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Would You Go $50,000 In Debt on Purpose?? - UPDATE IN THE OP - Page 5

post #81 of 120
Quote:
Originally Posted by BelgianSheepDog View Post
I just thank God that so many good people are willing to take on mega-debt to prepare for jobs where they help people in profound ways. Nurses, social workers, lawyers, doctors, teachers, pastors, rabbis, etc. Honestly, I am thankful to everyone who does this. And God willing I'll be one of them soon.
I know people who have had to make different choices than what they originally wanted to do because of their student loan debt. A MSW friend took a DCFS caseworker job instead of going into adoption because she needed the higher pay for her student loans. A nurse we know works 2 jobs to pay off their BSN from a private university, and wishes she went to the community college for an ADN instead.

Debt influences the choices you can make in the future.

And for nursing, there is no reason to go into mega-debt. Especially when one spouse can work and bring in money.
post #82 of 120
Quote:
just thank God that so many good people are willing to take on mega-debt to prepare for jobs where they help people in profound ways. Nurses, social workers, lawyers, doctors, teachers, pastors, rabbis, etc. Honestly, I am thankful to everyone who does this. And God willing I'll be one of them soon.
With the exception of law school and medical school, it is entirely possibly to gain the education one needs without major debt. My dh is a teacher and didn't go into major debt to do so. I got both an undergraduate degree and a master's degree without paying a single cent in tuition (scholarships, assistantships, fellowships). Education doesn't HAVE to cause major debt.

Not to mention,that as the previous poster mentioned, debt definitely influences what job one takes. I have a friend who is an RN and does the night shift because it pays more (because she needs more money to pay off student debt), however the hours of that ARE taking a toll on her and her family. It is definitely very hard to adjust to that schedule of working some nights, off some nights.

No debt is not a moral failing, however it does make things harder. Plus, debt like this can never go away (until you die or pay it off). At least with a mortgage, one can always sell the house, not mention that usually one would be paying that money in rent anyway.
post #83 of 120
Guess that's what I get for trying to say something positive in a thread full of hysteria and doomsaying. You sure showed me!
post #84 of 120
Thread Starter 
Quote:
Originally Posted by KaraBoo View Post
Can I ask why you are making this plan with your friend's input rather than your husband's? What does he think of this? Is he sympathetic to your feelings of missing your child's young years? Can you cut back on a great many things in order to keep from racking up 50K?
OP here!


LOL, DH and I are making this decision together! I just didn't put it in the OP, but yes, he is very "in" on this. He feels mixed, too, and wants to get others input. He is very sympathetic about my feelings about missing DS's young years.

Oh, someone asked "Why $50k" (good question). Because we are estimating that it will cost us about $25/year to live, probably less actually, but we wanted to estimate too high rather than too low.

And DH has 2 years left of school.
post #85 of 120
Thread Starter 
Quote:
Originally Posted by GoodWillHunter View Post

Making yourself calm and peaceful is worth everything in th world as it will affect your whole family. I've learnd this recently and it's worth it's weight in gold.


Thank you. This is what I keep hearing, and it makes more and more sense.
post #86 of 120
Thread Starter 
Quote:
Originally Posted by DandeCobb View Post
it depends, what kind of nursing is your DH thinking of going into? with a BSN he certainly does have a huge income potential but more so if he is interested in going into ciritical care and is okay with off shifts (2nd or 3rd shift) if that is the case, then i say yeah go for it. =


Yep, he is getting his BSN, and wants to do some type of nursing specialty that pays well. He will be making good $ when he's done, that is not an issue here.
post #87 of 120
Quote:
Originally Posted by BelgianSheepDog View Post
Guess that's what I get for trying to say something positive in a thread full of hysteria and doomsaying. You sure showed me!

you tried
post #88 of 120
Quote:
Originally Posted by BelgianSheepDog View Post
I just thank God that so many good people are willing to take on mega-debt to prepare for jobs where they help people in profound ways. Nurses, social workers, lawyers, doctors, teachers, pastors, rabbis, etc. Honestly, I am thankful to everyone who does this. And God willing I'll be one of them soon.
Absolutely. However, many people do need a reality check on this spending. If you go into 60K of debt, then take off 4-10 years to raise children, and then end up in a job that you like alright but makes 10 bucks and hour....you've over trained.

All knowledge is good. All education is good. Debt for no purpose is not.
post #89 of 120
We are doing that. I look at it as an investment in my child. In our case it's more of about $12,000 a year, as my DH is not only a full time student, but a full time employee as well. His salary pays the bills and the student loans we take out pay for everyday expenses. It's nice because it enables me to stay home and be a full time mom.
post #90 of 120
Quote:
Originally Posted by Demeter9 View Post
I don't know about where you live, but student loans are tax deductible in Canada.
Actually, it's just the interest payments that are tax deductible (small PSA for Canadians). And, of course, if you decide to consolidate under a line of credit, it's no longer officially a student loan, so you don't get the deduction.



