The Independent Voice of Southern Methodist University Since 1915

The Daily Campus

The Daily Campus

The Independent Voice of Southern Methodist University Since 1915

The Daily Campus

The Independent Voice of Southern Methodist University Since 1915

The Daily Campus

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Sara Hummadi, Video Editor • April 22, 2024
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The Financial Burden of Returning to School

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The transformational changes taking place in the world right now are showing you that you can’t rely on anything at the moment, especially not a job that you’ve held since you left high school or university.

It’s always time for an upgrade, but even more so now.

One great way to upgrade your skills, talents, and abilities is returning to school. It might seem like a huge leap to make in such uncertain times, especially if you are unsure of where your next paycheque will be coming from.

But a little bit of sacrifice right now will result in great bounty in the future. No pain, no gain, right?

Looking at the stats, from 2000 to 2010, there was a 42 percent increase in the adults aged 25 or older, who were returning to school. Are you going to be part of this group of savvy adults? Read on and see why you shouldn’t worry about the financial burden as much as you think.

Adults Returning to School Have Lots More Options Than in the Past

We aren’t living in the dark ages anymore. Any adult who is returning to school has a myriad number of options to choose from.

1. Scholarships Are Available for Adults

There are many scholarships for adults returning to school available from colleges and universities. You can avail yourself of these, by contacting the particular college or university in question, or by checking out online resources on the same.

2. The Potential for Future Earnings Grows

You might be completely focused on the income you will lose from your current job. Still, you are forgetting that a lot of people end up making more money after they graduate from college or university as opposed to their previous role. In fact, people holding graduate degrees have an income that’s 35% higher than those with a bachelor’s degree. Reason enough to go back to school and upgrade.

3. Don’t Forget About Asking Your Current Job

Choosing a career path isn’t something that will only affect you or your family. It’s something that will affect your current job and your boss as well. Maybe have a conversation with your current boss to see if he would be open to allowing you to work part-time while you go back to school or even supporting you financially through grants, loans, or scholarships while you are away at school. It never hurts to ask, right?

4. Borrowing on the House or From Your 401k

This could be a last resort, for you, but if you know that you will be earning more in the future (after you get your degree), it seems like a feasible idea to borrow on your house, or from your 401k. It’s something that you will be potentially able to pay back quite easily after you graduate and get a higher-paying job.

Don’t Think Too Long – Your Grand Future Awaits

Returning to school isn’t an easy decision to make. But it is much easier for an adult to go back to school now than it was fifteen years ago.

Take advantage of the resources available to you, and go for it.

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