Going back to school can be both rewarding and troubling; rewarding because you’re acquiring an education that can help you excel in your career, and troubling because of how expensive it can be. It’s pretty difficult for students going back to school to avoid incurring some type of student loan debt along the way, which makes many people wonder, is the debt worth the education?
Well, according to a 2007 College Board Study, Education Pays, individuals with a bachelor’s degree earn at least 60% more than those with only a high school diploma. As the years progress, it is said that those with a bachelor’s degree will eventually earn $800,000 more than their counterparts with only a high school education. This beats out the debt that the average student is set to incur, which is said to cap out at $29,000 for undergraduates.
In other words, the debt appears to be worth it. Of course, this doesn’t mean that having to pay back loans is going to be fun. But if you play your cards right, you may not have to go into as much debt as you think – in many cases, not at all. A few ways that you can work around taking out expensive loans are:
- Ask your employer if they offer a tuition assistance program that might help you pay for school.
- Apply for school-funded and private scholarships.
- If you’re in graduate school, look into internships and fellowship programs that might pay the full tuition.
If you successfully apply your education to your career of choice, then the debt you incur when going back to school is well worth it. But if you can find a way to avoid going into debt at all then you are already on top.