[QUOTE=Empress;9433285]I know people who have had to make different choices than what they originally wanted to do because of their student loan debt. A MSW friend took a DCFS caseworker job instead of going into adoption because she needed the higher pay for her student loans. A nurse we know works 2 jobs to pay off their BSN from a private university, and wishes she went to the community college for an ADN instead.

Debt influences the choices you can make in the future.

QUOTE]


Yes, that. My career choices were very strongly influenced by debt, and that ends up being the case for many professionals.

I'm not totally sure what I would do in your situation. I'd lean towards a middle ground - leave the horrific job for your own health and sanity, but do whatever you can over the next two years to avoid that level of debt. Part-time work, babysitting, paper routes. Can your husband work in the summer? We lived on student loans when I was finishing school, and having the early years together as a family was fantastic, but on the other hand we're all paying for it now, with my long hours.

Hence the middle ground. You don't want the fact that you left your lousy job today to be the reason your dh has to stay in a lousy job tomorrow.
post #91 of 120
Very intresting concept, we are almost in the same boat. I am currently a SAHM & have been for almost 4 years. DH's income has dropped DRAMATICLY rcently & I started looking for p/t work. I have an interview tomorrow that I am DREADING! : I don't want to leave my boys at all, for a number of reasons. I am also studying to do medical transcription & will be done around Aug. I have been seriously concidering skipping the job & continueing to use credit cards to suppliment our income. It is just so stressful to have such debt. Although I guess student loans are much easier to deal with than credit card debt.

So I guess to actually answer your question. YES!! I've also had jobs that I loathed & combineing everything it just isn't worth it. I say go for the student loans & enjoy your babies.
post #92 of 120
You mention in your OP that you may get a second mortgage for this. If that is your intention, you need to investigate that now while you still have income. Home equity lones have gotten much more difficult to come by in just the last couple of months. The terms and interest rates are not nearly as favorable to the consumer as they were just a short time ago. If a portion of your plan hinges on this, you'll want to check that out before you do something drastic like quit your job.

To answer your original question, my answer would be no. Around here nurses are making only about $40,000 right out of school. That is actually down from what it was a couple of years ago. I don't think it's safe to assume that your DH will automatically make good money right off the bat just because he's going into nursing.
post #93 of 120
Quote:
Originally Posted by abac View Post
Yep, I would. But then, I'm more about peace and happiness than I am about money.
:

I'd do it, mama.
post #94 of 120
Quote:
Originally Posted by Mpenny1001 View Post
To answer your original question, my answer would be no. Around here nurses are making only about $40,000 right out of school. That is actually down from what it was a couple of years ago. I don't think it's safe to assume that your DH will automatically make good money right off the bat just because he's going into nursing.
That's the same in our area. New grads make around $40K to start, $45Kish at most with night and/or critical care differentials. Many hospitals cap how much OT you can get, which is why many nurses take second PRN jobs at other places.

And interestingly enough, the best place to work in this area pays at least a couple dollars less an hour than most because they treat the staff better.
post #95 of 120
I'd do it. I did it.

We incurred about $35k of debt for me to get my nursing degree... Not all student loans, but most. In the past 6 months we've paid back $12k.

And FWIW, everyone is different (there! I said it!) and my family and I LOVE that I work nights. Next to nothing for childcare and 4 full days a week that I don't work at all...

Oh, I live about 1.5 hours north of NYC. By no means a big urban market, and not quite the middle of nowhere
post #96 of 120
I have a bit more the $50k in student loan debt. There is not 1 single day that goes by that I don't wish with every fiber in my being that that debt wasn't there. It causes much more stress than anything else in my life. It's a huge monthly payment and an even bigger mental and emotional stress that will be there for decades.

My situation is different from yours in that I acquired my debt before having DS, but I personally would not consider it. If you're debt-free, or even just mostly debt-free now, I would work very hard to stay that way. It's a very difficult hole to get out of once you're in it and might very well cause just as much stress, if not more, than you're already experiencing. Except then you'll be stressed out *and* in debt. Just my .02... everyone has to make their own choices and I wish you the best of luck with yours.
post #97 of 120
I wouldn't do it. But I might quit and have a home daycare, assuming that you have the space for that.

The thing is, what sounds like big money can often turn out to feel like a lot less when you get there. My dh got about a 15K raise with the job he has now and we were certain that we were going to be on easy street now. But we're not. And I still can't figure out why. Now he doesn't have a super high income, say 6 figures, but it is a good income IMO.
post #98 of 120
Thread Starter 
I just updated my upsetting news in the OP.
post #99 of 120
Sorry to hear about your update. Ugh!!!! That sucks.
post #100 of 120
That stinks. Sorry to hear.
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