As a middle-aged woman who just turned 40, I drive to the local community college often to drop off my teenage son. When I recently used the parking spot reserved for carpooling, I realized I could be attending classes at a local community college, too. Even though I already have a bachelor's degree, I work in the print media field, which is rapidly shrinking. I have considered the cost of obtaining a master's degree in English, but realize I would probably have greater income potential in fields that only require a technical degree.
Before filling out any college applications online, I decided to calculate what it would cost for me to return to college.
1.) Getting the master's degree
To get my master's degree, I found out I would have to retake a few of the classes I have already taken since I obtained my degree in the mid-1990s. Because the master level classes are more expensive, taking this route would be more costly than other options. Also, I would have to attend classes at night part-time, which means there may be a tuition hike each year. I calculated that tuition would cost me about $30,000.
2.) Working on a technical degree
Working on a technical degree would not be as expensive as far as tuition. However, I found out that many of the classes are not offered at night. I would have to give up my full-time job and work only part-time, which would cost me much of my income for several years. Between the tuition costs and losing part of my income, I estimate returning to college to obtain a technical degree would cost me about $45,000.
3.) Competing for a job
Another issue to consider is that I'd be competing with younger prospective employees once I graduated. Moreover, I have noticed that some of my friends who were laid off in recent years were women who actually had master's degrees. Their employers didn't want to have to pay more so they laid them off and replaced them with people who would take lower starting salaries. According to a recent article by Fox Business, a survey by the National Association of College and Employers shows some teachers with master's degrees earn 30 percent more than those with the same major at the undergraduate level.
4.) Earning extra money
If the goal is to simply earn more money, it seems a lot more realistic to seek out more job opportunities in the same field rather than completely switching fields. In fact, if I took the $30,000 to $45,000 I would have invested in a second degree, I could probably start my own business or invest in real estate.
My final decision was to invest some money into computer classes that will assist me in my current occupation. Instead of spending money on a master's degree, I'm spending more time learning about investing so I can boost my investment returns. I know the best investment I'll ever make is in my own education and skills, but there comes a certain age and stage in life where education doesn't provide as much of a return.
Before filling out any college applications online, I decided to calculate what it would cost for me to return to college.
1.) Getting the master's degree
To get my master's degree, I found out I would have to retake a few of the classes I have already taken since I obtained my degree in the mid-1990s. Because the master level classes are more expensive, taking this route would be more costly than other options. Also, I would have to attend classes at night part-time, which means there may be a tuition hike each year. I calculated that tuition would cost me about $30,000.
2.) Working on a technical degree
Working on a technical degree would not be as expensive as far as tuition. However, I found out that many of the classes are not offered at night. I would have to give up my full-time job and work only part-time, which would cost me much of my income for several years. Between the tuition costs and losing part of my income, I estimate returning to college to obtain a technical degree would cost me about $45,000.
3.) Competing for a job
Another issue to consider is that I'd be competing with younger prospective employees once I graduated. Moreover, I have noticed that some of my friends who were laid off in recent years were women who actually had master's degrees. Their employers didn't want to have to pay more so they laid them off and replaced them with people who would take lower starting salaries. According to a recent article by Fox Business, a survey by the National Association of College and Employers shows some teachers with master's degrees earn 30 percent more than those with the same major at the undergraduate level.
4.) Earning extra money
If the goal is to simply earn more money, it seems a lot more realistic to seek out more job opportunities in the same field rather than completely switching fields. In fact, if I took the $30,000 to $45,000 I would have invested in a second degree, I could probably start my own business or invest in real estate.
My final decision was to invest some money into computer classes that will assist me in my current occupation. Instead of spending money on a master's degree, I'm spending more time learning about investing so I can boost my investment returns. I know the best investment I'll ever make is in my own education and skills, but there comes a certain age and stage in life where education doesn't provide as much of a return.
