Is a Masters Degree Worth it in my situation? (skills, cost, school)

[ddmhughes]

I am typing this on a mobile device so I apologize in advance for any missing info or spelling errors in advance. I will fill in any blanks you may have later when I'm on a proper computer.

Anyway here is my situation. I have a job in what my undergrad is in. My company has offered to pay for my graduate degree in the same field. But because of the price of the program I will have to buy my books. I would love to get my graduate degree but I'm not sure how much a masters will help me. You don't need a masters for what I do. Also I have to pay for the class then they reimburse me. Which is a very significant burden for me right now.

Do you think you would take the oppurtunity if you were in my shoes? Does a masters degree usually pay off? There tuition reimbursement program only requires me to stay with the company for a year for debt forgiveness.

For some reason I feel more comfortable asking strangers there opinion of this. I feel like other people I have told act like I'm lazy for not jumping at the chance or they get jealous. Or they feel like they have to support me. Of course it may just be my own imagination. Any advice will help.

Thanks!

[TexasVines]

Originally Posted by ddmhughes

I am typing this on a mobile device so I apologize in advance for any missing info or spelling errors in advance. I will fill in any blanks you may have later when I'm on a proper computer.

Anyway here is my situation. I have a job in what my undergrad is in. My company has offered to pay for my graduate degree in the same field. But because of the price of the program I will have to buy my books. I would love to get my graduate degree but I'm not sure how much a masters will help me. You don't need a masters for what I do. Also I have to pay for the class then they reimburse me. Which is a very significant burden for me right now.

Do you think you would take the oppurtunity if you were in my shoes? Does a masters degree usually pay off? There tuition reimbursement program only requires me to stay with the company for a year for debt forgiveness.

For some reason I feel more comfortable asking strangers there opinion of this. I feel like other people I have told act like I'm lazy for not jumping at the chance or they get jealous. Or they feel like they have to support me. Of course it may just be my own imagination. Any advice will help.

Thanks!

I think the highlighted part pretty much answers the question for you

your company is willing to invest the money in having you advance your education which to me tells me they would value you having that education which means they would value you more

saying "what you do" might help a bit as well as in if you are in some field of employment that really does not even require a degree and more so relies on the abilities of the person in question like some type of art or music field where you either have it or you don't.......and really even if you are in some type of liberal arts field where everyone has whatever degree and then just lucks into the fact (personality, interview skills, connections, blind luck) that they are one of the five people out of 10,000 with that degree that gets a job in that field you still have to look at the fact that your company is willing to invest in you......probably because in this case the degree is just one more way to sift candidates for future advancement

as for the cost you can always take out student loans and then have the discipline to promptly pay off the loan in full upon reimbursement and with student loans interest rates being very low you would still be borrowing money at an extremely low rate even if you do not pay it all back in full upon reimbursement

I would still recommend that you borrow only what you need to cover the actual tuition cost and books and not get more for "living expenses" unless you are the type that has the financial discipline to do something actually beneficial with that cash like replacing a car that is breaking down every week with a low cost car that is reliable and using the fact that you can get student loans for less than the coast of a new car loan (barring zero % financing of course which many don't qualify for anyway) or perhaps that will allow you to put a down payment on a house VS renting if you are in the area long term

again that is not a highly recommended thing to do unless you have extreme financial discipline and can see the benefits of some low cost cash now with immediate benefits and you know you will be able to afford to make the payments long term or as the financial savings add up from not repairing a car monthly you will use that money to pay off your loans faster

and even just borrowing the money you need strictly for tuition and books should only be done after careful and REALISTIC consideration of your financials and your money handling abilities and discipline

one strange comment you made is about only having to stay there a year to get paid back.....as if you might be leaving in the future......yet on the flip side you seem as though you are there for the long term and feel you are going to move on up even without the masters (hence why you seem to be asking the question if it is worth it at all)

so if you are even considering the notion that you might job shop in the future of course you need to go ahead and go for the masters

[Almeida93]

What will you be studying?

