[iop890]

I'm 21, currently a Junior in college studying Accounting. I'll need three more semesters to graduate here.

I just found out my school is cutting off my financial aid/scholarship/grants/everything meaning I no longer have the money to pay tuition. So I have a few options and I thought I'd get the forum's advice on this.
The way I see it, my options are:

Get a private loan and finish up my last 3 semesters.

Drop out, work, go back in the fall to a cheaper school closer to my hometown and live with my parents to save money. (Would likely end up needing an extra semester at least, as not all classes would transfer. I would also have to change majors.)

Drop out, work, work on my copy writing on the side and try to work my way up to doing that full-time, forget college.

Peace out to Bangkok, get a job teaching English, work on my copy writing on the side and try to work my way up to doing that full-time, forget college.


I was leaning towards the private loan at first, but I don't want to get loaded with debt.
I'm also eager to get abroad again which makes the second option sound terrible, as I'd be trapped here for the next two years at the very least.

Any advice? I'm stumped right now. I'd been getting ready for classes, working on writing on the side, and expecting to graduate in May 2016, then I got hit with this three days before classes began.

[Dantes]

You are in school mode now. Finish the three semesters. You are too close to the degree. It is harder to go back. Get it done while you are young. Why did you loose the money coming to you ?

[iop890]

(01-13-2015 02:29 PM)Dantes Wrote:  

You are in school mode now. Finish the three semesters. You are too close to the degree. It is harder to go back. Get it done while you are young. Why did you loose the money coming to you ?

So you suggest picking up a private loan?
I lost the money for not making "adequate academic progress", I'm 3.5 years in and have 1.5 years worth of classes left.

[VolandoVengoVolandoVoy]

If your degree was something useless like Humanities I would say GTFO and not look back. But an accounting degree can provide you with a nice income and a lot more options than teaching English for a grand a month in Thailand.
So borrow, but no more than necessary, finish up degree where you are without fucking around, and if possible work part time on the side.

[JustlookingForAGoodTime]

(01-13-2015 02:41 PM)VolandoVengoVolandoVoy Wrote:  

If your degree was something useless like Humanities I would say GTFO and not look back. But an accounting degree can provide you with a nice income and a lot more options than teaching English for a grand a month in Thailand.
So borrow, but no more than necessary, finish up degree where you are without fucking around, and if possible work part time on the side.

I agree.

Bite the bullet and do what you have to to finish up your degree.

[DirectDanger]

If you are an accounting major then I would sit down and do the calculations before you decide what you are going to do.

When you start adding up the cost of 3 semesters + interest, compared with starting to work today with no debt you might be surprised how much more money you have to make per year for that to be feasible.

[worldwidetraveler]

Do you see working at this profession for 10+ years?

I think some people believe getting a degree is a good fall back option. It doesn't normally work that way in real life.

A degree is just a starting point.

Then comes the time you put working your way up in that field developing experience and becoming an expert.

If you plan on doing something else for 5 years and think you can just go back to a job in accounting or whatever you're studying you will probably be disappointed.

[Fortis]

Drop out, enrol in a cheaper school and make more money (by not having loans).

I'm assuming you're maybe 22 at max? It's really hard to appreciate how annoying loans can be until you have them. Trust me on that. There is no shame in living at home if you're working hard and building a (more) comfortable future for yourself.

[iop890]

Thanks for the answers, for reference I'm already $35,500 in debt from federal and state loans. A private loan would probably add $25k to that because I wouldn't be eligible for those Texas "make good grades and we'll forgive it" loans. For a total of about $60k.

I don't plan on working in the US for any longer than I have to to stack some cash and head abroad.

My goal is to build up the writing gig enough that I can support myself with it while abroad.
If I had a degree I'd be able to teach English in more developed higher paying countries as well, but that's likely not worth going into more debt for.

Still, I'd really hate to drop out when this close and have to pay off that $35K for nothing.

[worldwidetraveler]

(01-13-2015 03:43 PM)iop890 Wrote:  

Thanks for the answers, for reference I'm already $35,500 in debt from federal and state loans. A private loan would probably add $25k to that because I wouldn't be eligible for those Texas "make good grades and we'll forgive it" loans. For a total of about $60k.

I don't plan on working in the US for any longer than I have to to stack some cash and head abroad.

My goal is to build up the writing gig enough that I can support myself with it while abroad.
If I had a degree I'd be able to teach English in more developed higher paying countries as well, but that's likely not worth going into more debt for.

Still, I'd really hate to drop out when this close and have to pay off that $35K for nothing.

It sounds like you would pay 60k for a chance to teach english for low wages.

Sometimes it's best to cut your losses.

In any case, can you roll over your credits into another business major that only takes a semester to finish? Or transfer to another university like someone else recommended (make sure credits are transferable if you do that).

[iop890]

(01-13-2015 03:51 PM)worldwidetraveler Wrote:  

(01-13-2015 03:43 PM)iop890 Wrote:  

Thanks for the answers, for reference I'm already $35,500 in debt from federal and state loans. A private loan would probably add $25k to that because I wouldn't be eligible for those Texas "make good grades and we'll forgive it" loans. For a total of about $60k.

