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In order to finish my degree, should I take out a line of credit or work full time? |
If I continue in school full time, I will finish my Bachelor of Social Work degree in 1 year. However, I currently have a student loan debt of $43,000. My first option is to take a $10,000 line of credit and continue in school full time, finishing in 1 year. My second option is to work full time at a job that earns $23/hour, but it will take 2 years to finish my degree. The job I can take is not related to social work, but it is a government job at a call centre. Here in BC, the average income of a starting social worker is about $44,000 (for full time work; not sure if this income is for social workers with a BSW and/or MSW). What would you do? If you are sure of full time work in social work as soon as you finish your degree, my advice would be to try to finish in one year. If you are not certain of a job in social work upon graduation take the two year and smaller loan approach. I assume you are quite young? Take your time and enjoy life along the way. Get the loan but get a part time job so that you can start paying down on it immediately. The best option is to get another Stafford educational loan. These types of loans have a lower interest rate than private loans and much lower than credit card interest rates. The loans are guaranteed by the government. This is your best bet. Also consider getting a part-time job in the social work field, perhaps something that gives you exposure to this industry for 10-20 hours a week - you can learn something practical about social work while earning a living. If at all possible, I suggest you stay in school. You need to get experience in the field of social work as well as the credentials. The degree you chose is an excellent degree. This comes from my experience. Each year, college tuition, books, etc. cost more and the sooner you get your degree/s, the sooner you will be earning more money to pay back those loans and to live on. Best wishes. Retired counselor I don't know what is best for you to do, but I know that I would take the job so that I don't have a $53,000 loan to repay. If you take the job, you could start paying down the loan you already have as well as saving some for a car or house or whatever. Also, a government job is always good for your resume. Good luck with whatever you decide to do. I would definitely go for degree in one year. Remember, the good comes after a lot of hard work, and you can always try for full time work after you get your degree. call centre jobs are very taxing to the mind, so if you do take that, it might tire you mentally, leaving little energy and time for your studies. |
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