As the millennial generation graduates college and enters into the inevitable ‘real world’, some find that their starter career might not live up to their expectations. That’s why more and more college graduates are deciding to turn back around and go to grad school. If you find yourself trying to decide whether graduate school is the right move for you, ask yourself these questions first!
How far will the degree take you?
Before even diving into the costs of going to grad school, it’s important to first understand the degree you’re looking to pursue and where it will take you. If you’re looking to hone in your skills and find a specialty, an MBA, or Masters in Business Administration, might be the right move for you. Similarly, a Master’s in Technology will create opportunity for a change in career direction. In some cases, grad school is a necessary stepping-stone for your career, like the degrees in law, science and medicine.
How much debt is too much?
If you graduated from college and are up to your ears in student loans and debt, you might want to reconsider adding the extra expense of grad school. The hefty costs can put a weight in a student’s financial future, especially if the debt is worth tens of thousands of dollars! If you are interested in grad school and are willing to dive into debt, either work through school or stay at your job for another year or two to save up some extra cash. Potentially growing your debt can be scary, but there are always solutions!
How will you mitigate costs?
The good news about student loans and debt from grad school is that there are multiple opportunities to ease the costs. Some employers actually encourage their employees to further their education and go to grad school. They may offer to pay a portion of the tuition, or pay for it all. Make sure to speak up and ask your employer, you might be surprised!
You can also mitigate the costs of grad school by looking for shorter programs. Some schools offer one-year programs, which means it’s only one year’s worth of payment. If you know your degree will take longer to achieve, consider taking on a part-time job during your program to earn extra money.
Is it worth it?
In the end, the decision to get a graduate degree is all up to you. With any big milestone in life, there are always some risks. This is a big decision to go back to school, so make sure you think everything through and make the best decision for your life!
At Camino Federal Credit Union, we put our member’s financial wellbeing first. If you would like to learn more about how we can help you with your finances, call us at 800-835- 3400.