Needing help from the super thrifty!
December 6, 2010 12:03 PM Subscribe
Is our financial/academic plan even possible?
We both have full time jobs. We own a house with very low rent, have one car payment and in general are very thrifty.
Husband has no degree, is a certified electrician. I have a BS in Forestry, have a stable job that does not pay very well (25K) but has good benefits, and awesome insurance.
We'd like to know how possible it is for husband to quit his full time (45K) job, and go to school to get an engineering degree. Our plan is to get part times (me on weekends and nights) and get a student loan to pay for school. We chose electrical engineering because it seems like he would be good at it (he's really good at math) and apparently it has decent average salaries.
Husband is 28 years old. I’m 26. We want to do this as quickly as possible and before we have children, so studying full time seemed like a good alternative (pretty much like starving now for future wealth) and husband is exhausted and sick of his current job, which is extremely physical and frustrating. We live in a medium-low income suburb in VA.
My questions are:
-Do people do this? Is it feasible to keep a part time job and study full time? What kind of job could that be?
-and what about keeping 2 jobs? How do people manage? How much can I expect to make on a part time? (Some nights plus weekends)
-Are there any benefits/organizations/discounts/thrift tips we could use for this?
- Is electrical engineering a good investment?
We both have full time jobs. We own a house with very low rent, have one car payment and in general are very thrifty.
Husband has no degree, is a certified electrician. I have a BS in Forestry, have a stable job that does not pay very well (25K) but has good benefits, and awesome insurance.
We'd like to know how possible it is for husband to quit his full time (45K) job, and go to school to get an engineering degree. Our plan is to get part times (me on weekends and nights) and get a student loan to pay for school. We chose electrical engineering because it seems like he would be good at it (he's really good at math) and apparently it has decent average salaries.
Husband is 28 years old. I’m 26. We want to do this as quickly as possible and before we have children, so studying full time seemed like a good alternative (pretty much like starving now for future wealth) and husband is exhausted and sick of his current job, which is extremely physical and frustrating. We live in a medium-low income suburb in VA.
My questions are:
-Do people do this? Is it feasible to keep a part time job and study full time? What kind of job could that be?
-and what about keeping 2 jobs? How do people manage? How much can I expect to make on a part time? (Some nights plus weekends)
-Are there any benefits/organizations/discounts/thrift tips we could use for this?
- Is electrical engineering a good investment?
Response by poster: Awesome. I read here Pizza delievery is a good choice (because of tips) but I see a small difficulty in doing homework while driving.
posted by Tarumba at 12:11 PM on December 6, 2010
posted by Tarumba at 12:11 PM on December 6, 2010
Best answer: Is electrical engineering a good investment?
Yes, especially in VA where there are lots of defense contractors hiring engineers. Chemical Engineering will probably give you the biggest bang-for-the-buck if you're most interested in highest paying starting salaries, though. However, consult closely with the career office of your husband's college.
posted by deanc at 12:14 PM on December 6, 2010
Yes, especially in VA where there are lots of defense contractors hiring engineers. Chemical Engineering will probably give you the biggest bang-for-the-buck if you're most interested in highest paying starting salaries, though. However, consult closely with the career office of your husband's college.
posted by deanc at 12:14 PM on December 6, 2010
Best answer: I tutored one of the in-house electricians at my work in Math, while he was taking night courses to lead into an EE degree.
Maybe it's worth looking into spending the next year or so taking a handful of night classes at a community college to cut down on the amount of time that he'll need to spend as a full-time (or mostly-full-time) student.
Fortunately for you, VCCS has some of the best community colleges in the country, and you've got quite a few very-good and very-inexpensive full-time colleges in VA as well. Virginia is probably the best place in the US for somebody in your situation.
posted by schmod at 12:22 PM on December 6, 2010 [1 favorite]
Maybe it's worth looking into spending the next year or so taking a handful of night classes at a community college to cut down on the amount of time that he'll need to spend as a full-time (or mostly-full-time) student.
Fortunately for you, VCCS has some of the best community colleges in the country, and you've got quite a few very-good and very-inexpensive full-time colleges in VA as well. Virginia is probably the best place in the US for somebody in your situation.
posted by schmod at 12:22 PM on December 6, 2010 [1 favorite]
BTW: Also, consider that most 4-year public colleges in VA will (ie. are required by law to) accept credits from VCCS. You can save buckets of money this way -- just make sure that the coursework lines up. You'll also end up with an associates degree halfway through your education, which could be useful if something prevents you from finishing out the full degree.
posted by schmod at 12:25 PM on December 6, 2010
posted by schmod at 12:25 PM on December 6, 2010
Best answer: It's absolutely doable. Everyone in my graduate program worked part-time jobs while attending classes full-time. You will need a job that has flexible hours and bonus points if it allows him to do some homework on the job.
