Dave Says: Quit Job for School?

 

Reader Question: My wife and I have $72,000 in debt from student loans and a car loan. We’re trying to pay off our debt using the debt snowball system, and we each make about $45,000 a year. She’s a teacher, and she’s planning on going back to school for her master’s degree, but she’s thinking about quitting her job to do this. She’ll be able to make more money with the additional education, and she would only be unemployed for two years. The degree program will cost us $2,000 out of pocket per semester for two years. Does this sound like a good idea?

 There’s no reason for your wife to quit her job to make this happen. Lots of people — especially teachers — hold down their jobs and go back to school to further their education. I’m not sure trying to make it on one income when you’re that deep in debt is a good idea.

Whatever you do, don’t borrow more money to make this happen. Cash flow it, or don’t do it. We’re talking about $8,000 total, and you’ve got $72,000 in debt hanging over your heads already. My advice would be to wait until you’ve got the other debt knocked out, then save up and pay cash for school. You could slow down your debt snowball, and use some of that to pay for school, but I’d hate to see you lose the momentum you have when it comes to getting out of debt.

The choice is yours, but don’t tack on anymore student loan debt. I know her income will go up with a master’s degree, so from that standpoint it’s a good thing to do. But if you do a good thing a dumb way, it ends up being dumb!

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The recipe
travel
animation
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A bad girl
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Small tools
Street fashion
The recipe
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A bad girl
appetite
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Reduce weight
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magazine
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tourism
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Nutritious food
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Yoga
Classic cars
evaluation
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Classic cars
evaluation
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transact
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Fashion magazine
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Small tools
The recipe
travel
animation
car
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movies
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Science and technology
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catering
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Lose weight
outdoors
Reduce weight
stretch
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A bad girl
appetite
attitude
movies
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sex
toys
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news
Small tools
Street fashion
The recipe
travel
hygiene
industry
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Fitness equipment
fitness
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Nutritious food
routine
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Yoga
art
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The recipe
tourism
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invest
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magazine
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Street fashion
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Big data
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Fashion show
fitness
health
lifestyle
Small tools
The recipe
A bad girl
appetite
attitude
movies
rendezvous
sex
toys
catering
health
Lose weight
outdoors
Reduce weight
science
stretch
training
business
cookbook
fashion
fitness
health
magazine
news
sports
Street fashion
travel
art
fashion
health
music
photography
sports
The recipe
tourism
travel
Fitness equipment
fitness
nutrition
Nutritious food
routine
training
video
Yoga
Classic cars
evaluation
technique
transact
Classic cars
technique
transact
Fashion magazine
Fashion show
Female models
fitness
health
lifestyle
Small tools
travel
The recipe
animation
car
games
Motor car
movies
music
news
Science and technology
tutorial
catering
health
Lose weight
outdoors
Reduce weight
science
stretch
training
A bad girl
appetite
attitude
movies
rendezvous
sex
toys
business
fashion
fitness
health
news
Small tools
Street fashion
The recipe
travel
hygiene
industry
invest
markets
medical
Motor car
Real estate
technique
Fitness equipment
fitness
nutrition
Nutritious food
routine
training
video
Yoga
art
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health
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The recipe
tourism
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Fitness equipment
fitness
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Nutritious food
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Yoga
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The recipe
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magazine
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Street fashion
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lifestyle
Small tools
The recipe
A bad girl
appetite
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movies
rendezvous
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toys
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outdoors
Reduce weight
science
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Dave Ramsey

Dave is the author of The New York Times best-selling book Financial Peace. He is also the host of the nationally syndicated The Dave Ramsey Show, and is a regular guest on television. All of his financial counseling is based on biblical truths. You can hear Dave from 9 a.m. to 11 a.m., weekdays online at www.daveramsey.com. Send your questions toaskdave@daveramsey.com. He resides with his wife Sharon and their three children, Denise, Rachel, and Daniel, in Nashville, Tennessee.

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