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Is the amount of debt after all schooling excessive? Is it counteracted by your career currently? Do you think its worth it and if you could do it all over again would you?
I am a current senior in high school looking to major in finance or business. My ultimate goal is to go to law school, where I want to combine my financial foundation to become a corporate lawyer.
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Guillermo’s Answer
Hello Suheyla,
I recommend you do a few things in preparation for college: 1) apply to scholarships when the opportunities arise; 2) look at the costs associated with the universities of choice (ex. consider a commuter school vs living on campus if the expense difference is large); 3) look into whether there is a local school you can do your basics at for cheaper that would later transfer to your university degree; 4) Network, network, and then network some more - you would be surprised how much easier this can make finding a job later.
In my personal experience I only completed up to a Master's degree in Accountancy, but I know someone that received their MA and then went to law school. Between scholarships, work study, and other activities his debt after all schooling was completed was minimal in proportion to his income.
I hope this helps, and feel free to ask follow up questions.
I recommend you do a few things in preparation for college: 1) apply to scholarships when the opportunities arise; 2) look at the costs associated with the universities of choice (ex. consider a commuter school vs living on campus if the expense difference is large); 3) look into whether there is a local school you can do your basics at for cheaper that would later transfer to your university degree; 4) Network, network, and then network some more - you would be surprised how much easier this can make finding a job later.
In my personal experience I only completed up to a Master's degree in Accountancy, but I know someone that received their MA and then went to law school. Between scholarships, work study, and other activities his debt after all schooling was completed was minimal in proportion to his income.
I hope this helps, and feel free to ask follow up questions.
Updated
Annette’s Answer
From a practical perspective, law school generally isn't a good idea unless you have significant financial resources, a guaranteed job post-graduation, or the ability to go to a top 10-15 law school. For most folks, the debt is an enormous burden and many law jobs don't actually pay particularly well (especially compared to where you would be if you had worked those three years instead). Getting a law-adjacent job is also difficult, and more so for folks with law degrees and no legal experience.
I was fortunate to have scholarships for law school that helped with the cost, but it would have been tough to be a single-income, single-person household on an average entry-level salary...and I went to law school when it was much cheaper than it is now. A lawyer friend of mine from a similar time had loan payments equal to a rent/mortgage payment, for example.
If I had a do-over, I'd go a different route entirely.
I was fortunate to have scholarships for law school that helped with the cost, but it would have been tough to be a single-income, single-person household on an average entry-level salary...and I went to law school when it was much cheaper than it is now. A lawyer friend of mine from a similar time had loan payments equal to a rent/mortgage payment, for example.
If I had a do-over, I'd go a different route entirely.
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DeLisa’s Answer
Hi Suheyla,
Everyone's experience with student debt is unique. College can be pricey, but costs vary depending on the school and whether you stay local or away from home. There are many ways to reduce potential debt. Applying for scholarships and only borrowing what you truly need can help. Many colleges also have work-study programs that let you earn money on campus to pay down debt.
I have both a Bachelor's and a Master's degree and work in Finance. I still have some student debt, but it's manageable and decreasing. My job helps with this since my employer contributes to my loan payments, and I earn a good salary. If I had to do it again, I would, though I would borrow less. It was definitely worth it in my view.
Everyone's experience with student debt is unique. College can be pricey, but costs vary depending on the school and whether you stay local or away from home. There are many ways to reduce potential debt. Applying for scholarships and only borrowing what you truly need can help. Many colleges also have work-study programs that let you earn money on campus to pay down debt.
I have both a Bachelor's and a Master's degree and work in Finance. I still have some student debt, but it's manageable and decreasing. My job helps with this since my employer contributes to my loan payments, and I earn a good salary. If I had to do it again, I would, though I would borrow less. It was definitely worth it in my view.
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Ryoko’s Answer
Hi Suheyla,
Generally, most entry-level finance or business positions that offer competitive salaries require at least a Bachelor's degree, making it a worthwhile pursuit.
