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Does Education Always Pay? How to Determine If It Makes Financial Sense to Go Back to School
A four-year degree at a state school can easily cost you $40,000 or more, with private schools costing much more. Graduate degrees can cost less or a whole lot more, depending on your school and your program. Even taking classes at a community college will set you back a few thousand dollars per year. This doesn't mean you should abandon your plan. Just make sure you're doing it for the right reasons. If you meet at least two of the following criteria, consider yourself in a good spot. You're Motivated You're not just going back to school on a whim; trying it out to see how it fits. You really want to learn more and improve yourself. You're positive you won't end up dropping your classes and you plan to see your coursework through to fruition, whether you're pursuing a certification, a two-year degree or a four-year degree. You have the time you need to do well in your studies. You Need a Degree to Advance in Your Career You work in a career, or are changing to one, where you really need college coursework in order to advance. Perhaps you are a physician's assistant who wants to become a doctor or a childcare aide who wants to become a teacher. While most employers would prefer to hire someone with a college degree, there are still a lot of fields, such as communications and technology, where knowledge and experience will trump a degree in many cases. You're Learning Practical Skills Your late 20s or early 30s is not the prime time to go back to school to get a degree in basket weaving while you struggle to find yourself. Instead, you need to think about what courses will really make a difference to your future worklife. While it's fine to take music courses if your career goal is to be a composer, it's more likely you will benefit from classes related to technology, business and other fields where you can put what you learn to use in day-to-day applications. You'll Make the Money Back Since college is such a major investment, you'll want to plan to get a return on it. You don't want to end up in the same place you are right now in four years, only $100,000 deeper in debt. Use that time while you're in school to get internships, fellowships, assistanceships or other "ships" that will help your career set sail. Also, spend time networking so that you'll have contacts in the corporate world. Finally, think twice before pursuing a degree that will likely only garner you a low-paying job, unless this really is your dream career and you know you wouldn't be happy doing anything else. You Have Means of Financial Support While a lot of adults go back to school and work full time, and this may be a viable option for you, you need to think about the serious time commitment it takes to pursue a degree. Only work and attend school full time simultaneously if you know that you will be able to be successful at both. Start applying for financial aid as soon as possible, and speak to your spouse or significant other, if applicable, to agree on how you will manage your household during what could be a trying financial time. While it may take longer, it could be better for your situation to attend school part time while holding a part-time job. The key is to find out what works for you so that you stay in school and end up with that valuable piece of paper in the end.
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