The current state of the economy has many professionals feeling vulnerable. Returning to school and learning new skills has been the traditional means to advance in a career or gain job security; but with college costs skyrocketing, more people are weighing the possibility of career advancement against the reality of paying for school.
If you’re considering taking on debt to enroll in college, you’ll want to do your research and proceed with a plan. The following tips can help you sort through your options and make wiser choices.
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Three Questions To Ask Before Incurring College Debt
Before you enroll in college, first assess your goals, skills and current situation:
1. Will I earn more at my current job? Some people return to college for the satisfaction of earning a degree. For others, it’s all about the money. Will an advanced degree result in a higher salary for your current position; and if so – how much? If you come out of school with a certificate or degree, and no boost in pay, is that enough?
2. Am I just unhappy at my current job? If your job leaves you unfulfilled, you may think going back to school will be your ticket to a new position. It could be, but the job market is tough, and good jobs are difficult to find.
Perhaps you feel underutilized. Try finding ways to re-energize your job. Let your boss know you can do more. Ask if the two of you can brainstorm ways you can take on new responsibilities, or take advantage of training or development opportunities. You could end up learning new skills on the company’s dime.
3. Is my field saturated, even if I earn an advanced degree? Many professionals believe they need another degree to advance in their field. In a tough economy, advanced degree holders often work below their usual level. Your field could be full of overqualified individuals. Can you compete with them? You may need to switch to a field with room for advancement.
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In-Demand Careers That May Justify Debt
No one can predict which careers will continue to grow through an uncertain economy. However, solid data points to real job growth in these fields:
- Healthcare
According to the U.S. Bureau of Labor Standards (BLS), employment of registered nurses is projected to increase by 22% through 2018. Four of the most in-demand nursing specialties – clinical nurse specialist, nurse anesthetist, nurse-midwife and nurse practitioner – require a master’s degree in nursing.
Physician’s assistants are also poised for big growth through 2018. The BLS projects this occupation will increase by 39%, adding nearly 30,000 jobs. Entering this field typically requires a master’s degree.
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- Human Resources
The BLS also predicts a 22% increase in employment for HR managers and specialists through 2018. Learning specialized skills in areas such as training and development, outsourcing, international HR management, or HR information systems can be a real advantage in this competitive field.
- Technology
Information technology offers career opportunities in several areas. The BLS projects a 32% gain in jobs for computer software engineers, and a 53% increase for network systems and data communication analyst jobs through 2018. To compete in these technology fields, you’ll need at least a bachelor’s degree; many employers will look for strong interpersonal and business skills, as well. Standing out in a crowd of applicants may require a master’s degree in computer information systems or an MBA with a concentration in IT.
Avoiding College Debt
While enrolling in a program in one of these three fields could lead to better career opportunities, you may still need to reduce your college debt.
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Reducing College Debt: Three Easy Tips
1. Explore options for online learning: Depending on your area of study, you may be able to avoid room and board costs, campus and activity fees, and parking and commuting expenses while earning your degree from the comfort of home. Distance learning is growing in acceptance and popularity because it makes sense for working professionals.
2. Look high and low for scholarships and grants: Grants and scholarships make paying for school much easier, but thousands of them go unclaimed, due to a lack of applicants. Invest the time to search for money for college, both on the Internet and through your school’s financial aid office. Keep your eyes and ears open for scholarships and grants awarded through local organizations in your area, as well.
3. Work in the public service sector: The College Cost Reduction and Access Act of 2007 offers an incentive to go into public service: discharge of debt after 10 years of full-time public service employment. If you’ve made your monthly federal student loan payment for the entire 10 years, any remaining debt is forgiven.
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College Can Still Lead to Career Advancement
One thing is clear: the old rules have changed. No longer can you count on moving up the company ladder through hard work and loyalty, and augmenting your skills by returning to school won’t guarantee you’ll be safe from downsizing. But in many cases, going back to school for your first degree, an advanced degree or a certificate will pay off with more job opportunities and enhanced earning power. Just be sure to assess your current skills and career path, and determine if taking on college debt will result in a strong return on your investment.