What I Learned

With my current income, I’m covering rent, bills, and debt payments, but there’s not much room left to save for tuition or reduce my work hours. If I try to work full-time while going to school part-time, it will take a long time to finish my degree, and I’ll be stretched financially and emotionally. This baseline showed me that while I’m getting by now, I’d need to make some changes or take on additional financial help to go back to school and not be completely stressed out.

Scenario 1: School Part-Time, Keep Working Full-Time

The first scenario I modeled is going to school part-time while keeping my full-time job. Here’s how that might look:

Tuition: $400 a month for part-time classes at a local university
Income: I’d still be working full-time, so I’d keep my $3,500 a month salary
Expenses: Rent, utilities, and debt payments stay the same
In this scenario, I can cover tuition with my monthly savings, but juggling full-time work and part-time school would leave me exhausted. It’s an option, but it would take me a lot longer to finish my degree, and I wouldn’t have much time for anything else—no room for personal life or emergencies.

I stated earlier that I have around $600 a month after all expenses, and this is without funding any goals. Paying $400 a month in tuition would leave me with very little to cover any unexpected costs or emergency situations. I also want to add money to my savings for other goals that I plan to explore later, like buying a house or traveling. Once I add these two goals, I find myself barely getting by as a working college student. That is not the lifestyle I am envisioning when I go back to school.

What I Learned: Cash Flow Issues and Stress

As you can see, I am just falling short in three years of this scenario. This is basically the time I will be in school and, as I sai, I do not want to live like this while trying to thrive in Nursing School. I am going to go into the workshop and test out some ways I can borrow some and cut back on hours. since I am taking out debt, I need to make sure I excell and I would feel better owing money and working my dream job rather than getting by with a job I don't have passion for when I go to work every day.

Scenario 2: School Full-Time with Part-Time Work and a Loan

Next, I modeled what would happen if I went to school full-time and reduced my work hours. In this scenario, I’d need a student loan to help cover the gap:

Tuition: $800 a month for full-time enrollment
Income: Cutting back to part-time work would reduce my income to about $1,800 a month
Loan: I’d need to take out a student loan of about $10,000 a year to cover tuition and living expenses. I will model 4 years to be safe and then give myself a 60,000 salary in year 1 with increases after years 3 and 5. This will give me a conservative understanding of what my long term future will look like in this scenario. I will also add the goals I mentioned earlier: a new home and an annual vacation.

I added the new goals and made the changes for my income and expenses. I was unable to fund all of my goals with this scenario, but I did fund everything except for savings. I think that this is still the route I will choose since I can always run new numbers in a few years when I want to buy my house. I could make more than I expect orr save more; I have a lot of variabnles that could change in the next 3-4 years I am finishing school.

Making The Decision 

I have decided to go this rout, but i also plan to apply for scholarships every year, so there is always a chance that I could earn one and save a lot of money. I also plan to stay in my apartment and study most nights, so I hope to cut spending in a few areas. Overall, I feel confident that I can maintain my finances while in school and tackle the student loan later. I will make substantially more money as a nurse and I will enjoy my job a lot more. I am thrilled!

Key Takeaways

After modeling these scenarios, here’s what I learned:

Scenario 1: Going to school part-time while working full-time is financially safe but would take longer and be physically exhausting.
Scenario 2: Taking on a student loan and working part-time would allow me to focus on school and finish faster, but I’d need to be mindful of the debt I’m taking on.
Scenario 3: Applying for scholarships or grants is the best way to reduce my financial burden and reduce the amount of loans I take in, so I will look into scholarships and do what I can to get anything I can. I may even be able to quit my job before school is over if I can find scholarship money to supplement or substitute some of these funds.

Going back to school won’t be easy, but with the right financial plan, I’m confident I can make it happen and move forward with my career as a nurse.

The Importance of Comprehensive Planning

It’s important to note that this case study presents a simplified financial scenario. In a more accurate personal financial scenario, we would incorporate as many details as possible, including specific expenses, financial goals, and the details of all debts and assets. This comprehensive approach ensures a more precise and tailored personal financial scenario.

The Role of Professional Advice

​​​While StartingOutPlan has given me a solid foundation, consulting with a financial advisor could help me navigate the complexities of student loans, budgeting, and saving for the future.