I had looked into earning my master’s degree and thought it would be expensive, and I wondered how I would pay for and take on such debt. I had three kids in high school and getting ready to go to college. Someone recommended that I check into the University of Saint Joseph.
I attended a seminar and dragged my feet a little bit. I reviewed my contract at work and noticed there was a sizeable difference in salary if I earned a master’s degree. I thought that the sooner I started it, the sooner I could start making more money and the process would soon be over. At the time (2016), the master’s program was $16,000. It sounded like a large number, but not compared to what my children’s tuition would be once they started college.
I discussed the expense versus the new income and our upcoming expenses with my family. We discussed the payment options and what we could afford. We agreed that the sooner I earned my master’s degree, the sooner we could reap the benefits.
Our family has made some good financial decisions along the way not getting heavily into debt and not trying to impress anyone else, just meeting the needs of our family. We bought an affordable home and took out a 15-year mortgage. I started my master’s program as our mortgage was ending. With the mortgage eliminated, we had some flexibility.
Quickly, the $16,000 price tag looked more manageable with the “pay as you go” option. Each eight-week class was $1,600, or $800 every four weeks. We decided to take this route. We paid every four weeks, and when we had breaks from class over the summer and winter break, we were able to direct that money to other expenses. It was very manageable. Having the breaks from the classes was beneficial for my mindset and for our financial purposes.
I submitted my transcript to my employer when I completed my master’s degree, and my increase in pay took effect immediately. The program was affordable, and the investment has returned its value and will continue for the rest of my career.
*Tuition subject to change.