Should my husband quit his teaching job to get a master’s while we’re paying off $100K in debt?

Dear Dave,

My husband and I are making great progress in paying off almost $100,000 in debt from student loans and a car loan using your debt snowball system. Our current combined income is $90,000 a year. He makes $45,000 as a teacher, and I make $45,000 as a retail assistant manager. My husband would like to go back to school and get his master’s degree. We’ve talked about him quitting his teaching job in order to do this full-time. He’ll be able to make significantly more money with an advanced degree, and he would only be unemployed for two years. Plus, I can pick up extra hours at my job to bring in a little more money. The program will cost us about $2,500 out of pocket per semester for those two years. How do you feel about this?

Lisa

Dear Lisa,

I love the way you’re both looking toward the future and trying to make better lives for yourselves. But my advice would be to wait until you’ve got your debt knocked out. Then, your husband could go back to school when you two are in a much better financial situation.

I mean, you could slow down your debt snowball and use some of that money to pay for school, but I can’t recommend it. I’ve seen too many people try to slow down, or skirt around the getting out of debt part of the Baby Steps, and next thing you know they’re still in debt—or have even more debt—four or five years down the road. They’ve lost all their momentum and fire for becoming debt-free and gaining control of their finances.

There’s really no reason for your husband to quit his job to make this happen. Lots of people, especially teachers, hold down their jobs and go back to school to further their education. It’s a pretty common thing, actually. Trying to make it on one income when you’re that deep in debt? It just sounds like a bad plan to me.

But whatever you do, please don’t borrow more money to make this happen. Cash flow it, or don’t do it.

Good luck, Lisa!

— Dave