Is Going Back to School Financially Feasible For Me?

[Proprietary]

Hey everyone. I would like to go back for a post-bacc in Spring of 2005 at Rutgers, but I need you guys to help me out. I'm not too sure if it's financially feasible right now. Perhaps I should put it off for another year and continue working where I am now. I will give you my financial stats and maybe you guys out there with a little life and money-managing experience can give me some much-needed and much-appreciated advice.

I am 22 years old, and as of now I make $50,000/yr in an accounting firm where I am just not happy. If I continue working there (and being miserable), right up until when my post-bacc starts and then quit the job, I will manage to save approximately $10,000. I also have $10,000 coming to me from my grandfather. That leaves me $20,000. The post-bacc runs about 6 grand, and I can probably live on 8 hundred a month of living expenses. There is also a possibility that I will get canned from this job on October 15th (long story), at which point I will have $5,000 saved up. Do you guys think I should just go and do my post-bacc now, or wait till I am a little more financially stable? Any advice from you guys would be greatly appreciated . . .

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[pinkey]

just take out loans and do it. in the long run trading an entire year for a measly $5000 will seem like a TOTAL waste.

 

[Megalofyia]

Where do you live? $800/month seems kind of steap.

 

[Proprietary]

New Brunswick, NJ.

 

[njbmd]

Hey everyone. I would like to go back for a post-bacc in Spring of 2005 at Rutgers, but I need you guys to help me out. I'm not too sure if it's financially feasible right now. Perhaps I should put it off for another year and continue working where I am now. I will give you my financial stats and maybe you guys out there with a little life and money-managing experience can give me some much-needed and much-appreciated advice.

I am 22 years old, and as of now I make $50,000/yr in an accounting firm where I am just not happy. If I continue working there (and being miserable), right up until when my post-bacc starts and then quit the job, I will manage to save approximately $10,000. I also have $10,000 coming to me from my grandfather. That leaves me $20,000. The post-bacc runs about 6 grand, and I can probably live on 8 hundred a month of living expenses. There is also a possibility that I will get canned from this job on October 15th (long story), at which point I will have $5,000 saved up. Do you guys think I should just go and do my post-bacc now, or wait till I am a little more financially stable? Any advice from you guys would be greatly appreciated . . .

Hi there,
As a previous poster said, "Borrow the money you need" and attend school if you are truly "miserable". You should hang onto your savings for emergencies and borrow enough for living expenses. As you know being a financial guru, the interest rates on educational loans (govenment) are pretty low. Still, staying in your job a couple more years and having even more savings is not a bad idea.

What you don't want to do is burn bridges behind you. If you stop working, do you have a means to return if you change your mind again? You need to keep the doors open.

You also need to make sure that you have plenty of time to devote to your studies. This means taking your time and doing a great job. What happens if after your first semester of post bacc and you decide that pre-med science is not your thing? You need to have a Plan B and a Plan C.

Otherwise, you have been very saavy to save some money as you anticipated this change. Just make sure that you have a back-up plan that you can live with. This is a marathon and not a sprint. Good luck with your studies and do well.


njbmd

 

[AnAppleADay]

Where do you live? $800/month seems kind of steap.

Heh, I was just thinking: "Wow, I wish I only needed 800 a month to survive!"

My rent alone is more than 800... throw in food, utilities, insurance, blah blah blah, and it's nearly double that. Such is life, I guess...

 

[Megalofyia]

If I paid 800/month in rent I'd want to be living in some sort of really big house. My rent is about 400/month and that's for a place that's much bigger than I need.

 

[ZanMD]

if you live on the east or west coast you'd be lucky to find a 400 sq ft apt fr 800/month.

 

[i61164]

Hey everyone. I would like to go back for a post-bacc in Spring of 2005 at Rutgers, but I need you guys to help me out. I'm not too sure if it's financially feasible right now. Perhaps I should put it off for another year and continue working where I am now. I will give you my financial stats and maybe you guys out there with a little life and money-managing experience can give me some much-needed and much-appreciated advice.

