I've got a very difficult choice to make. Here's my story. I'm 32 about to be 33 years old and I've been one company since I've been 19. This is the only job I've ever had in my whole adult life. I'm a first semester nursing student and my job allowed me a non-paid educational leave of absence to complete the first semester. I'm doing good in my classes, although I did struggle a bit in my Foundations class in the beginning, but quickly caught on and got on board.
My plan was to finish up my first semester in nursing school
and return back to my job for the summer while taking some night classes that were required for my degree. This is what I've been used to doing (working AND going to school) and it would allow me to build my savings back up. Then I will take another educational leave (leave was approved for up to 2 years) and then return back to nursing school in the fall. The plan was to continue to do this until I graduate from nursing school.
Now, here's my problem. As of yesterday, I was offered a voluntary termination pay package. The package offer is as follows:
8 months of pay
6 months of benefits (medical, dental, mental health, vision, life ins)
6 months of umemployment pay
up to 7000 towards my school tuition
pension cash balance
401-K to either cash in or rollover
I'm torn. I wanted to use my job as a security blanket just incase nursing didnt work out. I'm not saying I can't do nursing (and I love the patient interaction thus far), but I'm scared of failure. My foundations class kinda scared me, but I caught on and made it through. I'm dedicated to my studies. I know I can do it, but it really scares me not having a security net. As I said before, I was going to hold on to my job until I graduated from nursing school which is in 2009. Lucky for me, my job even allowed a non-pay educational leave of absence.
What would you do if you were in my shoes? Not to mention, I have a 10 year old son that may need braces in the near future, a house payment, credit card debt, and a car payment.
BTW, they are giving me until May 14 to decide. Good thing, I'll be finished with finals by then so my final grades would help me with making a decision.
Need advice badly!
May 1, '07
Sounds like an AT&T package. Take it. If you need to work inbetween semesters, try lining up corporate temp work.
As for your current job being a security blanket; it you are taking unpaid leave and the company is force managing, you will be at the top of every termination list.
Check with your state unemployment office on the following:
You may be able to have the unemployment benefits extended beyond 6 months to a full year (NJ does this). And check into whether your state unemployment office will help pay for your tuition. I don't know about MO, but NJ will give you up to $4K if you are enrolled in certain nursing programs
(generally public schools
Speak to a financial adviser about the pension balance and the 401-k. There may be serious tax implications depending on how you handle them. Talk to a professional.
Last edit by emtb2rn on May 1, '07