How to Decide If You Should Go Back to School
Some people don't get the chance to finish college at the traditional age, and not having that degree can mean struggling more to build a good career and a good life. But deciding whether or not to go back to school as an adult is a very personal matter. Only you can decide if it's worth it to your career and your future earning potential to go back to school and incur tuition fees, student loan debt and interest, and opportunity costs from missing work.
When you're trying to decide if going back to school is worth it, you need to consider the opportunity cost of leaving the workforce for four or five years compared to your potential increase in earning power once you're educated. You'll need to understand the costs of going back to college and make a plan to cover them, which can involve student loans as well as grants and scholarships. If you're not sure quitting the workforce while you get your degree is for the best, you should consider enrolling in an online degree program.
Consider the Opportunity Cost
Opportunity cost is what happens when you choose one opportunity over another - you lose the potential outcome of the alternative you didn't choose. In terms of deciding whether to go back to school or not, opportunity cost can refer to what you'll lose if you quit working for a few years - wages, a few years' work experience, and perhaps opportunities for advancement - verses what you'll lose if you don't earn a degree - perhaps higher earning potential, networking contacts, mentorship opportunities, and so on.
You have to consider which alternative will offer you the most benefit considering the potential outcomes you'll lose by choosing one alternative over the other. If going back to school is going to drastically increase your earning power, for example, then perhaps the opportunity cost of your lost wages if you quit work is not that high. On the other hand, if you're doing well in your career and have opportunities for advancement, networking, and mentorship without going back to school, then perhaps the opportunity cost of taking even a short career hiatus could be too high.
Make a Plan for How You'll Pay College Costs
The cost of going back to school is one of the big reasons why many people take their time over the decision. Tuition fees are astronomical and, if you want to attend an in-person program, you have to also factor in the costs of moving to a new city and renting an apartment near campus. Then there's textbooks, the cost of a new laptop or tablet to do schoolwork, the costs of commuting to campus and finding parking, and so on.
Of course, plenty of people find ways to manage these costs, including financial aid. Filing the Free Application for Federal Student Aid (FAFSA) will help your school determine how much aid you're eligible for based on your financial situation. Most schools will also offer their own scholarships and grants to students who demonstrate need as well as those who have a proven track record of academic excellence.
In addition to filing the FAFSA, you should also look for scholarships and grants offered by organizations outside your school. Use FastWeb or a similar scholarship finding resource to locate scholarships and grants you might qualify for. Awards can be granted based on age, socioeconomic status, and so on.
Look into Online Degree Programs
If you'd like to go back to school but can't commit to an in-person program, you should consider an online degree program. If you have a mortgage to pay and kids to feed, or simply can't justify the opportunity cost of leaving the workforce for a few years, an online degree program could give you the means to earn your degree on your own schedule. You can earn just about any degree online, including advanced degrees like the PhD in psychology.
You can review your course materials, listen to your lectures, and complete your assignments at times that work for you, as long as you're able to meet your assignment deadlines. You could even get tuition reimbursement from your employer to help offset the cost of tuition. Scholarships, subsidized loans, and grants are available to online students just as much as to in-person students, and some online graduate degrees still offer students the opportunity to take graduate assistant roles online.
Only you can decide if going back to school is worth it for you or not, but if having a degree can open professional doors for you, it's at least worth considering. Even if going to school in person isn't an option, you could still go back to school online. The choice is yours.
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