Job Market Woes? Go Back to School!
With the job market in the pits, and the economy in recession, now may be the best time to invest in your education.
It's no news flash that, thanks to the recession, the job market is awful right now, particularly in industries like finance, housing, and automotive. But here's something you may not have known: many unemployed workers are taking themselves off the employment track and going back to school instead. Graduate schools around the country are reporting increased interest from prospective students, particularly for their MBA programs.
For many of these soon-to-be students, the timing couldn't be better for a return to higher learning. The recession has swallowed up their jobs and left them with few alternate opportunities. Having no income, these prospects may be better candidates for tuition assistance-private student financing, and subsidized student loans are possible options. Even the timing might work out. A full-time graduate school program takes a year, and perhaps, by then, the aggressive stimulus actions will have had some impact to help right the economy. Even if the job market doesn't improve, the graduate school experience at least widens the student's professional network and gives him more credentials when he returns to his career.
Apollo Group, the parent of the mega online school, the University of Phoenix, reported 34 percent earnings growth in the fourth quarter relative to the same period last year. At a time when employers are cutting back on tuition reimbursement programs, this is a telling performance. It indicates that people are pursuing an education, even when they have to pay for it themselves.
Graduate school students will have to tap other forms of student financing, such as student loans. Taking on debt during a recession isn't ideal, but it could be the right choice. Going back to school is a productive use of time, particularly when being unemployed is the alternative. In addition, the degree enhances your earning power and value in the workplace.
It's no news flash that, thanks to the recession, the job market is awful right now, particularly in industries like finance, housing, and automotive. But here's something you may not have known: many unemployed workers are taking themselves off the employment track and going back to school instead. Graduate schools around the country are reporting increased interest from prospective students, particularly for their MBA programs.
For many of these soon-to-be students, the timing couldn't be better for a return to higher learning. The recession has swallowed up their jobs and left them with few alternate opportunities. Having no income, these prospects may be better candidates for tuition assistance-private student financing, and subsidized student loans are possible options. Even the timing might work out. A full-time graduate school program takes a year, and perhaps, by then, the aggressive stimulus actions will have had some impact to help right the economy. Even if the job market doesn't improve, the graduate school experience at least widens the student's professional network and gives him more credentials when he returns to his career.
Not just for prospective MBAs
Going back to school isn't just for laid-off business executives. The growing availability of distance learning programs provides educational opportunities for almost anyone: stay-at-home moms, full-time employees, career changers, and the under-employed. Student financing of tuition is available whether you attend school in person or online.Apollo Group, the parent of the mega online school, the University of Phoenix, reported 34 percent earnings growth in the fourth quarter relative to the same period last year. At a time when employers are cutting back on tuition reimbursement programs, this is a telling performance. It indicates that people are pursuing an education, even when they have to pay for it themselves.
Finding tuition assistance
Working adults don't usually qualify for federal grants, but there are other types of student financing programs available. This year, for example, returning students can take advantage of the American Opportunity tax credit; it offsets up to $2,500 of expenses related to the first four years of post high school education.Graduate school students will have to tap other forms of student financing, such as student loans. Taking on debt during a recession isn't ideal, but it could be the right choice. Going back to school is a productive use of time, particularly when being unemployed is the alternative. In addition, the degree enhances your earning power and value in the workplace.
