Jump to content

Torn between choices
Uni or not related


  • Please log in to reply
24 replies to this topic

#1 L.A.M

Posted 02 February 2013 - 06:54 PM

WWYD....

I have ALWAYS wanted to do a particular degree at Uni, time has come to do it or give up on the idea as in another 10 years no point doing it really re work prosepcts thereafter etc (I am 40 soon).

Problem is the cost. Due to what I earn, about $60k (includes penalties for working w/end and public holdiays and some OT) I have to pay for the course year to year as I study. I can manage it..just..things will be tight.

It means however my house that already needs some work (nothing major) will have to wait 6 yrs (I can only study PT as I NEED to work), as will the new couch I kind of need but can scrape by without. The carpet that needs replacing will have to wait, and kids activities etc will be minimal and not much else will be going on as I never really had much of a lavish budget to begin with...bills paid, mortgage paid, kids school costs and needs meet, a movie in school holidays or trip to zoo for kids, and a bit for this and that that needs replacing, fixing etc.

Can I do it for 6yrs. If for a couple I could suck it up, but 6.

I know people go without for kids to be a SAHM or SAHD, and economise for that.

Could you go without any frills pretty much to realise a dream, that would mean I earn more than now in the end and I'd probably be a lot happier work wise as I wouldn't be brain dead everyday always. BUT I have a little splash money now, not a lot, but if I studied I'd have none. unsure.gif

#2 PB2

Posted 02 February 2013 - 07:06 PM

Yes, do it.  you have many more working years ahead of you.  if you can do so for a year or two do it, a lot can happen after that, wages can increase, new other job opportunities may arise etc, do not look at the whole 6 years, work your way towards your goal and see what the future holds.

good luck



#3 WibbleWobble

Posted 02 February 2013 - 07:07 PM

Why do you have to pay your fees up front? Are you not eligible for HECS/HELP?

#4 Floki

Posted 02 February 2013 - 07:09 PM

Why would you have to pay upfront for it? Would you not be eligible for Fee Help?



#5 L.A.M

Posted 02 February 2013 - 07:11 PM

I can defer until tax time using fee HELP/HECS, BUT I then will have to pay 5% of my wage towards my debt due to what I earn, so will need to pay most of my PT study debt then, about $3.5k.


Once upon a time, married and two wages $3.5k wasn't significant to worry over, now single and paying a mortgage alone and raising 3 kids it is significant.

I have tried to think, just do this year and see about next yr as it arises.

Edited by L.A.M, 02 February 2013 - 07:19 PM.


#6 Rosepickles

Posted 02 February 2013 - 07:16 PM

Yes do it, you have already stated all of the positives and fulfilling a dream is a pretty good reason to do something. From what you have posted the pluses far outweigh the bad.

Enjoy your degree!

#7 Guest_Sunnycat_*

Posted 02 February 2013 - 07:23 PM

Please do it. It will so be worth it in the end. The repair works can wait,

#8 NotBitzerMaloney

Posted 02 February 2013 - 07:24 PM

Do it!



#9 emma_jean

Posted 02 February 2013 - 07:32 PM

What could it hurt to try? At least give it a go, and if you find it too uncomfortable to lose 5% of your income, then reassess original.gif You might find some surprising ways to save money and achieve your dreams. original.gif

#10 WibbleWobble

Posted 02 February 2013 - 07:41 PM

The tax is taken out each time you get paid, personally I have never really noticed the difference.

The debt is also held over and not sent from the uni to the ATO straight away, so the first year you may not have a debt anyway and could give you the chance to save some money to pay off fees for the next year at the reduced rate.

Don't let a debt deter you, work out how much you would be down each week and how little difference it will probably make to your budget. If you think it is that dire you can apply to the ATO to be exempt for having HELP withheld for that financial year.

Go for it.

#11 Shellby

Posted 02 February 2013 - 07:42 PM

Do it, we are. Dh is in the same boat, basically paying hecs while studying. Then add this year I am going back to uni full time, but i won't be paying hecs while going along as I earn much less than needed.

I look at what I can offer in the future. We will easily be able to support our boys when they go to uni, same with high school as we plan to send them private as dh will be finished by the time they reach high school, then I will be a year later. So it's short term pain (4 years for us) for long term gains.

Think of it this way, if you don't how will you feel when the kids are older and you know you could have been earning more to help support your kids in higher education and choices but your still only earning $60,000.

#12 bluedragon

Posted 02 February 2013 - 07:44 PM

It sounds like a no brainer to me, absolutely do it!

I'm still not sure why you'd have to pay the total amount at tax time, surely having 5% come out over the year (totalling around 3k all up for the year) would be better than paying 3.5 K in a lump sum. am I missing something?

Edited by bluedragon, 02 February 2013 - 07:45 PM.