I am 22 years old, and as of now I make $50,000/yr in an accounting firm where I am just not happy. If I continue working there (and being miserable), right up until when my post-bacc starts and then quit the job, I will manage to save approximately $10,000. I also have $10,000 coming to me from my grandfather. That leaves me $20,000. The post-bacc runs about 6 grand, and I can probably live on 8 hundred a month of living expenses. There is also a possibility that I will get canned from this job on October 15th (long story), at which point I will have $5,000 saved up. Do you guys think I should just go and do my post-bacc now, or wait till I am a little more financially stable? Any advice from you guys would be greatly appreciated . . .

You are not too far from NYC. Maybe you can keep your job and do a post-bacc at Hunter College at night. Almost all of the post-bacs there work full time day jobs to support themselves. Or, better yet, get a new job in a health care setting. I knew a guy at Hunter that landed a job as a clerk in the ER at NYU. He had no prior experience. A job like that would give you the clinical experience that you need to get into med school, and Hunter is cheap, so you would be able to pay your way through. Maybe you could do this at Rutgers as well, but I don't know if they cater to night students like Hunter does.

 

[GIGATT]

Well, if you want it bad enough you can do it regardless of finances. My husband and i are up to our foreheads in loans and after school expenses we have a total of 12,000 a year to live off of. May i mention that we have two kids? We do without a lot but we're happy and we're accomplishing our goals. That is more than half the well paid population is doing. good luck to you!

 

[Celiac Plexus]

I would get started on the road to med school ASAP. There is no really good reason to delay your plan for a year or two just to save a few thousand dollars.

You're an accountant, so consider this: Every year that you delay your medical career will cost you a year of peak earnings as a physician. So, a delay of one year now to save 5,000 dollars will cost you a year of peak year earnings as a physician which could be anywhere between 150,000 dollars to 1,000,000 dollars.

As far as working while your taking "post-bac" classes... You'll have to generate some income of course to support yourself during this period. Although loans are available, and the interest rates are low, I recommend that you keep working at least on a part-time basis while you are taking classes. Mainly, because you need to give yourself enough time in the day to study and do well in your courses. But also, you may have to take out loans for medical school, and there is a limit to how much you can borrow.

One way to save a lot of money right away is to move in with your parents. If they will agree to this, you could save up to 800 dollars a month. It might suck to move back in with the 'rents, but it's something you should consider. It would only be for a year or two.

Good luck.

 

[Proprietary]

You guys are the best . . . Thank you all for the insightful responses to my initial post. I feel like I have found a great group of people for support as I go through this potential transition in my life. *tear* I know now that finances are the last thing holding me back from going to medical school. In fact, I am probably in damn good financial shape all things considered. The only thing holding me back from medical/other health professional schools is ME. I need to make the decision if I truly want this. I know I have the ability in the classroom.

If I can tap into all of your collective wisdom one more time, I need to ask you guys another question. At the ripe old age of 22, I have met and fell in love with the love of my life. I have a good-paying job right now with good benefits, and I feel like I need the money from this job to give her the ring, house, etc. By quitting this job and going for medical school, I am taking a sure thing in a solid relationship and risking it. I am making a big financial risk, and also a big risk with my personal life. One, I could have to move far away for medical school. Two, when we are finally ready to get married, her parents may not approve of me because I'll be in school, and not "established" financially or professionally.

So, this is not a decision of if I want to become a doctor/pharmacist/other health professional. Because I know if I had to do it all over again, that's what I'd do. But right now my life is good. I have the girl, I have a decent career (could be happier), friends, etc. I just don't want to be 60 years old and wonder what if? Can anyone give me some advice? I'm one confused mofo right now. As for now, I am here and you are there and this is PROPRIETARY VOLUME II!!!

 

[ZanMD]

Well there's something wrong on several levels here. First, don't put the woman before the career. She will understand. And if she doesn't, then she's no the one for you. Never let a woman stand between you and your dreams.. that's what marriage is for And until you say "I do" you still have options.

