This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Is that fifth degree going to add value to your pockets or put you in chains
Here’s what I tell them: Before you go back to school and earn your next degree, ensure it’s paid for in full, or you have enough income to cover it as you go.
One of the worst things to do these days is to go into debt for education unless you’re guaranteed to make enough bank to pay it off with a quickness. Except this is often not the case.
Many people think about the prestige they’ll have after getting another degree, and trust me, I get it; I stayed in school an extra year so I could get three degrees. However, I knew I would quickly pay off any borrowed money; I also applied for different educational programs to get additional funding. Every dollar helps!
Student debt is a more significant business than credit cards. And schools are super happy to loan out money to students because the financial obligations for these loans are almost impossible to escape from unless you apply for a federal program or the president miraculously cancels your debt.
Before you sign up for your next degree or educational program, do the following:
Determine what value the degree will add to your pockets. Will the degree add considerable dollar signs to your current paycheck? How much more income will you earn over your lifetime with this additional education?
Determine how much the education will cost.
Do you have to pay for your program upfront, or can you pay it over time?
How will you pay for the program? Are you able to pay cash, can your employer cover the costs, and are there any scholarships or aid you qualify for?
If you have to take out educational loans for your program, how soon will you be able to pay them back? What will be the interest rate and terms for your loans?
Once you complete your educational program, how likely are you to get a job or increase your income? How long will it take to get a new gig or increase your income?
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.