Going Back To School As An Adult: Is It Worth It?

Economic uncertainty has been known to drive adults back to school to boost their educational credentials.

Now, that the pandemic is over but there is still a lot of economic uncertainty, and student loans are restarting, more and more adults are wondering if it makes sense to go back to school.

If you're considering going back to school as an adult to earn a higher education degree, you'll want to carefully weigh the pros and cons. Let’s explore whether or not going back to school as an adult may be worth it for your situation.

Reasons For Going Back To School

When the economy and job market is in a state of turmoil, it can be difficult to see the silver lining. However, many adults choose to chart a course towards higher education in hopes of creating a better future for their families.

In the fall of 2008, the fallout of the Great Recession was apparent in the sharp rise in college enrollment. The enrollment for the fall of 2008 was 12% higher than the fall of 2007. And the number of students older than age 24 increased by 20%.

The reasons why adults decide to go back to college will vary. But some of the most common reasons include:

Although there are countless other reasons why you might want to return to college, an economic hardship might tip the scales.

With an unstable job market leading to uncertain job prospects, potential students might feel that a college degree could be the right way to set themselves apart from the competition. And with the potential for higher wages upon completion, the advantages of heading back to school become easier to see.

Related: Here's Why You Should Treat College As An Investment

Costs Of Going Back To School

When you're considering a return to college, it's important to understand the financial obligations you're signing up for. This is especially during a period of economic uncertainty. Here are the costs you need to be aware of:

Costs That All Students Face

College tuition and fees can be extremely high, especially for students who are non-resident students or who are attending private universities. But beyond basic tuition costs, you may also need to pay the following:

Extra Costs Of Going Back To School As An Adult

As an older student returning to campus, you’ll have other costs to consider. Unlike your younger student counterparts, the chances are that you have other financial obligations that add to the total price of attending college.

Two of the biggest expenses you will face include transportation costs and childcare costs. Plus, the opportunity cost of lost wages that could have been earned if you weren’t attending school.

Take some time to determine how these costs would affect your situation. Depending on where you live, you could be facing extensive childcare costs. Additionally, leaving an especially lucrative career would lead to a bigger hit in terms of lost wages.

How To Prepare For An Adult Return To School

Think that heading back to school is the right move for you? Here’s how to prepare for a return to college as an older student. 

Choose The Right College

Decide How You'll Pay For Your Degree

Is Going Back To School As An Adult Worth It?

As mentioned earlier, the fall enrollment rate during the 2008 Great Recession saw a big uptick. However, the completion rates of college degrees for that 2008 class was only 55%.

Those adult students who completed their degrees may have truly improved their career options and thrived in the job market. But many other students may have just taken on new student debt during this period without getting a degree to show for it.

In the end, whether going back to school as an adult is worth it will come down to your unique situation. Make sure that you've compared the costs and potential payoffs of returning to school for you before you make a final decision.

Related: Is College Worth It? How To Determine Your ROI On College