Secondly, if she needs an expensive ring and a house for you to "prove your love to her", especially at your age, then she's not the right girl. She should be understanding of your choices, and be able to see the big picture. If she's really in love with you, that stuff won't matter to her. And if it does matter, just DTB(I'll let you figure that abbrev out). Because you willl have no problems replacing her down the road.

As someone said: the longer you're married, the longer you can go........

without sex.

 

[Celiac Plexus]

You guys are the best . . . Thank you all for the insightful responses to my initial post. I feel like I have found a great group of people for support as I go through this potential transition in my life. *tear* I know now that finances are the last thing holding me back from going to medical school. In fact, I am probably in damn good financial shape all things considered. The only thing holding me back from medical/other health professional schools is ME. I need to make the decision if I truly want this. I know I have the ability in the classroom.

If I can tap into all of your collective wisdom one more time, I need to ask you guys another question. At the ripe old age of 22, I have met and fell in love with the love of my life. I have a good-paying job right now with good benefits, and I feel like I need the money from this job to give her the ring, house, etc. By quitting this job and going for medical school, I am taking a sure thing in a solid relationship and risking it. I am making a big financial risk, and also a big risk with my personal life. One, I could have to move far away for medical school. Two, when we are finally ready to get married, her parents may not approve of me because I'll be in school, and not "established" financially or professionally.

So, this is not a decision of if I want to become a doctor/pharmacist/other health professional. Because I know if I had to do it all over again, that's what I'd do. But right now my life is good. I have the girl, I have a decent career (could be happier), friends, etc. I just don't want to be 60 years old and wonder what if? Can anyone give me some advice? I'm one confused mofo right now. As for now, I am here and you are there and this is PROPRIETARY VOLUME II!!!

These are concerns you need to address with your girlfriend, not sdn.

My view? Dude, you're 22. You're single. It's a no-brainer. Go for what YOU want, and let the chips fall where they may. Frankly, if you're already having this type of problem with your significant other, medicine is ether not for you, or not for her. Either way, you need to address these concerns with your girl, not sdn.

 

[Proprietary]

These are concerns you need to address with your girlfriend, not sdn.

My view? Dude, you're 22. You're single. It's a no-brainer. Go for what YOU want, and let the chips fall where they may. Frankly, if you're already having this type of problem with your significant other, medicine is ether not for you, or not for her. Either way, you need to address these concerns with your girl, not sdn.

I just thought that older, mature people on this board could give me some other insights. I need the opinions of unbiased, objective third-party people right now.

 

[NubianPrincess]

if you live on the east or west coast you'd be lucky to find a 400 sq ft apt fr 800/month.

Yeah its very expensive in the tri state area.

 

[MALA]

I just thought that older, mature people on this board could give me some other insights. I need the opinions of unbiased, objective third-party people right now.

Alright, as harsh as some of these opinions might sound, you are getting true unbiased opinions. You're 22 and have the world at your feet, truly think about yourself and if being a Dr is really what you want to do. Then if so, jump in with both feet and don't look back. I can guarantee that if you don't try because of your "finances" and the "girlfriend", you will be sorry down the road. There will always be finance and relationship issues in your life. Your still so young, perhaps you can move back home with your parents while you go to school? I know it's not the really cool thing to do, but you could get through your pre-med program with a little less stress. I did that when I was 23 and it was a great help to me while I put myself through school.

 

[Spang]

I did my post-bacc at Delaware Valley College in beautiful Bucks County. Relatively cheap, did all classes at night and then burned some vacation to take some two classes in 8 weeks during the summer express session.

I was in my early 30's and was making about twice what you are when I started my post-bacc work. I, with the help of my understanding wife, quit my job and am now a 3rd year medical student. You can't solve an equation that contains both "$" and "happiness".

Spang

 

[efex101]

You are waaayyy to young to be giving up on your dreams follow them NOW and if she truly loves you then she will understand. Also, big rings and nice homes will come later...once you have reached your dream.