How is everyone paying for their degrees, especially if you've taken actual classes?

[LOC4ME]

Did you just set aside so much a month?

Looking at about $10-12k because I want to take some classes (either at LSU, BYU, or Adams State) in addition to taking exams, because some of the grad programs are wanting academic letters of recommendation.

I know this is still A LOT cheaper and faster than the b&m school near me!! And there will be no student loans after, there will be plenty from grad school!

If you payed out of pocket, how much did you pay and how long did it take you to finish? TIA

[burbuja0512]

Get a job with tuition reimbursement. It's the easiest way to get $$ for school. You'll just need to check to see what the "catch" is. At my last company, you had to stay for at least a year after your last reimbursement and you had to pass each classwith a C. They also wouldn't cover any college not on the ACE list. They would pay up to $5200 a year so it was a pretty good deal.

Many companies will also require that the major has something to do with your career. My last company did too, but you could get around it relatively easy by providing a creative explanation or saying that your career goal was a different position within the company. For example, let's say you're in finance and you're studying marketing. You say that you want to work in the marketing department and you're ok. Also, keep in mind that EVERYONE employed by the company is eligible, so if you land work as a janitor for example, you could study about anything that could relate to any job that the company offers and just say that once you get your degree you plan on applying to that department.

My current company has very similar policies.. almost like they were written by the same person.

I think that most people do pay for quite a bit out of pocket and end up with a bunch of debt. I actually have a friend who just got her associates degree and has 20k of loans.

[MISin08]

Out of pocket for exams and study supplies & books (plus espresso, vitamins, and comfort food). Tuition reimbursement and EC partnership for classes. I'm not really counting but estimate $4K when complete.

Phillip

[MISin08]

Get a job with tuition reimbursement. ...

:iagree: My employer (Very Large Bank) will reimburse for any general degree and of course any flavor of business. For example, Psych is fine, because it's so general; Finance would be fine even if you didn't already work there, but EC's Health Science BS-to-MBA would be out unless you worked in an area that catered to the healthcare market and could demonstrate that the degree would help your advancement. Sometimes creativity helps: Pre-Law is out because they don't hire attorneys from within, but various general degrees applicable to Law would be fine.

They are pickier when it comes to graduate.

Phillip

[bllyshrs]

My entire degree is costing $5k (only started with 5.6 credits and in two months will have all 120). I reduced some of my ECE costs by taking DSST or Uexcel instead; only took one ECE course, and the other courses through SL's $99/mo plan (finished two courses in one month). Found a place that offers testing at no charge for DSST, though I still have to pay an extra $25 sit-fee for CLEPs (still have to pay Dantes and CLEP, just reduced my sit-fees which can add up). Finally, I have made thorough use of the public library (sometimes driving 60 miles to a neighboring county), used books on Amazon (still haven't paid more than $4 for a book through Amazon, most for $2) and if I absolutely have to get a textbook, I go through Chegg.com and get one edition behind the current. My typical textbook rental fee is $30 or less (and they plant a tree in Tahoe for each book I rent) and I keep the book for 90 days which is more than enough for testing out/online classes. Lots of ways to cut back on expenses.

For financing, I got a student loan to float the up-front costs and am tracking my expenses diligently knowing that I get $2k back in educational tax credits (must itemize). The rest of the costs are still tax deductible as I make student loan payments, but with the tax program and the creative options, this degree is only costing net $5k instead of $7-$10k.

Start to finish, I will be done in 9 months, and that is mostly due to the fact that I took the whole summer to goof off and travel. Realistically, this could have been done in 6mos, but I needed a brain break.

Finally, as others have mentioned, if you have employer based tuition program available to you, do it. And get the loan too. The loan's interest and payment are deferred (so you don't have to pay until you stop taking classes) and the employer never needs to be paid back (though some might have you agree to stay for 12months). Get as big of a loan as possible, take the money from the loan, stick it into a high yield account.

I worked for a top 10 F500 company years back (i wish I had done this) and two of my buddies did this, but with a twist. They went to B&M schools, got approved for $20k loans, got federal aid and other programs that totaled to about $30k. Then they used the $30k to buy cheap real estate rental property. I live in the south, and there are condos here for $30k (decent ones). Back 10 years, ago, property values were about the same. They paid for it in cash and paid back the student loan with the rent money. You'll get back $600-800/mo in rent, more than enough to pay back the interest and principle in about four years, then you own the property outright. Even with the economic meltdown, the housing prices haven't affected these guys at all; they don't owe a penny for the property (haven't in years) and are still getting income from the rent. The beauty of it all was that the company paid for the degree so the student loan checks were distributed as refunds and leveraged instead.

I don't think any student loan will give you $30k for a "test-out" degree, and most of those programs don't qualify for Fed aid. But inspired by my colleagues from years ago, I did get $8k in student loans for EC, and am only need $5k of it (due to money saving techniques), so I have invested half of it in the market (bought in 8 months ago when I started my program) and am experiencing a handsome ROI right now. I pull out money as I need it, but even with what I have pulled out thus far, I have a higher balance than when I started. I am not counting that in my net education costs, but if things stay where they are right now, I can knock another $2k off of my costs. Fingers crossed..

[PonyGirl93]

Wellp, I got a scholarship for the actual classes, but it doesn't cover all of it (covers almost all of cc, but only like 1/4 of TESC). My mom paid for CLEPs (<3) and my dad paid for cc. TESC will probably be some combination of scholarship/my dad/me/student loans.

For my whole degree we're looking at about $8.5k

[94steve]

I used the GI-Bill. 36 months active gets you the super-duper hooked up post 9/11 gi bill, VA homeloan benefits, burial benefits, civil service preference, international travel, the rights to the title veteran, job training, and you get to serve your country too. They also pay you (not much) while you're in!

[CLEP101]

Did you just set aside so much a month?

Looking at about $10-12k because I want to take some classes (either at LSU, BYU, or Adams State) in addition to taking exams, because some of the grad programs are wanting academic letters of recommendation.

I know this is still A LOT cheaper and faster than the b&m school near me!! And there will be no student loans after, there will be plenty from grad school!

If you payed out of pocket, how much did you pay and how long did it take you to finish? TIA

My "Uncle Sam" is paying for my school. After all the crap he's put me through, he better be paying.
For the Excelsior degrees, I maybe paid out of pocket $100 for all books I used, and about $400 for the enrollment and graduation fees for the two degrees combined.

For the Thomas Edison degree, I have only paid for the books "about $70 total", and for whatever the graduation fees are going to be when I'm finished testing out of the remaining requirements.

[susanr]

Hi - my first visit to this site...

I've just enrolled in college this semester for the first time ever. I graduated HS 31 years ago.

I never seriously considered going to college because I was always of the view that in my job, I wasn't going to make more money if I had the degree, and I didn't want to take on debt to get the degree if I'm not going to be making more money.

However, the company where I work will pay $10k a year towards college (no tuition reimbursement - they pay for the actual class; no money out of my pocket, as long as I get a B or higher. A "C" will cost me 1/2 the cost of each class).

I figured since it was on the company's dime, I might as well take advantage of it.

I've found this site, because I'm looking at taking 10 CLEP exams, to get credits faster.

[amirah85]

well my husband is paying for my classes that i will take from the US and i will use financial aid here in Canada (if i qualify) to cover whatever classes i take here. i owe in student loans in the US so i refuse to take out anymore aid there. im just starting and i am not testing out of any classes so all of my credits will be B&M except for 1 ALEKS and maybe 2 straighterline will cost me around 13 thousand to finish