There is no doubt that getting an education is one of the best ways to advance your career. Returning to university gives you access to more job opportunities, higher income potential, and new skills. According to the Education Data Initiative, as of 2023, total U.S. college enrollment, including undergraduate and graduate students, will be approximately 19 million.
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But is pursuing higher education worth it? Here are some important factors and reflections to consider when making your own decision.
Questions to ask yourself if you're thinking about going back to school
There are some important questions to ask yourself if you are considering going back to school.
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Will going back to school help me achieve my goals?: If you're considering going back to school to get a bachelor's degree or higher, be sure to ask yourself if getting a higher degree will help you achieve the goals you've set for yourself. please. These can be professional goals, personal goals, or both.
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Can you afford to go back to school?: Tuition, housing, books, and supplies all affect the overall cost. Also consider that going back to school may mean having to quit your job or work a reduced schedule. Whether you dip into your savings or receive financial support from your significant other, make sure you have a financial safety net.
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Are the long-term benefits of returning to school worth the cost?: The choice to go back to school should not be made without thinking, especially when considering financial considerations. You'll need to decide whether sacrificing some or all of your income (or using significant savings) to get a degree will be worth the cost later on.
Pros and cons of going back to school
Here are four advantages and four disadvantages of going back to school.
Strong Points
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Increased earning potential: Earning a higher education often leads to higher salaries and increased earning potential in the long run.
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More job security: More education opens doors to more types of jobs, which leads to greater job security. Even if you lose your job, your education may help you get more jobs.
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Ability to change careers: Pursuing higher education gives you the ability to pivot from your current career path to a completely new career path.
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Further advancement opportunities: In general, people with higher education can accelerate their career advancement in the workplace.
Disadvantages
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return Attending school can be expensive: Returning to school usually costs a lot of money. Unless you secure a full scholarship, you will be required to pay tuition fees and other related fees.
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You may need to stop working. Going back to school will likely mean having to work less or stop working altogether. You need to decide whether you can afford to stop earning an income while you are in school.
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You may have to sacrifice time with your family. Aside from the cost, going back to school will take up a lot of your time. This can mean sacrificing quality time with family. This is a serious consideration if you are in a committed relationship and you are a parent.
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You may have to use your savings. If going back to school reduces or eliminates your income, even temporarily, you may need to draw down your savings to continue making payments until then.
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This article originally appeared on GOBankingRates.com: Is going back to school worth the money? 4 Financial Pros and Cons