[joe from dayton]

While it may not be a big help now, I must assume it will help you in the future. I would 100% take advantage of any education my employer wanted to provide.

[ddmhughes]

Originally Posted by TexasVines

I think the highlighted part pretty much answers the question for you

your company is willing to invest the money in having you advance your education which to me tells me they would value you having that education which means they would value you more

saying "what you do" might help a bit as well as in if you are in some field of employment that really does not even require a degree and more so relies on the abilities of the person in question like some type of art or music field where you either have it or you don't.......and really even if you are in some type of liberal arts field where everyone has whatever degree and then just lucks into the fact (personality, interview skills, connections, blind luck) that they are one of the five people out of 10,000 with that degree that gets a job in that field you still have to look at the fact that your company is willing to invest in you......probably because in this case the degree is just one more way to sift candidates for future advancement

as for the cost you can always take out student loans and then have the discipline to promptly pay off the loan in full upon reimbursement and with student loans interest rates being very low you would still be borrowing money at an extremely low rate even if you do not pay it all back in full upon reimbursement

I would still recommend that you borrow only what you need to cover the actual tuition cost and books and not get more for "living expenses" unless you are the type that has the financial discipline to do something actually beneficial with that cash like replacing a car that is breaking down every week with a low cost car that is reliable and using the fact that you can get student loans for less than the coast of a new car loan (barring zero % financing of course which many don't qualify for anyway) or perhaps that will allow you to put a down payment on a house VS renting if you are in the area long term

again that is not a highly recommended thing to do unless you have extreme financial discipline and can see the benefits of some low cost cash now with immediate benefits and you know you will be able to afford to make the payments long term or as the financial savings add up from not repairing a car monthly you will use that money to pay off your loans faster

and even just borrowing the money you need strictly for tuition and books should only be done after careful and REALISTIC consideration of your financials and your money handling abilities and discipline

one strange comment you made is about only having to stay there a year to get paid back.....as if you might be leaving in the future......yet on the flip side you seem as though you are there for the long term and feel you are going to move on up even without the masters (hence why you seem to be asking the question if it is worth it at all)

so if you are even considering the notion that you might job shop in the future of course you need to go ahead and go for the masters

Thank You so much for this long and well thought out post! This actually one of the few helpfull posts I have ever seen on this forum.

I never thought of not paying back my school loans with my reinbursement check but that is a great idea. I was downsized from my former position last year. Luckly I was able to find this job that actually pays more then my previous job. Still I have been doing nothing but paying catch up with my bills. If I only kept $3,000 out that would serve as a cushion for me until my finances finally stabilize.

Keeping out more for a down payment on a house is also a good idea but Im not sure if I trust myself enough to be that financially disciplined. I don't carry any credit card debt anymore! But the whole experiance of being downsized was so awful that Im very weary of carrying debt.

I put that comment in about only staying a year because my old company actually required 5 for tuition reinbursment! 1 year is really good. I wanted to point out that I wouldn't be tied to them for a long period of time as a result.

[luv4horses]

Getting a masters degree will definitely pay off. For only one year of training you will get an increased salary and be many times more employable than similar folks with a BS/BA degree. If you cannot afford your books, etc. see if you can get a student loan of some type or even a loan from your company. But, you may want to get your companies offer of paying you back in a written document of some sort, along with the requirements that you must meet for them to pay you back (for example, better than a C grade).

[McSyddy]

i might have missed it, but subject would you be studying again?

[ddmhughes]

I will be studying Environmental Management. My undergraduate was in Environmental Science.

[findly185]

I'm getting my masters in a related field and my company is paying for it. To be honest, I think its stupid not to take that type of opportunity. They're investing in you and your education. If you dont see job improvement from the company you work for, you can leave with a masters under your belt that they paid for. Its a win win.

[marigolds6]

If your company is willing to pay for your degree, then clearly having a masters degree in your field must pay off.
Otherwise, the company would be unwilling to pay for your degree.