Tuesday, October 3, 2023
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Thinking of Going Back to School

Choosing to go back to school is a big decision that usually involves major lifestyle changes. If you’re thinking of going back to school, here are six things to consider:

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1. How it affects your earning potential and career goals

Consider your career goals and how pursuing a new degree can help you reach them. Returning to school may open up new opportunities for higher wages and increased earning potential in the long run. Will getting this degree allow you to pursue a different career path or increase your earning potential in your current field?

2. Going part-time or full-time

Do you want to enroll full-time to finish the degree as quickly as possible? Can you attend school part-time and continue working? You may make less money while focusing on your studies, but it could be a way to make progress toward a degree while still having an income. Some degree programs only allow full-time students. In this case, it’s important to consider how you’ll support yourself while in school.

3. Paying for school

What is your plan for paying tuition and associated costs, like books and supplies? You may want to look into scholarships, grants, student loans, or other forms of financial aid that can help you cover these costs. Consider any other sources of funding you might have access to. For example, using the cash value of an existing permanent life insurance policy like whole life insurance may offer the funding you need.

4. Health insurance

If you quit your job or go part-time, you may no longer be eligible for your employer’s health insurance. Consider getting on your partner’s health insurance policy if possible, or check with the school to see if they offer an affordable health insurance plan for students.

5. Online vs. in-person education

Do you prefer traditional classroom instruction? Is taking classes online more convenient for your lifestyle and schedule? Are connections made in a classroom important to your field? Consider what works for your lifestyle. Research the pros and cons of both options thoroughly so you make the best decision for your needs.

Finally, look into the programs you’re considering to see if they align with your preferences-some degree programs are entirely online, some are entirely in-person, and others are hybrid.

6. Whether you’re pursuing something you’re interested in

Many people go back to school to study something potentially lucrative that they’re not especially interested in. Ultimately, make sure you are passionate about the subject or program you’re pursuing, as this can help you stay engaged. Knowing you’ll love the coursework can also indicate that you’re heading toward a career path you’ll enjoy.

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Deciding whether to take the plunge

Returning to school is a major life decision that requires careful thought and consideration. Taking time to research your options and plan ahead can help ensure that going back to school will be an enjoyable experience with positive long-term outcomes. With proper planning and dedication, returning to school could be a great way to expand your knowledge, gain new skills, increase your earning potential, and set yourself up for future success. 

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


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