Why Do People Go Back to School Despite Being in Debt?

Is returning to school after accruing debt from a previous degree a rational choice? The answer lies in a complex interplay of personal, professional, and economic factors.

1. Career Advancement

Career Advancement: Many individuals seek further education to qualify for higher-paying jobs or promotions. A more advanced degree can open doors to positions that require specialized knowledge or skills. For instance, someone with a Bachelor’s in Psychology ended up in a position at a courthouse providing therapy for DUIs, but chose to pursue a Master’s in Special Education and now works as a Special Education teacher, and is now evaluating and advising patients for Bariatric Surgery, a role that pays in the six-figure range.

2. Changing Careers

Changing Careers: Some people may realize that their initial degree does not align with their career goals or interests. Returning to school allows them to pivot to a new field that may be more fulfilling or lucrative. This decision can be driven by a passion for a subject or a desire to shift to a more rewarding career path.

3. Increased Earning Potential

Increased Earning Potential: Statistics often show that individuals with advanced degrees tend to earn more over their lifetimes compared to those with only a bachelor's degree. This potential for higher income can motivate people to take on additional debt. The example of a student who initially studied Psychology but ended up in undesirable jobs, eventually pursued higher degrees that aligned with better-paying roles, underscores this point.

4. Lifelong Learning

Lifelong Learning: For many, education is a lifelong passion. They may return to school to gain knowledge in a subject they love regardless of the financial implications. Personal fulfillment and intellectual curiosity often drive these individuals to continue their education.

5. Job Market Demands

Job Market Demands: Certain industries evolve rapidly, and professionals may need to update their skills or knowledge to remain competitive. Pursuing additional qualifications or certifications can be a strategic move to stay relevant in a dynamic job market.

6. Networking Opportunities

Networking Opportunities: Graduate programs often provide valuable networking opportunities that can lead to job offers or collaborations in the future. These connections can be crucial for career advancement and can outweigh the financial costs of additional education.

7. Financial Aid and Scholarships

Financial Aid and Scholarships: Some individuals may find that they can secure financial aid, scholarships, or employer sponsorships that make additional education more financially feasible. This can alleviate some of the concerns associated with taking on more debt.

8. Personal Fulfillment

Personal Fulfillment: Education can be a source of personal satisfaction and achievement. Some prioritize personal growth over financial concerns, believing that the intellectual and emotional rewards of further education are worth the financial cost.

9. Economic Conditions

Economic Conditions: During economic downturns, individuals might return to school as a way to improve their employability while waiting for the job market to recover. This can be a practical strategy to navigate difficult economic times.

While taking on more debt can be concerning, these motivations can make the decision to return to school seem worthwhile for many people. The choice to pursue advanced education often hinges on a combination of personal aspirations, professional goals, and the current state of the job market.

Regardless of the reasons, returning to school despite existing debt is a significant decision that requires careful consideration of both personal and financial implications.