Is Going Back to School Worth the Money? 4 Financial Pros and Cons

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Getting an education is arguably one of the best ways to advance your career. Returning to college can give you access to increased job opportunities, higher earning potential and new skills. The Education Data Initiative indicated that total college enrollment including both undergraduate and graduate students in the US is about 19 million as of 2023.

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But is pursuing a higher education worth it? Here are some important factors to consider and self-reflection involved in deciding for yourself.

Questions To Ask Yourself If You’re Considering Going Back To School

Here are some important questions to ask yourself if you’re considering returning to school:

• Will returning to school help me achieve my goals?: if you’re considering returning to school, whether for a bachelor’s degree or higher, be sure to ask yourself whether pursuing the higher degree is going to help you reach the goals you’ve set for yourself. These can be professional goals, personal goals or both.
• Can I afford to return to school?: Tuition, housing, books and supplies all contribute to the overall cost. Also, consider that going back to school may mean that you have to stop working or work a reduced schedule. Be sure to have a financial safety net in place, whether that’s dipping into your savings or receiving financial support from your significant other.
• Will the long-term benefits of going back to school be worth the cost?: Going back to school isn’t a choice to be made without thoughtful consideration, especially as it relates to your finances. You’ll need to determine if sacrificing part or all of your income (or using lots of savings) to pursue a degree will be worth the cost later on.

Pros and Cons of Going Back To School

Here are four pros and four cons of going back to school:

Pros

• Increased earning potential: In many cases, pursuing higher education can translate into a higher salary and increased earning potential over the long term.
• More job security: More education can open doors to more types of jobs, which translates into increased job security. Even if you lose a job, you could have access to more jobs as a result of your further education.
• Ability to change careers: Pursuing higher education can provide you with the ability to pivot from your current career path to an entirely new one.
• More opportunities to advance: Generally, those with further education have access to accelerated career advancement in the workplace.

Cons

• Returning to school can be costly: Returning to school usually comes with a big price tag. Unless you secure a full scholarship, expect to pay for tuition and other related expenses.
• You may need to stop working: Returning to school will likely mean that you’ll have to cut back on your work or stop working altogether. You’ll have to determine if you can financially afford to stop earning an income while you’re in school.
• You may have to sacrifice time with your family: Cost aside, going back to school will consume a lot of your time. This could mean sacrificing quality time with your family. If you’re in a committed relationship and you’re a parent, this is a serious consideration.
• You may have to use your savings: If going back to school means reducing or eliminating your income even just temporarily, you’ll likely need to use your savings to keep paying the bills in the meantime.

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This article originally appeared on GOBankingRates.com: Is Going Back to School Worth the Money? 4 Financial Pros and Cons