Year off from School

[Desert Rose]

Whats up everyone, just looking for some perspective and some fresh looks at something I've been thinking about. I go to a very large school and pay out of state tuition. That being said, I was thinking of taking a year of to get residency in this state. This would save me thousands of dollars as well as allowing me to pay off some of my other loans instead of having them gain interest.

It sounds like a good decision, but many other factors can play into this and I just wanna get some fresh thoughts on what you guys think; it is a big decision. Thanks in advance as well as for reading this!

 

[Teflon_Mcgee]

Well, the first thing I would ask is would it really save you anything?

Assuming you have a decent major you will probably make a lot more your first year out of school than you would have saved with instate tuition minus the cost of the extra year where you didn't have the higher paying job.

Also, you miss a year of job experience. I know in my field (engineering) there is a huge pay difference between a guy with 0 years of experience and a guy with 2 years of experience.

Take a year off and you just add a year to where you can claim experience and demand a higher pay. Once again you're losing out on that money (assuming experience matters that much in you major.)


My recommendation?
Get a job and stay in school. There's really no excuse not to work while you go to school.

 

[Desert Rose]

I hear what you are saying, but the numbers are staggering. Out of state tuition is $27,224 per year, while in state would be $15,250; I have to take out my own loans that gain interest while I'm in school. I have roughly two years left so taking out that much money (only including tuition) at 9% interest would own me for a loooonnng time.

I do work in school, but I can barely afford to pay for living expenses. My major is kinesiology, and there doesn't seem to be many jobs at all out there right now. I here what you are saying, but if I start out that far in debt wouldn't that limit me from having financial independence a lot more than if I paid well over 10 grand less per year?

I like the discussion so thank you for the help!

 

[mpimpin]

I understand your financial concerns. My question is what do you plan on doing with the year off? If you do take a year off make sure you work, internship, gain experience somehow. Don't waste the time sitting at the house playing x-box. Do you have any concerns that you might not return to school if you take a year off?

 

[Desert Rose]

I plan on getting a job as a personal trainer or something of the sort in my field of study, and I have no concerns about returning as I love being in school and have come so far. There is no way I wouldn't finish school it isn't an option for me. As for the year off, I would like to pay back some of my previous loans, keep working out, and just live my life. I think a step back would be beneficial to me.

I don't even have cable so I'm not going to waste my time at all; I really do work on improving myself most of the time and I think this opportunity would help. When I graduate, I would like to find some sort of job that entails traveling around a bit at least for a year or so. I try to think outside of the norm and do what is best for me, regardless of public opinion or what is considered "normal". I don't want to graduate just yet and close my options off to just working I am only 21 years of age.

 

[mpimpin]

Well compared to a lot of guys that don't have their $hit together and think not going to school for a year will help, you sound like you know what your doing and from what your saying it seems like it will work out for you. Good luck with your decision.

 

[Desert Rose]

thanks mpimpin it helps to hear that, i think its a smart move and im still young. live free!

 

[Nygard]

Don't take a year, take a semester. Did wonders for me.

 

[Alle_Gory]

My major is kinesiology, and there doesn't seem to be many jobs at all out there right now.

Move to Canada. We've got lots of old folks for you to treat. Regular customers because we can afford health care here and its pretty damn good.

If I start out that far in debt wouldn't that limit me from having financial independence a lot more than if I paid well over 10 grand less per year?

Depends on the terms. When will the loan have to be repaid and what's the interest (including how the interest is calculated). And how much do you expect to burn through to finish your kinesiology course?

I can crunch the numbers and let you know. I do this sh*t all day at school anyways. (I'm a Finance major).

 

[Colossus]

Desert Rose-

Kinesiology isn't exactly a lucrative degree to have. Not bashing your interests, because I like it as well, but you have to lay out your options and prospects with a bachelor's in kines. Do you plan on going to grad school? Just want to work? These are important questions to answer.

Chances are right now you don't know for sure, and that's ok. However, you have to look at what one year off will entail financially. Your loans will come out of deferment in 6 months, and you'll have to start paying. So you better have a decent job to support yourself and make those unforgiving payments. Second, the longer you are out of school, the harder it can be to go back. Life happens. Stuff comes up and your hands might be tied, so you'll say "well, I have to wait one more semester", then you are a year and a half behind the game.

So you might save in the long run if you take a year to get state residency, but look at the big picture and assess if it is really going to be worth it. It sounds like the money you will save as an in-stater will be substantial, so it may be a good move. I thought of this when I was in college as well, but I was 23 when I started and I didnt want to waste time. If you do it make sure you stay focused and stick to the plan. Don't go off on some silly business venture or join the peace corps and squander your education.