Should I go back to school during a recession?

Returning to School vs. Job Searching

You need to review the job opportunities available without returning to school and compare them with the opportunities available in case you return to school. Job seekers face greater challenges in finding jobs during recessions, especially for workers who must transition to new industries. If you find that you have few opportunities or lack the necessary skills to compete, returning to school may be the ideal option. “Take advantage of this time by going back to school and preparing yourself for a job in the future when the economy improves,” according to career coach Haley Crawford in Atlanta. Education may also help you avoid a gap in your resume if you can’t find work right now.

Choosing the Right Program for Future Job Opportunities

Any courses you take or degrees you earn should help you find a new job (or improve your current job) after the recession ends. Connect with people in your chosen field to discuss job opportunities and research the future outlook for the field. “Value informational interviews with people working in your industry or industries you’re exploring to gather information on the requirements for transitioning into that field,” according to career coach Haley Kauford. This conversation may give you critical advice on whether school (and how long in school) serves your long-term career goals. Research salary data and potential demand for the career or industry you’ve chosen through sites like BLS, Salary.com, or Glassdoor.

Working Part-Time as a Student

Returning to school doesn’t have to be an either-or choice. You can continue your job search while taking online or in-person courses, or attend school while working part-time. Even if you are working, you won’t feel out of place in the classroom since many schools today have working students. It may be easier than ever to choose classes that fit your work schedule due to the prevalence of online courses that can be taken from anywhere in a variety of time zones. “Since many schools offer online courses, it can be a great opportunity for many professionals,” according to career coach Haley Crawford. For example, many schools offer evening and part-time MBA classes.

Finding Money to Return to School

If you plan to return to school, there are many options available for federal financial aid, regardless of the recession. Federal loans require you to complete a Free Application for Federal Student Aid (FAFSA), which inquires about your financial resources and income. If you were working full-time until the recent layoff, it may seem like you have more money available for college than what is actually happening. In this situation, the Department of Education urges returning students to contact the financial aid office at the school of their choice – preferably before completing a timely application. With proof of changed income, the school may be able to recalculate your financial aid package. There may also be grants and scholarships available from academic institutions, local governments, private organizations, or nonprofit organizations. You should explore these funding sources first as they do not need to be repaid.

Conclusion

Whether you should return to school during a recession depends on your situation. If additional college can enhance your career opportunities, explore your options. You may find that going back to school full-time (or part-time) will elevate your career. Do what is best for you in the long run.

Source:
https://www.thebalancemoney.com/should-i-go-back-to-school-in-a-recession-5070366