How to Go Back to School

An Adult Going Back to School

If you find yourself out of work or underemployed, a recession is a great time to go back to school and increase your skills or train for a different career. It is a good idea to attend a fairly short-term program, however. You should also focus on developing real-world technical skills versus a degree in the humanities (unless of course you want to further your career as a minister, professor or journalist).

How to Go Back to School

As an adult going back to school, you have a few things to consider that a younger student normally doesn't worry about.

First, what program are you going to attend that will help your career and salary prospects when you get out? A 2-year Masters degree in a technical field, or 1-year technical certification are good choices. The goal is to acquire new skills while filling the time until the economy picks back up again. If you enter a six year graduate program at the beginning of a recession, the odds increase that you will come out of your program at the tail end of the next economic boom, probably with large student loans. The idea is to select a program knowing what you want to get out of it, and where it will take you in your career after you are done. The goal should be to position yourself in your new career or the next level of your existing profession at a higher salary level. That means choosing from a list of in-demand careers.

Here are some educational programs with high job demand for an adult going back to school:

Pharmacist

Radiologist

Mathematics

Bioinformatics

Project Management

Geology

Chemistry

Data Analysis

Mobile Communications

Accounting

Technical Welding

Software Implementation Consultant

Psychologist

Nursing

...and many more!

Second, how are you going to pay for going back to school? A recession is usually a good time to take out student loans, since interest rates drop to very low levels as the government attempts to stimulate the economy. (Note: the latest recession is different than previous recessions in that it was driven by a credit crisis of worldwide proportions, making student loans harder to get and more costly. Keep this in mind when deciding if you want to go back to school in the next 1-2 years).

Assuming school is the right decision for you, choosing a functional program lasting two years or less will ensure your student loan burden should be reasonable, and the salary increase or job stability you attain will make paying them back fairly easy. If done correctly, investments in functional education have tremendous long-term financial returns, and low-interest student loans are the ideal way to reap the benefits. It may be possible to pay for your degree out of pocket, however the cash really ought to be saved for a rainy day. It is safer to take out student loans now then pay them off when you get out of school and land a job. As an adult going back to school, you are likely to obtain a mixture of private and subsidized loans, either through your local bank or credit union, or through Sallie Mae (the U.S. Federal student loan administration which subsidizes and guarantees student loans). Definitely shop around when looking for student loans - the rates and terms can vary a lot!

Third, where will you go back to school? If you have a family, your best bet is to attend a program locally to minimize travel and housing expenses. However, if your program is only offered at a school you must travel to and you are willing to bear the additional cost of moving or commuting, then the investment may be worth it. If you do have to move, the cheapest rent (and reasonably nice accomodations) can be found in graduate student housing, which is clean and suitable for families and adults.

Another "how to go back to school?" option is to enroll in an online program. Major universities around the world are now offering distance learning at a reduced cost, including the ability to watch and interact with professors live, access the university library resources, attend online study sessions, replay past classes, and attend classes in person if you live nearby. Some schools like Phoenix University offer their degrees entirely online. You can even attend graduate school in Australia or Switzerland if you like! Go with a name brand university and your certification will be as valuable as an on-site student's degree, but you'll pay much less!

If done correctly, investments in functional education have tremendous long-term financial returns for an adult going back to school.