When is it the Right Time to Go Back to School?

In a tough economy, sometimes it’s difficult to determine when the time is right to go back to school. You know that college is more expensive than it was the first time you went, but if you wait any longer, not only might the cost elevate even more, you may lose your motivation as well.

So when is the right time to go back? While some may deter you from trying to go back during a recession, the decision weighs less on the economy and more on your personal situation. Honestly, anytime can be the right time if your family situation is in order and you have a way to pay for school. However, if you don’t have a way to pay, here are some options you might consider:

Apply for Financial Aid / Scholarships:

Like the millions of other students applying to colleges each year, it’s a good idea to fill out a FAFSA form so that you can see if you qualify for federal aid. If your income is low enough and you apply early enough, you may be eligible for a good amount of assistance. But don’t just rely on federal aid to help you pay for school. You can also apply for scholarships designed for individuals returning to school. Both options could help to cover most or all of your college costs.

Make Your Money Work Better for You

See If Your Job Offers Tuition Reimbursement:

An option that many professionals consider when returning to school is the tuition reimbursement plan offered through their employers. The plan works by having you pay for your classes up front, then after completion they reimburse you for part or all of the tuition you paid. This means that your job could pay up to 100% of your schooling for you. If your job offers a plan like this then you may be able to go back to school even sooner.

As previously mentioned, the right time to go back to school is determined by your personal situation. However, if you’re concerned about the recession being a factor, don’t make it a concern until you’ve exhaused your options.

Share this article:

About the Author

Stacey Bumpus

Stacey Bumpus holds both her Bachelor and Masters degrees in Communications. After spending years in corporate communications, she discovered freelancing was really her cup of tea and fell in love with finding and writing about the latest financial news. Now, providing news and tips about banking, mortgages, taxes (and even logging her own efforts to save for retirement), she's not only fulfilling her lifelong passion, but also helping others manage their finances responsibly.

Read More