Back To School? What to Contemplate Before Making the Decision

For the most part, if you were considering going back to school to further your education and expand your scholastic background, you would receive and certainly deserve a hearty congratulations on your prudent decision. If you are unemployed, unhappy with your current job prospects or you just looking to learn some more marketable and desirable skills that will help you receive a higher paying employment opportunity, then going back to school is a highly legitimate route that is available to you.

However, going back to school is not necessarily the answer to everyone’s problems, and at times it can end up causing far more problems in the long run, than prior to returning to school. Most people don’t realize that by going back to school, they are likely exposing themselves to a large personal financial debt and a loss of their unemployment benefits (If they are currently receiving them) along with other negatives that going back to school can potentially bring to you. It is essential that you are aware of both the benefits and drawbacks that going back to school may bring to you. Here are just a few of the potential results/outcomes of such a decision:

  • Health insurance is a concern for nearly every single adult aged person in our country. Without coverage, we are all just one misstep or accident away from a financial bankruptcy and a life of incredible emotional, physical and financial pain. Going back to school may potentially allow you to obtain health insurance coverage at a highly affordable group rate due to the fact that you are buying with the rest of the students at the school. Even if you are only a part-time student, you could possibly still qualify for health care insurance. However, there are drawbacks, such as the likely occurrence that you will be unable to add family members to your coverage, and if you can it is likely be far more expensive than if the coverage was solely for you.
  • If you are lucky enough to be currently benefitting from unemployment insurance, once you enter into a new educational program, you could possibly (likely) have your financial benefits discontinued. Stupidly enough, going back to school eliminates you from eligibility for unemployment. These benefits are generally reserved for people who are actively searching for and available to work immediately. You may be able to hold on to your benefits if you can prove to the sanctioned officials that your job search will not be hampered by your new educational opportunity.
  • The predatory nature of the student loan industry in our country is woefully under-investigated, as such the shady industry as it is has fleeced millions of people without them even realizing it. People think that getting a loan with outrageous charges and fees is the smart move because they are going back to school and are soon to be making six figures. Not so fast my friend! Going from unemployment insurance, to a pile of debt is certainly not anybody’s ideal financial situation. Just because you are going back to school, nothing is guaranteed in terms of getting a high paying job once you graduate.
  • When a school makes a promise, you need to always take it with a grain of salt! Many of these supposedly “factual” numbers indicating how successful their graduates are in the job market are usually wildly overstated. Consider that if everyone was so successful getting a job from their school, wouldn’t literally everyone go there, or at least have a job now and not live in a country where the unemployment percentage is the highest it has been in a generation. Your job prospects will improve if you go back to school due to the marketable skills you will learn, but for any school to promise employment, is simply misleading and not to be trusted.

Look nobody is saying, don’t go back to school. Quite the contrary as a matter of fact, as going back to school is always to be lauded and recommended. Just keep in mind that going back to school is the missing piece in your life, where if you find that piece everything in your life will take off and everything will be perfect! You could very likely be in the same position you were in before taking on a mountain of debt to go back to school. So perhaps you are unemployed, or unhappy with your current job, but the grass is not always greener on the other side of the fence, despite what the old saying my say. It is essential you do your due-diligence and research prior to making any final, life-altering decisions about your future.

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