Tag: Higher Education

The Cost of School

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We all know higher education in the United States is expensive. Tuition rates are rising fast. We see this information all over the news because national student loan debt, which the Federal Reserve declared to be over $1.3 trillion last year, may be holding back economic growth.

Student loans can hold the individual back, too. This article from Forbes summarizes a survey that found many people have pushed back decisions to marry or have children because of student loan debt.

I’m a huge proponent of going back to school. I value education and the experience of learning. I also believe that everyone needs to be aware of the numbers. This could be you, if you decide to put thousands of dollars towards a degree.

Nontraditional students have the benefit of experience when it comes to considering the cost of school. After a few years of experiencing the real world and being in the workforce, those statistics mean something. A nontraditional student won’t be as gung-ho about signing documents for student loans they don’t understand.

Here’s a few questions to think about while you’re considering the cost involved in going back to university.

How much can I afford right now?

Tuition is only one factor. Don’t forget to work in the price of books, supplies, and tutors (if you need them). Many schools also have a long list of fees to cover extras like parking, library use, and payment processing. This is all relevant to how much you’ll be paying.

Take a close look at your budget. How much is available every month to go towards tuition? How much can be taken out of savings to pay for school? What can be sacrificed from my budget to open up more money to put towards school.

Don’t feel bad if you don’t have a lot of wiggle room in your current budget. After all, one of the reasons you’re considering getting a degree is to increase your income. But it still needs to be the first place you check because you’ll want to know what resources you have available before you start thinking about the next question.

How much am I willing to take out in loans?

The answer to this question is heavily dependent on your risk tolerance. How much debt you’re willing to get into is very personal. It will vary from one person to the next, so don’t be afraid to be honest with yourself about your risk tolerance and don’t base your answer on someone else’s.

Get to know the current interest rates. They’re easy to look up, and you’ll also see them when you fill out your FAFSA. They vary a little from year to year, and it also depends on the type of degree you’re studying for.

Other budget restrictions may come into play, here. You may have already maxed out loans from a previous school. Or maybe you can’t take on new lines of credit because you’re watching your credit score. Like I said before, this question is very personal.

What will my degree be worth?

With this question, I intend for you to ask yourself how much money you plan on making in a new career field after you get your degree. The emotional value of school is important, but not fitting for a blog post about money concerns.

Average incomes from varying jobs can easily be googled. Try typing in several titles from a related field to see what’s possible for you with your degree. Check the website from the Bureau of Labor Statistics to see what opportunities in your field will be available over the next few years. This research should give you a decent idea of what kind of income to expect, though it may take a few years of getting experience to get there.

The information you find from that research may make you go back and change your answers to the first two questions. That’s a good thing. You should be asking yourself these questions regularly, both before starting school and after you’ve enrolled. Regularly checking in with yourself will help you stay on track, financially.

These questions are good focus points both before committing to school and after. They should be part of the process of choosing a school.

Making the decision to go back to school should be carefully weighed. Being a nontraditional student, while incredibly rewarding, is also incredibly difficult. Doing this work now will save you time and energy later so you can focus on your studies.

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Why I Chose to Go Back to School

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In July of 2018, I made the decision to return to school and finish my degree. A few months after, I found out that the politically correct term for my status is “non-traditional student.” Adult-learner fell out of fashion, I guess.

Even though it was something I wanted to do for many years, it required a lot of consideration. Anyone past the traditional age for university knows that it’s a complicated matter. I have more responsibilities now than I did a decade ago. I have different ideas of what I want my life to look like than I did a decade ago.

While there were many reasons why I could have said “No!” to a few difficult years, ultimately there were three things on my mind that pushed me to say “Yes!”

Education Will Get You Through The Door

I’m a reasonably intelligent person (if I may say so myself), but it’s hard to convince a hiring manager of that without helpful credentials on a resume. The work experience I had didn’t seem to be enough, and more experience was getting harder and harder to acquire. Especially since my peers all had a college degree.

That degree for those who have it is proof to a hiring manager that they have acquired knowledge and proved an ability to commit and follow through.

Once I put on my resume that I am currently a student, I had the courage to start applying for jobs outside of the service industry. It worked. I was able to get a decent role. I got the job because I was able to prove that my value will gradually increase. While the job isn’t quite in my field, it does have a lot of crossovers into what I want to do, which will provide me with valuable, transferable skills.

I Value Education

I always have. I always did well in school. It was always important. In fact, when I stepped away from formal education nearly a decade ago, it was due to circumstance, not choice.

During the years between then and now, I spent most of my energy getting myself to a point where I could go back to school. It was a driving force behind my daily decisions and efforts. It took many years, but last year I was finally in a healthy mental and financial position where I could consider it.

Knowing that I did all that work to get to that point was a very good push in the school direction. If I value education as much as I say I do, then it’s time to practice what I preach.

I Wanted A More Comfortable Life

Maybe this last one is a little selfish, but what decision-making conflict doesn’t have at least some selfish elements?

By no means are my SO and I doing poorly. We’re not wealthy, but we pay our bills with a little to spare. We’re some of the lucky ones, I know.

But if he and I were able to make it this far, then it would be a shame to stop and call it “good enough.” I want a degree to get me into an interview so I can move up the ladder. I want an opportunity to define success for myself. I want the freedom to change my mind later about that success definition, if that’s something I decide to do. Money may not be everything, but it sure does make everything else easier.

I’m still young and I have the ability to try to do better for myself. There’s only one life to live, so I need to remember to do everything I can do while I have the means to do so. Going back to school was an important goal of mine, and I’m proud of myself for deciding to sign up for a few classes last summer.

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