I don't plan on working in the US for any longer than I have to to stack some cash and head abroad.

My goal is to build up the writing gig enough that I can support myself with it while abroad.
If I had a degree I'd be able to teach English in more developed higher paying countries as well, but that's likely not worth going into more debt for.

Still, I'd really hate to drop out when this close and have to pay off that $35K for nothing.

It sounds like you would pay 60k for a chance to teach english for low wages.

Sometimes it's best to cut your losses.

In any case, can you roll over your credits into another business major that only takes a semester to finish?

Well it would be 25k now, since 35k is already down the drain regardless, but I take your point.

You may be right about cutting my losses. Honestly I think most of my reservations come from always hearing that I must get a degree. I never even considered not finishing until now.

No, fastest I can do it is 3 semesters regardless of major.

[zoom]

I would cut your losses and drop out.

I was an accounting major myself. I completed my degree even though I knew I didn't like accounting. After I graduated it was tough to get a job. If you want a good job in accounting then you need a CPA, which requires a ton of commitment.

[Brosemite]

Yeah..there's probably a way to reason with financial aid. Have you tried meeting with a counselor? It might involve writing multiple letters, etc...but I would much rather do that than deal with private student loans. For example, a 3K private loan could result in you having to pay back 7-8K back (some of these loan companies eliminate half of the amount due with 2-3 years of consecutive on time payments though).

Anyways, try to reason with your financial aid office first & ask for alternative solutions.

[worldwidetraveler]

(01-13-2015 04:09 PM)iop890 Wrote:  

Well it would be 25k now, since 35k is already down the drain regardless, but I take your point.

You may be right about cutting my losses. Honestly I think most of my reservations come from always hearing that I must get a degree. I never even considered not finishing until now.

No, fastest I can do it is 3 semesters regardless of major.

There isn't anything stopping you from going back later if you decide. It might be best to take time off of school and think about it while working on your real plans.

Maybe teacher certs and getting clients.

Then you can decide whether you want to go back or not.

I took roughly 2 or so years off of school and went back. Best decision I ever made. I took school much more seriously and added a major that has made me a lot of money. Before taking time off, I was just looking at getting out and hoping I could get job.

The ole "you must have a degree" is outdated. There was a time when you could be guaranteed a job simply by getting a degree, any degree, but not anymore. Most are worthless now and will be worthless unless you stick with it to get experience in the field.

[LouEvilSlugger]

(01-13-2015 04:18 PM)worldwidetraveler Wrote:  

The ole "you must have a degree" is outdated. There was a time when you could be guaranteed a job simply by getting a degree, any degree, but not anymore. Most are worthless now and will be worthless unless you stick with it to get experience in the field.

Yes but so is the "become an English teacher / writer / trade apprentice on an oil patch" being preached on here.

[Nascimento]

I had a similar dilemma recently.

I had been at uni for about 2.5 years, with about 2 to go (to make up for some dropped courses).

I took a break, travelled during my term +summer off school, and came back. I learned I might only have one more year to go, if I make certain adjustments.

This term I'm doing right now might very well be my last. It's been worth it to come back, 'might as well finish it up.'

The thing is, When all is said and done, I will have about $16k in school debt, and that is if I finish this year. If I have one more to go, around $20k is my estimate.

I'm in Canada, and it seems in most cases our tuition costs are much lower than schools in the States (even though I already think $6k a year for us is absurd.) I would NOT have come back, had I already had over $20k in debt, and if I finished anywhere more than $30k in debt. I would have cut my losses. But then again that is because I'm not majoring in something like engineering or some technology, and I don't want to build a career out of my degree (as of the current moment).

Some food for thought. The other posters can give you some wiser opinions.

[worldwidetraveler]

(01-13-2015 04:46 PM)LouEvilSlugger Wrote:  

Yes but so is the "become an English teacher / writer / trade apprentice on an oil patch" being preached on here.

I couldn't tell you about the oil patch but the trades, in itself, doesn't sound like a bad alternative.

Much better than the English teaching stuff.

That English teaching scenario scares the shit out of me to be honest. It just seems like one of those jobs that you get sucked in and hard to get out because it doesn't seem to pay that great. Unless you want to teach in some shit holes.

I'm going based on reading about it here.

[Dantes]

(01-13-2015 02:36 PM)iop890 Wrote:  

(01-13-2015 02:29 PM)Dantes Wrote:  

You are in school mode now. Finish the three semesters. You are too close to the degree. It is harder to go back. Get it done while you are young. Why did you loose the money coming to you ?

So you suggest picking up a private loan?
I lost the money for not making "adequate academic progress", I'm 3.5 years in and have 1.5 years worth of classes left.

Getting a college degree has garnered a lot of criticism in recent years. However, a degree in accounting can lead to a well paying career. Statistically there is still a big difference in income between those who have a degree and not. Unless, your option was to learn a useful trade, you should finish the degree while you are young.

Lots of people do college without scholarship. 1.5 years of loans is not ideal but not the end of the world.

[chyamor]

Keep in mind if you drop now your classes to be taken might change with different pre req's that dont match up to your current completed. Meaning you might be going back with less credits than you have now.