Random advice: I'd try to avoid part-time jobs that require weekend hours. Weekends are sometimes the only time you have to study for long periods of time or to meet with classmates for group projects.
posted by joan_holloway at 12:27 PM on December 6, 2010
Random advice: I'd try to avoid part-time jobs that require weekend hours. Weekends are sometimes the only time you have to study for long periods of time or to meet with classmates for group projects.
posted by joan_holloway at 12:27 PM on December 6, 2010
Response by poster: Oh we're definitely going to a community college first. I don't think we'd even consider the plan otherwise!
Thank you for your tips, schmod. he has taken a couple of classes, but with the exhaustion from work and husband's need of structure, we think it would work better to do it full time in one.
posted by Tarumba at 12:27 PM on December 6, 2010
Thank you for your tips, schmod. he has taken a couple of classes, but with the exhaustion from work and husband's need of structure, we think it would work better to do it full time in one.
posted by Tarumba at 12:27 PM on December 6, 2010
Best answer: Definitely see if there's some night school available - particularly for the 'everyone takes these' core courses as opposed to the EE-specific ones. (I was an electrician when I was finishing up my EE degree, and it did make for a really good-paying part time job doing small residential and light commercial work.)
posted by rmd1023 at 12:29 PM on December 6, 2010
posted by rmd1023 at 12:29 PM on December 6, 2010
Best answer: -Do people do this? Is it feasible to keep a part time job and study full time? What kind of job could that be?
Plenty of people work part time while being a full time student. This is not at all uncommon.
and what about keeping 2 jobs? How do people manage?
It will not necessarily be fun, but again, people do it. In VA, minimum wage is $6.55 an hour, which at full time comes to around $13K per year, slightly more than half as much as what you make by yourself. There are people who have multiple minimum wage jobs and have kids and still manage to survive, albeit not as comfortably as you have been able to live on $75K.
-Are there any benefits/organizations/discounts/thrift tips we could use for this?
Target your biggest expenses, because if you save 50% on something that is 1% of your total budget, that is going to be less savings than cutting 10% on something that is 40% of your total budget. Obviously if tuition is going to be a big expense, look to reduce that through things like going to a community college at first and transferring to a bigger school later, or just avoiding expensive schools in general. Otherwise look at your current big expenses like your car and see if you can reduce them.
posted by burnmp3s at 12:29 PM on December 6, 2010
Plenty of people work part time while being a full time student. This is not at all uncommon.
and what about keeping 2 jobs? How do people manage?
It will not necessarily be fun, but again, people do it. In VA, minimum wage is $6.55 an hour, which at full time comes to around $13K per year, slightly more than half as much as what you make by yourself. There are people who have multiple minimum wage jobs and have kids and still manage to survive, albeit not as comfortably as you have been able to live on $75K.
-Are there any benefits/organizations/discounts/thrift tips we could use for this?
Target your biggest expenses, because if you save 50% on something that is 1% of your total budget, that is going to be less savings than cutting 10% on something that is 40% of your total budget. Obviously if tuition is going to be a big expense, look to reduce that through things like going to a community college at first and transferring to a bigger school later, or just avoiding expensive schools in general. Otherwise look at your current big expenses like your car and see if you can reduce them.
posted by burnmp3s at 12:29 PM on December 6, 2010
Response by poster: We really have no clue because we're both from abroad. We're both used to
a. going to a government supported school (for free)
b. Having your parents' support to live through school years
I'm afraid I sounded a bit too conceited asking if it's "possible" we really don't know how it works here! Which leads me to another question:
- Are school loans that commonplace? Husband sees them as somethign terrible to be avoided, but I was under the impression that it was usual practice here. He thinks most people actually pay for school and don't get loans.
posted by Tarumba at 12:38 PM on December 6, 2010 [1 favorite]
a. going to a government supported school (for free)
b. Having your parents' support to live through school years
I'm afraid I sounded a bit too conceited asking if it's "possible" we really don't know how it works here! Which leads me to another question:
- Are school loans that commonplace? Husband sees them as somethign terrible to be avoided, but I was under the impression that it was usual practice here. He thinks most people actually pay for school and don't get loans.
posted by Tarumba at 12:38 PM on December 6, 2010 [1 favorite]
Best answer: Student loans (especially government-issued ones) are very common if you are US citizens. I don't know how much you'd qualify for if you're not a citizen. You can get private student loans but the interest rates and repayment options aren't as good as the federal student loans.