As others have suggested, it's wise to explore colleges and universities nearby and carefully compare costs. Make a list of tuition fees, living expenses, and potential part-time income, then weigh your options.
To save money, consider attending a local college for your first two years and maintain a strong GPA so you can transfer to a larger university with a Finance or Accounting major. Look for institutions known for their Finance, Accounting, or Business Administration programs and reputations, and thoroughly research their costs.
Securing an internship with a good company can help you enter the workforce without needing a master's degree, saving significant costs. Some of my colleagues have only a bachelor's or pursued graduate studies after working for a few years, which reduced their student loans.
Wishing you the best.
Generally, most entry-level finance or business positions that offer competitive salaries require at least a Bachelor's degree, making it a worthwhile pursuit.
As others have suggested, it's wise to explore colleges and universities nearby and carefully compare costs. Make a list of tuition fees, living expenses, and potential part-time income, then weigh your options.
To save money, consider attending a local college for your first two years and maintain a strong GPA so you can transfer to a larger university with a Finance or Accounting major. Look for institutions known for their Finance, Accounting, or Business Administration programs and reputations, and thoroughly research their costs.
Securing an internship with a good company can help you enter the workforce without needing a master's degree, saving significant costs. Some of my colleagues have only a bachelor's or pursued graduate studies after working for a few years, which reduced their student loans.
Wishing you the best.
Updated
ashley’s Answer
It depends.
Two of my bffs got their PhDs and now, in their 40s, have 6-figures of student debt to pay back yet dont have 6-figure jobs. The interest rates are eating them alive and they'll literally be paying these off until they die unless they win the lottery. The PhDs did not equal higher paying jobs since the academic job market is oversaturated.
But if you go for a higher ed degree that explicitly and directly leads you to a high-paying career that will enable you to both pay back the debt, save for the future, save up an emergency cash fund, AND give you a good budget for living the life you want to live, then yeah, it would be worth it.
Personally, for me, I could have gotten to where I am in my career without even the 4 year degree that I have. I make low-six figures and have way more saved for the future than my PhD friends. If I could do it all over again, I can't say that I would go to a traditional 4 year university (even though it was a BLAST and i did not end up with any student loan debt). I would focus on technical skills. I would go to a community college to get my AA and figure out my focus areas, then enroll in some sort of technical school (in my case, something like digital media) and focus on getting technical certifications to fill my resume. 5+ years into your career, where you went to college DOES NOT MATTER. No one cares. Especially in corporate.
Two of my bffs got their PhDs and now, in their 40s, have 6-figures of student debt to pay back yet dont have 6-figure jobs. The interest rates are eating them alive and they'll literally be paying these off until they die unless they win the lottery. The PhDs did not equal higher paying jobs since the academic job market is oversaturated.
But if you go for a higher ed degree that explicitly and directly leads you to a high-paying career that will enable you to both pay back the debt, save for the future, save up an emergency cash fund, AND give you a good budget for living the life you want to live, then yeah, it would be worth it.
Personally, for me, I could have gotten to where I am in my career without even the 4 year degree that I have. I make low-six figures and have way more saved for the future than my PhD friends. If I could do it all over again, I can't say that I would go to a traditional 4 year university (even though it was a BLAST and i did not end up with any student loan debt). I would focus on technical skills. I would go to a community college to get my AA and figure out my focus areas, then enroll in some sort of technical school (in my case, something like digital media) and focus on getting technical certifications to fill my resume. 5+ years into your career, where you went to college DOES NOT MATTER. No one cares. Especially in corporate.
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David’s Answer
With the goal of becoming a corporate lawyer, getting the proper undergraduate and law school education is a must. You can minimize the cost of your education (and the debt you will incur) by aggressively looking for scholarships. But even if you don't fully cover the cost of your schooling with financial help, being a corporate lawyer will ensure you earn sufficient funds to pay off your debts in a reasonable amount of time.