#13 balancing.act

Posted 02 February 2013 - 07:44 PM

Do it.

You may be able to claim some tax on expenses if the course is linked to increasing your future income. If you defer payment but then pay a lump sum to HECS/HELP (min $500 payment before 30 June so it doesn't get the CPI index increase) you also get a 10% discount on the fees. If you're strict about this and make one or several lump sum payments during the year it means you basically get a 10% discount on your fees.

If you can demonstrate a link between your current work/increased future income and your study your tax deductions (in addition to the course fees) can include internet access, textbooks, stationary, transport/mileage costs to/from uni if you go directly from your place of employment as well as any university union fees.

Make sure you look into if you can make any deductions - I did and it made my course almost pay for itself.

#14 L.A.M

Posted 02 February 2013 - 09:09 PM

Thanks for the replies, am going to give it a go! original.gif

QUOTE
The tax is taken out each time you get paid, personally I have never really
noticed the difference.
I will, $60 a week is fairly significant these days. sad.gif

debsinhanoi -not specifically work related, indirectly related, its a step up from what I am doing, along the same lines but not for tax purposes it isn't.


QUOTE
I'm still not sure why you'd have to pay the total amount at tax time, surely
having 5% come out over the year (totalling around 3k all up for the year) would
be better than paying 3.5 K in a lump sum. am I missing something?
Yes, that is what I would do, get extra tax taken out for the debt, but I will notice the $60 a week to pay it back then, and no tax refunds for a while. Basically what I was saying is that rather than have a HECS/HELP debt held over I'd have to pay my Uni fees each year as I earn to much no0w to hold over until I earn above $49k.



Anyway, will go for it and assess at the end of this year how it all went.. reasonably or not.

#15 SeaPrincess

Posted 03 February 2013 - 12:14 AM

Two things worth considering.  One is that you get a 10% discount for paying up front.
The other is this:
QUOTE (WibbleWobble @ 02/02/2013, 05:41 PM) <{POST_SNAPBACK}>
The debt is also held over and not sent from the uni to the ATO straight away, so the first year you may not have a debt anyway and could give you the chance to save some money to pay off fees for the next year at the reduced rate.

I finished my degree at the end of 2011.  I paid my fees upfront for all but the final year. I haven't yet received a HECS statement, even after doing my tax return last year.

#16 feralangel

Posted 03 February 2013 - 12:34 AM

I completed my undergrad degree p/t over 6 years and nominated to have a higher percentage of tax deducted from my salary.

I didn't notice the extra amount I was paying in tax as it didn't appear on my payslip.

This way the course seemingly paid for itself and i still received a small tax return (a couple of hundred dollars) at the end of the financial year.

Even if you don't decide to do this way the course is definitely worth doing as it will pay for itself in the long term.

#17 monkeys mum

Posted 03 February 2013 - 01:21 AM

When I was at Uni i had to pay the fees up front due to not being a citizen. The cost per subject is/was $710 then just under $30 per subject in Uni what ever fees. For text books I just borrowed from the library, or got the relevant readings online. My friend saved herself a bit of money by using booko and buying online.

Would it be better for you to pay up front the cost of two subjects, $1420, and then each week put money aside into a high savings account or to offset your mortgage?

I would say though, go for it, I am sure you will be happier in a job you enjoy, and the benfits to your children will out weigh the few years of cheaper activities and a bit of a tighter budget.

#18 blueberrymuffin

Posted 03 February 2013 - 08:40 AM

It may not take you 6 years to complete if there is summer/winter school available.

#19 L.A.M

Posted 03 February 2013 - 05:01 PM

Thanks for the replies original.gif .

QUOTE
It may not take you 6 years to complete if there is
summer/winter school available
I hoped for that, but to my knowledge a whole 1 subject is offered as a summer school unit! I do think however I have heard the school is looking at increasing it's summer school offerings which would be super!

monkeys mum Someone put me onto booko when I did a TAFE course a while back. I just bout one half  the price that the Uni was offering at, however the other book I need is an Australian edition, so overseas offerings are out, and a late 2011 edition to so not many 2nd hand ones avail either damn it...$150 for that one mad.gif .

QUOTE
I completed my undergrad degree p/t over 6 years and
nominated to have a higher percentage of tax deducted from my salary.
This is what I have started doing, but I will notice the $50 less in my pay each week...thats my kids tutoring fee right there! wink.gif Will just cut back elsewhere a little here and there original.gif .

QUOTE
Two things worth considering.  One is that you get a 10%
discount for paying up front.
Maybe, on occasions I can do this and save a bit, will have to see. original.gif

Edited by L.A.M, 03 February 2013 - 05:03 PM.


