Whether you’re unfulfilled in your current job or simply itching to try something new, going back to college to start a new career may seem appealing. You can dive deep into studies, discover a new field, and then enter a new job market once you graduate.
But before you start submitting applications or applying for student aid, it’s wise to assess the pros and cons of going back to college for a new career.
Pros of Going Back to College
There are plenty of upsides of going back to college, including:
- Increased salary potential: A common reason people seek further education is to up their salary prospects. Taking a new career path can also lead to more abundant job prospects, which may also help increase income over time.
- Learning skills directly relevant to work: Kids who enter college right out of high school may choose overly broad majors simply because they’re not sure what to study. But having a well-defined career path when you decide to hit the books means you can build a more goal-oriented courseload.
- Opportunity to build a bigger network: Taking a college course puts you alongside peers that share the same interest. That means they may be the kind of people you’ll be working alongside in your new career. Networking with peers and college professors grants an opportunity to build a more extensive network in your new career field, which can lead to job prospects and other opportunities later on.
Cons of Going Back to College
It’s also important to consider the potential downsides of further education:
- Tuition costs: Unless your employer offers tuition reimbursement, you’ll likely be facing tuition bills each semester. Of course, there are opportunities to apply for grants or student aid, but you may end up needing to come out of pocket with some money before you start school.
- Could lose benefits: If you’re planning to leave the workforce entirely to focus on school, you could lose critical benefits like health insurance or life insurance. That means you may need to consider alternative healthcare options, get on a family member’s plan if eligible, or consider getting your own term life insurance policy to provide financial protection for loved ones.
- Significant time commitment: Going back to school, especially to complete a four-year degree, is a huge time commitment. It may prove even more difficult for those with children or who take on caregiving responsibilities. Keep in mind that some certificates or two-year degrees may be worth a look for someone who is less able to commit to full-time education.
The Bottom Line
Going back to college for a new career is a life-changing decision not to be taken lightly. It’s critical to consider the pros and cons of going back to school before committing. Remember that if going back to school isn’t the right move at this time, it doesn’t mean you can’t reconsider in the future when life circumstances or your job situation has changed.
