Higher learning is many things, but no one, at least not in the United States, ever accuses it of being affordable. And yet so many of the most interesting career opportunities fall on the other side of a degree.
You want a job you are passionate about. You don’t want to borrow $50,000 to get it. Are there options available to you?
In this article, we take a look at how you can receive a budge-friendly education that will help you acquire new career opportunities and even growth or advancement within your current job.
Understanding Budget Friendly
Budget-friendly in this context does not mean cheap. A budget-friendly car, for example, could still cost $20,000. A budget-friendly education— particularly over four years— will often cost even more than that. That is OK as long as you understand the ROI component of the equation.
Education, ultimately, is an investment.
Most financial advisors recommend borrowing no more than you can expect to make during your first five years on the job.
The reason for this is that borrowing any more than that could eventually result in monthly loan payments that are difficult to manage.
Following this guideline, it could be the case that some degrees are worth spending more on than others.
A business person has basically unlimited revenue potential. If they land a competitive job and move up the corporate, there is virtually no ceiling to how much they can make.
Teachers, on the other hand, can have a very clear understanding of what they will make by logging on to the website of the school district where they plan to work.
There they will find a clear outline of teacher salaries, beginning year one and ending at retirement.
It doesn’t matter if they have a degree from Harvard or an online school. This payment schedule will remain the same.
That being the case, it doesn’t make sense to borrow extravagant sums of money for a fancy degree.
If on the other hand, you are trying to get a competitive job within a major organization your fancy degree could come in handy.
Think not about the sticker price but the return on your investment. If you have to spend a lot of money on a degree, that will help you earn even more money. It will be worthwhile. If you plan on working in a career like education or nursing where your salary expectations are more or less fixed it’s probably not worth spending extravagant sums on your degree.
Making it to Work
The high price of college is nothing new. And yet, for decades people have been making it work. Scholarships and grants are one of the best ways to do this.
Don’t make the mistake of assuming that scholarship opportunities are only available to people with a perfect GPA. Anyone with a B average will qualify for at least some money and quite probably more than you expected.
Another thing to keep in mind is that grants are not always achievement-based. You might, for example, encounter grant opportunities that are exclusive to first-generation college students. Alternatively, you may find options that are for minority or LGBTQ students.
And guess what? If you are a first-generation minority student, you can almost certainly apply for both. In fact, the more opportunities you apply for, the greater your odds will be of landing some money.
Give yourself ample time to explore all of your options. You will probably be surprised by how much money is actually out there for people who are looking to finance their education.
Pro tip? If you are planning to go into a career that is experiencing shortages— healthcare, education, etc.— you may find that there are opportunities designed specifically to fill those gaps.
For example, many future teachers receive excellent scholarships designed to place educators in low-income or high-need school districts.
In these cases, you agreed to work in a low-income school district for a set amount of time when you accept the scholarship. If you fail to fulfill the obligation, your scholarship will become a loan.
Nurses may see similar opportunities designed to fill positions in urban or rural hospitals where staffing shortages tend to be felt most acutely.
Learn Online
Don’t sleep on online learning! While remote universities do not get romanticized on film or television they provide high-quality education to thousands of students every year at an affordable price. The extent to which you can save money with online learning depends, of course on the program.
However, many schools offer degrees at half the price of traditional universities. You will save even more money on room and board. Just make sure that the program you choose is fully accredited and recognized by your state.
Accelerated or Alternative Programs
If you already have a college degree, you can receive additional educational certifications without enrolling in a four-year program. This is a good way to expand your career options or seek promotions without borrowing tens of thousands of dollars in loans.
Nursing, education, and social work are all career paths that require specialized certifications. You can acquire these certifications through a four-year degree, but it is much quicker to go the accelerated route.
In these cases, you may be ready and making it a great way to pivot successfully into a job that you are passionate about.
These programs can also help you develop promotion-worthy skills. For example, let’s say you are a second-grade teacher. You already have a master’s in early education, but now you think you might want to give being a principal a try.
Principles, however, are generally required to have a graduate degree in administration. Do you need to re-enroll? Not quite. Because you already have a master’s you should be eligible for certification programs that allow you to fill in your skill gaps. These programs are quicker and more affordable than traditional graduate schools.
Bottom line? Higher education takes many forms. Figure out a way to pay for your degree that makes sense to you.