Finaid.org is a good resource for learning about how student loans work.
posted by joan_holloway at 12:46 PM on December 6, 2010
Finaid.org is a good resource for learning about how student loans work.
posted by joan_holloway at 12:46 PM on December 6, 2010
Best answer: - Are school loans that commonplace? Husband sees them as somethign terrible to be avoided, but I was under the impression that it was usual practice here. He thinks most people actually pay for school and don't get loans.
I don't have numbers on hand, but my experience from a middle-class upbringing is that nearly all people going to university full-time pay for their education primarily through loans and/or support from family. The whole reason for part-time education is usually to be able to work full-time while going to school, and even then loans are pretty common.
posted by Tomorrowful at 12:46 PM on December 6, 2010 [1 favorite]
I don't have numbers on hand, but my experience from a middle-class upbringing is that nearly all people going to university full-time pay for their education primarily through loans and/or support from family. The whole reason for part-time education is usually to be able to work full-time while going to school, and even then loans are pretty common.
posted by Tomorrowful at 12:46 PM on December 6, 2010 [1 favorite]
Best answer: Student loans are pretty standard unless parents foot the bill because few summer/part time jobs for a single person will cover the costs.
Just make sure to shop around and compare repayment terms as well as interest rates.
posted by saradarlin at 12:48 PM on December 6, 2010
Just make sure to shop around and compare repayment terms as well as interest rates.
posted by saradarlin at 12:48 PM on December 6, 2010
Best answer: More than half of students in the US pay for undergraduate education with loans. Some also get grants, work-study aid or other benefits toward tuition.
posted by chesty_a_arthur at 12:52 PM on December 6, 2010 [1 favorite]
posted by chesty_a_arthur at 12:52 PM on December 6, 2010 [1 favorite]
Response by poster: Thankfully he's a citizen now.
thank you so much for all of this info!
posted by Tarumba at 12:52 PM on December 6, 2010
thank you so much for all of this info!
posted by Tarumba at 12:52 PM on December 6, 2010
Best answer: Most people get loans. I have to stay in my current job long enough to pay mine all off (that is, my loans have curtailed some of my "living free" ambitions;) the same is true of everyone I know who went to college and is younger than 40.
I would suggest you find a better-paying full-time job, though, before he quits his job. You will wipe yourself out working 60 hours a week for $35k under your current plan, which is probably unwise.
If he's good at math and can make very good use of his seemingly-off time to study, he can swing 10 to 20 hours a week, most likely. He should use his electrician skills, though. There may be "call a handyman" services or apartment complexes with short or flexible hours. He might also make a decent (for a college student) money doing cable installations.
posted by SMPA at 12:53 PM on December 6, 2010
I would suggest you find a better-paying full-time job, though, before he quits his job. You will wipe yourself out working 60 hours a week for $35k under your current plan, which is probably unwise.
If he's good at math and can make very good use of his seemingly-off time to study, he can swing 10 to 20 hours a week, most likely. He should use his electrician skills, though. There may be "call a handyman" services or apartment complexes with short or flexible hours. He might also make a decent (for a college student) money doing cable installations.
posted by SMPA at 12:53 PM on December 6, 2010
Best answer: In terms of feasibility and if people do it, I am doing it right now.
I am 28 my wife is 26 and we have a 3 month old son. To complicate matters even further I am registered blind, so studying takes me a little longer than the average person. However I still have time to train for a 100 mile ultramarathon and the wife runs a business. I even have spare time to help my wife with the business.
If you are dedicated enough you can do anything.
posted by moochoo at 12:57 PM on December 6, 2010 [1 favorite]
I am 28 my wife is 26 and we have a 3 month old son. To complicate matters even further I am registered blind, so studying takes me a little longer than the average person. However I still have time to train for a 100 mile ultramarathon and the wife runs a business. I even have spare time to help my wife with the business.
If you are dedicated enough you can do anything.
posted by moochoo at 12:57 PM on December 6, 2010 [1 favorite]
Response by poster: Moochoo, you definitely give me perspective. thank you so much!
posted by Tarumba at 1:00 PM on December 6, 2010
posted by Tarumba at 1:00 PM on December 6, 2010
Response by poster: I'm afraid wuitting my job is not an option. It is wonderful, in my career and offers good prospects. We have crazy good benefits and insurance through it, and I doubt I will be able to get anything better or even close being an international graduate.
