Julia asks: I’m deciding on whether to go to graduate school and need to consider costs. I have $15k in cash, but that won’t hold a candle to what it will cost in full. Is a master’s degree at a not-well-known school (but still accredited for the program) worth the nearly free tuition of being in-state? I’m going into environmental planning, a field that isn’t known for being “lucrative”.
Thanks, Julia. The decision to go back to school is always a tough one and, usually, a very subjective one.
There are people who can calculate the lifetime value of a particular degree and tell you whether or not it’s worth the cost. Obviously law, medicine, and engineering degrees are often worth it, whereas advanced degrees in other fields don’t always pay for themselves.
But I don’t think you should evaluate going back to school based on the economics alone. I would, however, be honest with yourself about what the degree will do for you.
- Will it enable you to get a higher paying job than you have now (even if it’s still not really high paying)?
- Will it enable you to get a job that you enjoy better than what you’re doing now?
- Will you enjoy earning the degree just for the sake of learning?
- Will you be able to afford it after you take into account financial aid and loans? (Don’t forget loan repayment).
- Can you get the degree without taking on credit card debt?
If you can answer yes to most of those questions, then I say go for it. If you have serious doubts about the answers to more than a couple of those questions, it might be a good sign to reconsider.
Good Luck!
David
@MoneyUnder30