I did the same thing and went from having to take only 4 more classes to graduate to 13 more since several courses changed

[Cattle Rustler]

Define adequate academic progress.

[The Lizard of Oz]

1. Go to the Financial Aid office and beg/plead/beseech them to give you another chance to make "adequate academic progress". Tell them you've had personal issues, depression, anxiety, whatever, that prevented you from taking the classes you needed to be taking.

2. If they can't give you the deal you had before, ask them about other possibilities/resources/"any way at all they can help you". Say that you are committed to getting this degree, you've straightened out all your problems and can they please work with you to find the resources. There are many grants and government/state funds out there... but some counselor has to think of it and say, "oh yeah, I guess we can do XYZ...". Get them to work with you by emphasizing that you had a hard time but are now bound and determined to do the work you need to to do.

3. Once you get some kind of a deal, get off your ass and actually take the classes you need to take to make "adequate academic progress" and get your f'ing degree.

[iop890]

(01-13-2015 09:33 PM)Cattle Rustler Wrote:  

Define adequate academic progress.

They look at:

completed hours/attempted hours
the rate at which you're completing classes(I'm a year behind)
the number of credits you have compared to the number of credits that are relevant to your degree program(how many useless hours you have from switching majors and such)

and then make a decision.

I can appeal it, which I'm in the process of doing. But I've been told even if the appeal is granted it'll take a while so I'll need to pay this semester myself and get reimbursed later.

@The Lizard of Oz: I plan on going to the Financial Aid department again tomorrow to get some more info, I'm not optimistic about getting any kind of deal, as they seem pretty rigid on this. But I'll keep annoying them anyway. Maybe they can hook me up with something better than a loan from Wells Fargo.

[Peregrine]

iop, stick it the fuck out mate. Seriously. I've been in your shoes before. I know how much it sucks and how strong the urge to quit is. Don't do it. Right now, I could hop on a plane and do copywriting in Asia if I wanted to. But I also have the option to make good money sitting in a climate controlled office - an option I would not have without a degree. And I didn't even study anything half as useful as accounting.

Life is full of possibilities when you're younger. As you grow older, you inherently lose options. Why limit your options on purpose?

(01-13-2015 10:07 PM)The Lizard of Oz Wrote:  

1. Go to the Financial Aid office and beg/plead/beseech them to give you another chance to make "adequate academic progress". Tell them you've had personal issues, depression, anxiety, whatever, that prevented you from taking the classes you needed to be taking.

2. If they can't give you the deal you had before, ask them about other possibilities/resources/"any way at all they can help you". Say that you are committed to getting this degree, you've straightened out all your problems and can they please work with you to find the resources. There are many grants and government/state funds out there... but some counselor has to think of it and say, "oh yeah, I guess we can do XYZ...". Get them to work with you by emphasizing that you had a hard time but are now bound and determined to do the work you need to to do.

3. Once you get some kind of a deal, get off your ass and actually take the classes you need to take to make "adequate academic progress" and get your f'ing degree.

Wholeheartedly agree. Additionally, you'd be surprised at what kind of exceptions can be made if you pull the depression/family issues card. Bonus points if you actually burst into tears. A friend flunked his first year because he partied too hard. He walked into the admin office beginning of second year with some BS story about domestic abuse/entire family died in a car crash/dumped by his gay lover for a transsexual (I have no idea what the actual story was). Got all of his failures erased. All he lost was a year's tuition.

Malcolm Gladwell relates a story contrasting Oppenheimer and the allegedly smartest man in the world. The latter lost his scholarship and had to drop out because he filed for renewal a day late. The former managed to sweet talk his way out of an attempted murder charge (he tried to whack his TA and only got half a year of probation). There's a reason why you've heard of the first guy and the second guy lives in a shack in some flyover state.

[iop890]

Yea I've been thinking of what BS stories I can tell in my appeals letter. So far I've got:

There were riots and a military coup in Thailand during my last semester abroad. Wasn't actually in any danger but the school was closed for a few weeks and it sounds sort of scary.

I was violently robbed a while back in Bangkok and my girlfriend got her skull cracked on the sidewalk, my passport was taken and I had to get it replaced and get a new student visa. I don't see how that would affect my classes too much I could say it emotionally fucked me up.

And I'm 90% sure I have diabetes but I'm not diagnosed. If I got a positive diagnosis I could say the symptoms from the untreated diabeetus affected my academics.

[tallandblonde]

As an accounting major I'm sure you know what a sunk cost is. That 35k that you are in the hole really shouldn't influence your decision, as you'll be paying that off regardless of the scenario you choose .

If you actually enjoy accounting, I say finish it up. But what others have said about getting your CPA is true. I'm not an accountant but you won't make that much money until you get that.

Ultimately it comes down to whether or not you will put that accounting degree to good use. Teaching English abroad isn't really a career. It's what a lot of people do though to put off real life. The point is, you need to decide whether to cut bait or buckle down and finish things out. Try to find a job to supplement an income, maybe look into trying to be a bartender to get some cash for school.

Loans are a PIA but interest rates aren't terrible right now so keep that in mind.