As we get older, we begin to see retirement as more than some abstract goal that we can never reach. We try to get our finances in order, refuse to take on any more bills, payoff the credit cards, and contemplate selling the big house that is no longer needed. In my own case, following this script, the plan was that I would retire from GM, and substitute teach. And to complete this dream, we would find a little place on a lake, surrounded by trees. This was the plan until June of 2009.
It was at that time when GM filed bankruptcy and I lost my school funding. I was looking at 30,000 dollars in student loans to complete my education. My wife felt that my education was secondary to our long term plans, and she made it clear that she would not agree to any student loans. She said: "you have had your career. You could have gone to school any time in the last 30 years and had it paid for but you didn't. You waited too long!"She was right. I did wait too long, and my second career, teaching, was probably nothing more than a pipe dream. The problem with her view was this: I could not give up school.
After weeks of talking and arguing, she began to understand how important it was for me to complete this midlife journey. College was the great unrealized dream of my life; I couldn't let it just slip through my fingers. In the end, she endorsed the idea of finishing my education with student loans, knowing that her own dreams might be in jeopardy.
On August first, General Motors reinstated their 5000 dollar a year tuition program. I had borrowed 8000 dollars to pay for 14 months of college here at U of M-Flint. I know I am fortunate to have a job that helps defray college costs. Most students get very little financial assistance( including my own children), and graduate with gargantuan student loan debt. Although we live in great country, it is unfortunate that so many young people are saddled with this burden. I'm thankful, however, that one middle aged student will not be.
See: http://www.oprah.com/money/college-is-it-worth-the-debt
UGH! I totally agree that it is unfortunate that so many people (young and old) are saddled with student loan debt. I am just beginning to realize the depbt I have gotten myself into to get a college education and I am about middle aged (38). I feel like I will never be able to retire - I guess that is a fact I have to face. I don't see the economy getting any better, even long term and I feel major competition from all the 'youngins' out there.
ReplyDeleteHi James: I had the same conversation with my husband, except he recently retired from GM with 30 and out, and I begged to get back into school. I pleaded and whined, and I ended up convincing him that for me to substitute teach (which is my career goal, in addition to freelance writing), I had to get back to college. And I did, with a nice big promissory note to boot. GM offers tuition reimbursement for hourly retirees, but I am the student and it doesnt apply to spouses. :( The big accomplishment for those of us returning to college is that we are back in the game and aspriring to keep going in forward motion. This endeavor is not an easy task, and we should take pride that we're out there finding our "mojo".
ReplyDeleteYeah, the costs are only getting higher and higher too.
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