I would love to have another job. I have been completely busy all of my life and now have simply too much free time.
posted by Tarumba at 1:07 PM on December 6, 2010
I would love to have another job. I have been completely busy all of my life and now have simply too much free time.
posted by Tarumba at 1:07 PM on December 6, 2010
Best answer: My husband and I are doing this right now. I'm working full-time. He's been taking community college classes full-time for years now (to overwrite bad, old grades) and working full-time. He just switched to part-time so that he can get through faster and because with a new job I have we can afford it.
At the beginning of this, he quit a decent-paying but dead-end job and took a lower-paying, dead-end job where he could do homework, though not as much as he liked.
If you do this (and you can do this!), say goodbye to having time together outside of dinner and maybe watching TV. He will likely be too burned out to want to go out, won't be able to host parties, may be cranky and irritable much of the time, and may want to quit again and again. You can stick it out, though, because you know it will make your lives better!
posted by blandcamp at 1:12 PM on December 6, 2010
At the beginning of this, he quit a decent-paying but dead-end job and took a lower-paying, dead-end job where he could do homework, though not as much as he liked.
If you do this (and you can do this!), say goodbye to having time together outside of dinner and maybe watching TV. He will likely be too burned out to want to go out, won't be able to host parties, may be cranky and irritable much of the time, and may want to quit again and again. You can stick it out, though, because you know it will make your lives better!
posted by blandcamp at 1:12 PM on December 6, 2010
Best answer: Definitely have your husband talk to the financial aid folks at his CC, so that he understands what the options are.
posted by rtha at 1:22 PM on December 6, 2010
posted by rtha at 1:22 PM on December 6, 2010
Response by poster: blandcamp, thank you so much for your engouraging words. Husband is already cranky and burnd at his dead end job now, so my guess is he'll be happier knowing he's still tired but going somewhere!
thank you, really, it feels great knowing others are doing it.
posted by Tarumba at 1:27 PM on December 6, 2010
thank you, really, it feels great knowing others are doing it.
posted by Tarumba at 1:27 PM on December 6, 2010
Response by poster: Yes. I gave everyone a best answer golden star. Your advice is really helpful. thank you for taking the time.
posted by Tarumba at 1:38 PM on December 6, 2010
posted by Tarumba at 1:38 PM on December 6, 2010
This wikipedia page is pretty informative.
Most Virginia schools will allow you to break tuition payments into quarterly payments or "budget tuition payments." If you do wish to avoid loans this can help avoid large payments all at once.
Have a good long talk with your school financial advisor. Your first step should be to try to get as much free money as possible: scholarships, fellowships, grants and financial aid. Your husband might qualify for government grants for returning to college, the local IEEE might have small scholarships, etc. There might even be an alumni group for his country of origin that has some scholarships. A good advisor will have a long list of scholarships you can try for. Many will require an essay. Some will be small, but even $100 will buy one of several textbooks he'll need. (Consider this his new part time job!)
You could also see if he can qualify as work-study ($10/hr) but I'm betting taking a few electrician house calls is going to be much more profitable.
After you've scrounged up as much free money as possible, student loans are basically a way of life for a whole lot of Americans, (not that this is a great thing), but it is some of the "cheapest" money you can "buy". Avoiding private loans is a good idea. Government backed loans have a stricter limit on how much you can borrow and the way interest is paid while a student (if you qualify the government pays interest while a student).
What you really should avoid is putting cost of living expenses into your loans. That means, feeding and housing yourselves on your income alone. If you're just putting tuition and books/software on loans you should be fine. Virginia has lots of great, inexpensive engineering schools where you will qualify as an instate student. This means tuition is around $5,000 per semester. If you do all 4 years there, tuition would be around $40,000, plus interest (~$3,000) you come to a total that is less than an expected starting salary for an electrical engineer which is around $63,000. Then add your salary, and you should easily be able to make payments. All the better if you knock 2 years of general education requirements out at community college.
As long as you don't default, he actually finishes school and finds a job in 6 months, I think this is a good idea and would not create a pile of debt too large to climb from.
I also think the job market for EEs will remain good, though it'll be taking hit in the DC area should a (rather likely) federal hiring freeze come. Hopefully in 4 years that'll be straightened up. Some competitive employers will also help with student loan debt.