#20 jayskette

Posted 03 February 2013 - 05:05 PM

If you are a citizen I am sure you will be eligible for some form of HELP/FEEHELP. I have always had HELP deducted as part of my PAYG tax and frankly I choose my jobs and salary based on the Take Home pay and not the gross so I never noticed the difference. Mind you by the time I finished paying for my 2 degrees on my current salary I will get an extra $500/week! biggrin.gif

#21 SeaPrincess

Posted 04 February 2013 - 10:28 PM

I was just looking up how to find out what I owe and I found this:
QUOTE
What happens if I can’t afford the repayments?

If you believe that making your compulsory repayment would cause you serious financial hardship or there are other reasons why you should not have to make a compulsory repayment, you can apply to the ATO to defer your repayment. You will need to complete the Deferring your compulsory HELP, HECS or Financial Supplement repayment form, which is available on the ATO website (opens in a new window). The form asks for a detailed statement of your household income and expenditure to justify your claim of serious hardship.

The ATO will write to say whether your application is successful. If you are unhappy with the decision, you may apply to have it reviewed within 28 days of receiving the notice. If, after the review, you still believe the ATO has made the wrong decision, you may then apply to the Administrative Appeals Tribunal (AAT) for a review. You need to lodge your application with the AAT within 28 days of the day you receive the outcome of the ATO’s review.

For more information on applying to defer a compulsory repayment, contact the ATO.


From Here

#22 L.A.M

Posted 05 February 2013 - 08:29 PM

Thanks Seaprincess original.gif , I had read that, can't rely on them approving that though lol, though could try.


QUOTE
If you are a citizen I am sure you will be eligible for some form of
HELP/FEEHELP. I have always had HELP deducted as part of my PAYG tax and frankly
I choose my jobs and salary based on the Take Home pay and not the gross so I
never noticed the difference. Mind you by the time I finished paying for my 2
degrees on my current salary I will get an extra $500/week
! If I was going FT and earing what I am now, I could defer about $1.5k to HECS as only have to pay 5% at tax time, but I am a PT student, so my debt will be $3600 for the year and I have to pay 5% of just over $60k, so about $3100-3200 depending on what I earn, so can defer perhaps $300-400. And I can't just change jobs so I need not worry about the PAYG deduction as I am studying to get a better job, my prospects at present are...I am in as good a paying job I can get with my skills and experience!

#23 PrincessPeach

Posted 06 February 2013 - 11:28 AM

Don't forget that repayment amounts are based on adjusted taxable income & not gross income.

So any of your deductions will reduce that income down & also reduce the amount of repayments you need to make.

Also because you can prove that your course will lead to a promotion at your current place of employment, it can be argued that there is a link to work, allowing you to claim your books, Internet, printing costs, uni union fees & travel.

#24 elizabethany

Posted 06 February 2013 - 11:43 AM

Just be careful with paying a lump sum, you may get a discount, but it doesn't count towards your compulsory payments, unless you pay off the debt in full.

#25 Wise Old Owl

Posted 06 February 2013 - 02:10 PM

Do you really want to complete this degree or are you looking for excuses/reasons not to?  Please don't take that the wrong way, but I know myself if I am not 100% into doing something I will come up with a whole entire list of reasons why I shouldn't.  Curious if you might be the same because really things like a new couch and carpet for the house are not essential and can wait if obtaining this degree is what you are really passionate about doing.

Other things I would think of are -

Would you earn considerably more completing the degree compared to what you are earning now?

If uni wasn't a option, are there other ways you could advance in the work you are doing now or move into different areas?

Studying and parenting is hard work and I would imagine adding working f/t to be an extra stress.  All completely worth it though if it is what you are passionate about and determined to complete.

The other thing to consider might be keeping an eye on the census date and seeing how you go up until then?

Best of luck in making your decision  original.gif






1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

RPA hospital contacting mums after discovering vaccine storage fault

Sydney's Royal Prince Alfred Hospital (RPA) is trying to contact women who had babies at the facility after discovering a fault in a refrigerator containing vaccines.

'Nutella' not a baby name, French court says

A French court has blocked parents from naming their baby girl after the hazelnut spread Nutella, arguing it would make her the target of mockery.

Why I'm never calling myself 'just a mum' again

I’ve grown three human beings. I feed them, dress them, teach them, care for them and love them 24 hours a day. Yet for eight years, when I meet new people and they’ve asked me what I do, I tell them: “I’m just a mum”.

Rosie Batty named 2015 Australian of the Year

One year ago, Rosie Batty could not have imagined she'd be where she is. Tonight the grieving mum who put domestic violence on the national agenda was named Australian of the Year.

Five reasons to hug more

Hugging – some of us thrive on it, even depend on it – and then there are those who don't care for it really. So, are they missing out?

Help - my three-year-old has started throwing tantrums

My daughter never went through the "terrible twos" but began throwing wild tantrums shortly after her third birthday.

