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How to decide whether you should give up your career to return to school It’s exciting to consider attending graduate school to earn a higher degree. It frequently results in advancement in your field or perhaps significant pay raises. But delaying your employment to return to school is a significant choice that shouldn’t be made carelessly.

Grad school degrees can be expensive and time-consuming, and they sometimes come with a high price tag. Although it is often the case, advanced degrees can also result in promotions. Here are some things to consider before submitting your applications if you’re thinking about returning to graduate school.

Think about the degree’s potential effects on your career. If you have been employed in your profession for a while, you are probably already aware of the level of training and work experience necessary for promotion. It may be important to have an advanced degree to advance in several professions, including academics, medicine, and law. However, in some professions, a graduate degree can help you get the job you want or even may not help you get ahead .

Going to graduate school might not be the solution if you are having problems getting a job in your preferred sector or getting promoted at your existing work. Before enrolling, find out how many jobs in the sector genuinely call for a graduate degree. Instead of returning to school if it is not normally essential, think about looking for a new employment or expanding your work search.

To go back to school or not - that's the question. Putting your career on hold is a big decision. Consider things like work/life balance, finances, and more before you make your decision. Click for more guidance!

ASSESS THE AMOUNT OF DEBT YOU WILL NEED TO ACQUIRE AND WHETHER OTHER OPTIONS EXIST TO TAKING OUT LOANS. There is no getting around the fact that earning a graduate degree is costly. Despite the fact that many graduate degrees, like MBAs, can significantly boost a person’s earning potential, other degrees could not result in a pay raise.

Think carefully about whether you can afford to borrow $100,000 if getting a graduate degree will only increase your income by $10,000 annually. Also take into account the kind of student loans you could need to acquire to pay for your education.

Will you be using an federal student loans loan with interest rates of 6 or 7 percent, or will you be able to get a private student loan with rates as low as 3.50 percent if you meet the requirements?

Before choosing a choice, it is crucial to calculate how much debt you will have to pay off in the future and how much it will cost you overall.

You shouldn’t, of course, base your decision to pursue graduate studies just on the expense of the degree in proportion to possible earnings. However, it can aid you in choosing where to attend college (such as a private university versus a state university) and how to pay for it.

Employers who choose to help their staff members achieve graduate degrees do exist. Tuition reimbursement schemes will assist lower the overall cost of a graduate school, albeit it might take longer to obtain a degree. Similar to this, grants and scholarships designed especially for graduate school can assist you in paying for your degree without incurring significant debt.

CONSIDER HOW RETURNING TO SCHOOL WILL AFFECT YOUR STYLE For the majority of people, returning to graduate school (whether full- or part-time) will necessitate a significant adjustment in lifestyle. If you choose to work full-time, it may include giving up your entire salary; if you choose to work part-time or online, it may entail spending your evenings and weekends in school and studying after a long day of work. No matter the route you take, you can anticipate a significant change in your life and occasional feelings of overwhelm.

You will want to make sure that your partner supports your choice if you are married or have children. Your family life will be impacted by decisions like taking on debt while you’re still dating, quitting your work, or studying during your downtime. Before deciding, discuss your options with your loved ones.

ASSESS THE TIME REQUIRED TO COMPLETE A DEGREE. The average graduate program can be finished in two years if you enroll full-time, but it may take longer if you enroll part-time. You must be prepared to follow through and complete your degree once you have made the decision to incur debt, postpone your job, and take this risk.

If you want to attend graduate school, you must commit at least the next two years of your life to attending lectures and doing your homework. Even though there isn’t much time until you start, it can be quite difficult to balance your course load with the demands of a full-time work, caring for children, and other responsibilities. Before you decide to leave, be certain that this is what you truly desire.

Examine your desire to work in this industry. Many people learn after earning their undergraduate degree that they do not genuinely enjoy working in their chosen field. Academia is very different from the actual world, which frequently results in career changes. Because of this, it’s crucial for anyone thinking about attending graduate school to decide if they want to pursue a certain career or stick with their current one.

Some people may think that things would be better if they received a degree and was promoted since they are unhappy in their current jobs. Others could see graduate school as an opportunity to enter a whole other industry. Keep in mind that graduate school is expensive and that no experience compares to the real thing.

Spend some time considering if you actually want to stay in your current line of work if you are pursuing a degree in order to gain a promotion. If you wish to change careers, chat to someone already working there or, even better, take an entry-level position to acquire a feel for the industry. Make sure you are choosing the correct job path before taking on debt.

WHAT SHOULD YOU DO, then? The choice to attend graduate school is a significant one. Though it is a significant financial and time commitment, it can be very advantageous for your career and should only be undertaken after thorough consideration of all factors.

Bio of a Guest Author:

Tom, a new blogger, enjoys talking about his personal finances and pursuing FIRE (financial independence/early retirement). You can follow him on Twitter at @FIREdUpMillenn to learn about his most recent writings and ramblings.

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