Hi everybody,
I've been trying to decide for a while whether completing my degree would be worthwhile or not, so I'm excited to find a community of people that value frugality as much as I do! I'll try to keep this as brief as I can.
I'm a student at McNally Smith College of Music where I'm majoring in Guitar Performance. My intention is to make a living teaching private guitar lessons and playing in bands after graduating. I have 23 credits remaining, which I would complete in two semesters.
The issues: 1) many of these classes are generals and I don't feel would directly benefit knowledge or skills as they apply to teaching and performing (though certainly some classes would be worthwhile). 2) I did an internship as a guitar teacher at the School of Rock last spring, where I have since become an employee (though the pay isn't great compared to most private teaching situations, $12/hr, it's excellent experience), and I'm also doing occasional sub work for a McNally alumni at another school (which pays much better, $26/hr). Point being, it doesn't feel like my current lack of a degree is an issue in that field, and it certainly isn't when trying to join a band (playing ability matters far more than paper credentials in the performance world).
With what I've currently completed I should be able to walk away with an Associate's for my troubles. I can only really see a Bachelor's being required if at some point I want to teach at the collegiate level, however I could see myself returning to college at some point in the future if I really wanted to make that happen.
So, the finances.
Expenses - About $750/month
Rent - $400 (2 roommates. I live in downtown St. Paul, where I can walk to school, and most of the places I work)
Food - About $200
Gym - $43
Car - $100 (my parents are very generously loaning me a 2006 Camry, including insurance/repairs etc. for $25/month. Another $25 for parking a short walk outside of downtown, and $50 for gas. I use it to travel to a few of the places I teach, ~10 times a month. I am realizing thanks to MMM that this would probably be a terrible idea, were it not for the deal I'm getting from my parents.)
Income
Subway - About $600/month (working here part time for the summer)
Teaching - Varies a ton. I'm a sub, so it mostly depends on whether or not other teachers are on tour or sick or whatever. In May there were a lot of openings, so it was about $800.
I don't see these figures going up significantly in the near future, until I can secure a more regular position at a studio that pays well.
Debt - $15,700
Federal loans - $13,300
Subsidized $5,500.00 3.4%
Subsidized $3,500.00 4.5%
Unsubsidized $4,000.00 6.8%
Plus $300 in accrued interest.
Loans from my parents - $2400, interest free
No credit card debt.
Factoring in my current expenses, tuition, scholarships, and assistance from my parents, I expect to be in about $30k of debt when I graduate. I realize that this is not a huge amount, however as a musician I don't expect to make very much. I would be thrilled to earn $30k my first year out of college.
One confounding factor is that thus far my parents have given me $10,000 each year towards my tuition and they intend to do so for my final year. If I don't go however, they may be willing to apply it towards my outstanding debt instead, meaning if I don't complete my degree, I may only owe $5k, versus $30k if I do.
Cliff's Notes - I don't expect my final year of college to be particularly rewarding in and of itself, nor do I think having a Bachelor's vs. an Associate's will be an important distinction in my chosen field. I don't expect to earn very much, and skipping the last year could bring my debt down from $30k to $5k. I'm not sure if I should stick it out or drop out.
If you made it this far then thank you for your time! Any Mustachian input would be fantastic!