I don't mean to be rude, but when you say "really good at math" I hope you mean he's kept his college level calculus knowledge up to date. If not, he might want to try an advanced calc (not high school level calc) class at a community college night course before working on a degree program. Trying to spark rusty math knowledge while also adjusting to a whole load of classes is hard, especially when he's been out of school for 10 years. I know several brilliant engineers, straight from advanced high school math courses that needed to withdraw from advanced EE math courses, and essentially take them twice to pass. Additionally a significant part of his math requirements will be statistics which throw lots of otherwise high achieving math students for a loop. Get him started on those courses now, without worrying about a degree program just yet. If he does well (even if it takes 2 or 3 tries), go for it. If not, be thankful it didn't cost $10-$40k to figure that out.
posted by fontophilic at 2:24 PM on December 6, 2010
Most Virginia schools will allow you to break tuition payments into quarterly payments or "budget tuition payments." If you do wish to avoid loans this can help avoid large payments all at once.
Have a good long talk with your school financial advisor. Your first step should be to try to get as much free money as possible: scholarships, fellowships, grants and financial aid. Your husband might qualify for government grants for returning to college, the local IEEE might have small scholarships, etc. There might even be an alumni group for his country of origin that has some scholarships. A good advisor will have a long list of scholarships you can try for. Many will require an essay. Some will be small, but even $100 will buy one of several textbooks he'll need. (Consider this his new part time job!)
You could also see if he can qualify as work-study ($10/hr) but I'm betting taking a few electrician house calls is going to be much more profitable.
After you've scrounged up as much free money as possible, student loans are basically a way of life for a whole lot of Americans, (not that this is a great thing), but it is some of the "cheapest" money you can "buy". Avoiding private loans is a good idea. Government backed loans have a stricter limit on how much you can borrow and the way interest is paid while a student (if you qualify the government pays interest while a student).
What you really should avoid is putting cost of living expenses into your loans. That means, feeding and housing yourselves on your income alone. If you're just putting tuition and books/software on loans you should be fine. Virginia has lots of great, inexpensive engineering schools where you will qualify as an instate student. This means tuition is around $5,000 per semester. If you do all 4 years there, tuition would be around $40,000, plus interest (~$3,000) you come to a total that is less than an expected starting salary for an electrical engineer which is around $63,000. Then add your salary, and you should easily be able to make payments. All the better if you knock 2 years of general education requirements out at community college.
As long as you don't default, he actually finishes school and finds a job in 6 months, I think this is a good idea and would not create a pile of debt too large to climb from.
I also think the job market for EEs will remain good, though it'll be taking hit in the DC area should a (rather likely) federal hiring freeze come. Hopefully in 4 years that'll be straightened up. Some competitive employers will also help with student loan debt.
I don't mean to be rude, but when you say "really good at math" I hope you mean he's kept his college level calculus knowledge up to date. If not, he might want to try an advanced calc (not high school level calc) class at a community college night course before working on a degree program. Trying to spark rusty math knowledge while also adjusting to a whole load of classes is hard, especially when he's been out of school for 10 years. I know several brilliant engineers, straight from advanced high school math courses that needed to withdraw from advanced EE math courses, and essentially take them twice to pass. Additionally a significant part of his math requirements will be statistics which throw lots of otherwise high achieving math students for a loop. Get him started on those courses now, without worrying about a degree program just yet. If he does well (even if it takes 2 or 3 tries), go for it. If not, be thankful it didn't cost $10-$40k to figure that out.
posted by fontophilic at 2:24 PM on December 6, 2010
Best answer: I don't mean to be rude, but when you say "really good at math" I hope you mean he's kept his college level calculus knowledge up to date.
Indeed. I'm working through the MIT course lectures on electronics, and there's plenty of derivatives and differential equations. MIT is renowned for this, but even less intense courses are going to need the math. So definitely load up on as much math as possible in CCs now, while it's cheap and on the less prestigious GPA.
As far as debts go, student loans are a mixed bag. There's tax incentives, and my rates are pretty low (2.25 percent!), but your mileage may vary by citizenship and changes in laws since 2004. Definitely fill out a FAFSA, even though it's a lot of paperwork. Even getting the government to just pay your interest while in school will help out some.
posted by pwnguin at 4:43 PM on December 6, 2010
Indeed. I'm working through the MIT course lectures on electronics, and there's plenty of derivatives and differential equations. MIT is renowned for this, but even less intense courses are going to need the math. So definitely load up on as much math as possible in CCs now, while it's cheap and on the less prestigious GPA.
As far as debts go, student loans are a mixed bag. There's tax incentives, and my rates are pretty low (2.25 percent!), but your mileage may vary by citizenship and changes in laws since 2004. Definitely fill out a FAFSA, even though it's a lot of paperwork. Even getting the government to just pay your interest while in school will help out some.
posted by pwnguin at 4:43 PM on December 6, 2010
This thread is closed to new comments.
posted by Ashley801 at 12:09 PM on December 6, 2010