I just got accepted into a grad school program next fall so I can pursue becoming a CPA. I'm super excited but a little bit worried about the cost.
Now, I'm pretty lucky in this - my employer offers 100% reimbursement for tuition and fees, so I'm just looking at the best way to cover the incidental costs.
Looking at what I'm going to need to do this, it comes out like this:
Transportation approx 212 per month
Will likely drive 2 days per week to work due to the clash between class schedule and train schedule. This will cost the following:
1) Parking - 12 for work, 10 for school is the cheapest option per day. This I can put aside in a flex spending account at work and pay pretax - $128 per month
2) Gas - about 3 extra gallons per week, -$36 per month.
3) Wear and tear on car - about $48 per month assuming .15 per mile
Books pprox 100 per month
1. I'm assuming $150 per class since I'm willing to buy used, borrow from the library etc whenever and wherever possible
Childcare approx $400
1. At least 10 extra hours per week, not including if I need extra for studying, paper writing etc.
That works out to $622 per month that I'm in school, or $6842 per year.
Honestly, I don't have enough disposable cash to pay that out of pocket. I could definitely come up with some, although I don't want to stop putting money in my efund and end up back on credit.
I'll defer my loans while I'm in school but still pay interest, which frees up about $100 per month, or 1200 per year. The question is, what is my best option for financing the rest? Obviously I could take out another student loan - at 6.8%. Credit is a bad option. I have no home equity. Is there some other good option I'm not considering?
And then the second question, should I take out an amount like say $ 3500 per semester, then payoff whatever I don't use on the loan at the end of the semester, or is that a bad idea? That's what I did during undergrad - I actually borrowed about 22000 but ended up paying back 8000 of that because I didn't need it (over the course of 4 years).
I'm not going to not go - I think it would be crazy to give up the paid for tuition.