideas at this point. HELP.

Answer 1

You should definitely go back to school.  Your increased loan payments won't hurt, because you'll be making more with a more advanced degree.  In addition, $23,000 in loans actually isn't much--at the school where I got my bachelor's, the average student loan debt at graduation was upwards of $50,000.  Also, in case this is part of why you're hesitating, keep in mind that as long as you make the payments to your loans on time, students loans are not bad for your credit score--it's not the same thing as having $23,000 in credit card debt.

Answer 2

I was in a similar place.  The only way I could pay off the loans was to go back to school. After my B.A. I was not earning great money.  It is once you specialize you education that you can make enough to pay it off.  

You do need to be careful how you spend the money.

At the time the springbreak trip might seem essential but you will hate how much it costs you in interest later.

I'm not saying you did that but I watched one of my roommates blow a huge portion of her loan on movies, latest fashions and a trip that "she deserved".  Fifteen years later she is still not fully paid off. Scary.

Good luck.

Answer 3

No that isnt much but here's an idea.  Get a Teachers Certification for English.  If you teach at a Title IV school they do a loan forgiveness program.  I know in my district here in Houston TX. 1st yr teachers come in making 43k.