If you’re looking to further your education, you may have considered going to grad school and getting your master’s degree. But this definitely isn’t a decision you should take lightly—after all, college is expensive, and grad school tuition is usually much higher than what you’d pay when you’re earning a four-year degree. At the same time, however, that investment in your future can be worth it. Before taking the plunge, consider some of the following pros and cons:
It opens doors to other career fields
Depending on what you want to do after graduation, a master’s degree might be needed, or grad school might be the next step in your education journey. By going to grad school, you have more career options and there are different opportunities you can take advantage of.
Your earning potential can increase
Even if you end up in a career field that doesn’t necessarily require anything beyond a four-year degree, a master’s degree can still potentially increase your salary and could put you ahead of the competition.
You gain more knowledge
At the end of the day, gaining additional knowledge is never truly a waste. You’ll come out smarter and more familiar in your field of study, and even if it doesn’t necessarily increase your salary, it can make you better at what you do.
You may never use your master’s degree
There are many careers in which a master’s degree simply isn’t needed. If you don’t receive the salary boost or promotion you were hoping for just by having a master’s degree, going to grad school could have meant a lot of money spent for nothing.
You could get into more debt
If you took out student loans to get your four-year degree, going to grad school right after you graduate will likely mean you need to take out more student loans and just add to that debt. Unless you’re going back to school years later and after your debt is paid off, this can be a huge disadvantage.
Time off work
Whether you’ve already established a career for yourself or you just finished your four-year degree and were about to start working, going to grad school might mean time away from work. After all, it can be time-consuming, and whether you have to cut your hours or stop working completely, there is that lack of income to consider.
Do you need money to pay for college? Whether you’re going to college for the first time, or you want to further your education and go to grad school, Peachtree Financial Solutions may be able to help. Contact Peachtree today if you’re receiving long-term payments from an annuity or structured settlement, and would like to learn more about selling some or all of them for a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.