That's commitment

First peek at Sonia Kruger's daughter Maggie

"She smells so good, I could eat her," Kruger tells co-host David Campbell.

Mum assists in own caesarean surgery

A mum who partly delivered her own twins during a caesarean has encouraged other women to take control of their birthing experience.

How to handle common childhood regressions

Regression can be a natural and common part of development prompted by a variety of factors, but that doesn't make it less frustrating.

Disgruntled dad's pram ad goes viral

When buying a second hand pram, there are lots of things to take into consideration. 

Man discovers he's a dad after finding 55-year-old letter

Discovering you are about to father a baby is startling enough - never mind finding out you have a 61-year-old son.

15 thoughts mums have during a tantrum

Ranging from mild to feral and triggered by events both minor and major, tantrums certainly keep life interesting.

Natural pain relief in the early stages of labour

While managing labour pains on your own can be daunting, there are a number of natural pain relief options to help you cope until you are admitted to hospital.

Forgotten Baby Syndrome claims the life of toddler

One baby dies every eight days in the back of a car in the US, victims of 'forgotten baby syndrome'.

For a brief time, I was touched by an angel

For a brief time, I was touched by an angel. You stole my heart, and changed me into the women I am today.

Chrissie Swan has reached her "sex quota"

Chrissie Swan says she and her partner have sex once a year due to her fear of falling pregnant.

Chinese woman gives birth to quintuplets

After six years of trying for a baby, a couple’s dreams have come true many times over after the mum gave birth to quintuplets this week.

Five-year-old shoots nine-month-old brother dead

A nine-month-old baby boy died on Monday after he was shot in the head by his five-year-old brother in their grandfather's home.

'Is that baby yours?'

She is my daughter. I gave birth to her. I nurse her. But she doesn't have any of my genes.

Episiotomy in childbirth: not just 'a little snip'

Episiotomies have a place in maternity care – and can occasionally save lives – but should not be performed routinely.

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Stars help save choking babies

It's an important lesson to learn, but one that busy new mums and dads might overlook until it's too late.

New Girl star Zooey Deschanel pregnant

Actress Zooey Deschanel is expecting her first child with her producer boyfriend Jacob Pechenik.

16 times 'dad reflexes' saved the day

Of course, in some cases they may be the ones who actually got their child into a precarious position in the first place, but we'll ignore that for now.

Couple's 'non-traditional' pregnancy announcement goes viral

Knowing you are not the father of your pregnant wife's baby would usually indicate a rocky relationship ahead for traditional parents.

The trials and tribulations of identical triplet newborns

Pip Donnelly is still playing spot the difference with her newborn identical triplets, Isabelle, Georgina and Frankie.

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

Earthquake baby thriving five years on

Jenny Alexis is lucky to be alive after spending four days buried in the rubble of the 2010 Haitian earthquake, but now she's a thriving five year old.

Please don't say I'm lucky because I was adopted

On the one hand I was having a regular life with friends and sports and sleepovers and school. But I was also always wondering: Did my mother love me? What was wrong with me?

An open letter to non-parents who offer advice on child-rearing

Kitty, when you’re the parent of my child you’re welcome to wade in with an opinion – but until then, I’d prefer you to have a supportive ear and a glass of wine ready.

Couple arrested over baby gun video

A US couple faces charges after investigators say they found mobile phone videos showing the woman's 12-month-old daughter putting a handgun in her mouth.

NSW Health dumps 10-year limit on frozen embryos

A 10-year time limit on storing frozen embryos that were created with donor sperm has been dropped by the NSW government.

How my happy-go-lucky husband became a monster

Sharan Nicholson-Rogers watched her husband change from a happy-go-lucky police officer into an unpredictable man prone to violent and emotional outbursts.

Dads-to-be experience hormonal changes, too

Dads-to-be experience hormonal changes in line with their pregnant partners, a new study shows.

'They were just doing their job': mum of toddler killed in police chase gone wrong

"They were just doing their job. I feel so sorry for them. It is all just too sad."

Miscarriages to be formally recognised by NSW government

Women who miscarry will be able to obtain an optional "recognition of loss" certificate as a formal recognition of their often heartbreaking loss.

Cafe cubby house 'too noisy' for neighbours

Teenage parties, domestic disputes, or raucous late night pubs are the things that usually come to mind when you think neighbourhood noise complaints.

Dad films baby playing with snake

Most parents would not consider a snake an appropriate playmate for their baby, but a US dad who filmed his daughter playing with a python has defended himself against criticism.

Clever breastfeeding products

Check out this range of products designed to help make your breastfeeding journey more enjoyable, manageable and convenient.

 

Back to School Offer

Findababysitter.com.au

We've got you covered for this school year. Use www.findababysitter.com.au to meet local nannies now.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.