Degree Plan for College?

Question:

I am majoring in accounting. The school I go to offer two different degree plans. One is a bachelor's degree that is approx. 4 years. The other is a 5 years dual degree Masters and Bachelors. The 5 year plan is 2 less classes than if you got the Masters and Bachelors seperately but you have to finish the whole 5 years to get both degrees. My problem is I have been using financial aid through the government up to this point and it stops when you start going for a graduate degree and my current job only pays $750 a semester towards a graduate degree. I am thinking I should get my BS first, get a much better paying job that pays for more of my graduate degree. I have been going back and forth on this for a while and could use some outside input. Any help would be greatly appreciated. Should I go with the 4 year Bachelor's and get a better paying job that pays for more of my graduate program or get the whole thing out of the way in an extra year and just use student loans to pay the costs.

Answer:
First of all, check to see if it is truly a dual degree - if both degrees are granted at the same time, you may still qualify for financial aid because you will be considered an undergraduate and working on your BS until that diploma is issued.

If you are working on an accounting degree, you understand finances and can best decide what will be right for you. If you are truly a disciplined person, here is my suggestion: Do the five year program (check into grad assistantships, etc... as well to see if you can cut the costs if you aren't eligible for financial aid through the government any more - and apply for scholarships), borrow the money, but pay it back as soon as you get that first job.

Many students graduate, get that first job, and go nuts buying a car, clothes, dining out, etc... - all things they typically did not do on a college student budget. If you can continue to live at the same economic level during your first year or two of working, you can easily pay off those college loans. As an accountant, you have a good chance for a great first year salary and possibly even a signing bonus. My suggestion is that you continue to live with a minimal level of expenses, pay off those loans completely and start off completely debt free.

I wish I would have done this myself. Instead, I dragged student loans out over a decade and into marriage and parenting. I could have sacrificed earlier and had a lot more money each month to save and invest.

You have an opportunity here to really get off to a good start. Because of your chosen field, your starting salary should offset the cost of the loan (unless you are at some incredibly expensive college - in that case, go to a less expensive school) and give you an extra year or two jump on getting straightened out in your finances before you move on in life.

I don't think I've ever recommended student loans before on YA. I am a Dave Ramsey fan, but I think you have a great opportunity if you are disciplined enough.

A federal stafford loan (which everyone is entitled to) lasts through graduate school.

Degree Plan for College?

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