Thinking of Returning to School? Questions to Ask Yourself

In 2008 when the economy crashed, companies started entering into hiring freezes and offering (non) voluntary layoffs. Many of those who experienced the whiplash of sudden unemployment or felt stuck without options turned to graduate school or a change of profession. Many people I knew went for their MBA or changed their focus to healthcare and nursing, because that seemed safe.

I volunteered to be laid off from my first big-girl job because I didn't want to see people with families getting let go. I was fortunate enough to receive a monetary "thank you" for raising my hand, along with my salary and bonus for a few months. The timing worked out perfectly as I was recently accepted to a program on a small grant. While I learned a lot and loved my time back in school, I was not prepared for the financial obligation that would accompany my decision.

As with any questions, there aren't cut and dry answers. Instead, we've compiled a list of questions to help you work through this decision. Some of these are questions I wish people had asked me and some are more relevant to the changing educational environment.

Did you want to go back to school BEFORE Corona happened?

If so, that's a good start! Going back to school full-time or working while attending school is a big decision.

Do you need additional education/credentials to advance your career (eg: CFA, PE, DNP, PMP)?

Some professions require additional schooling, certification and credentials while others don't. If you're changing careers from banking to nursing, you'll probably need more sciences classes before you begin nursing school. But if you're in marketing and looking to stay in marketing, perhaps you need your MBA for a specific job but perhaps you don't for many others. Regardless, there will always be professions where the addition of a few letters before or after your name can make or break your career. So, take a minute to review if this is more of a need or a want. Neither is right or wrong, but use that in your decision making process. I love that I have my Master's, but did I need it...meh...

What are the advantages of going back now and how will this impact your life in the next 10-20 years?

Whether it's a change of career or adding on to your career, take time to consider and map out the variety of ways this will impact your life as a whole. The obvious considerations are how much will this set you back financially, what is your future earning potential coming out of this and does this improve your ability to move up the corporate ladder? But there are some "hidden" considerations too. Really take a step back and think through all the ripple effects of your decisions.

For instance, you might need additional schooling before getting your first job in your career. Or maybe your school is starting a new program and they're offering you a full-ride and no testing entrance requirements because of your current GPA. Or maybe you're at a place where your lease is up and you were looking to relocate and change careers anyways, so the timing aligns.

How do you respond to learning in a virtual environment?

Would you physically need to be in a lab or attend clinical rotations?

This might seem like a no brainer, but for many of those in the sciences you'll need to complete research in a lab or go through clinical rotations. Most nursing students aren't currently allowed to do that and are receiving extra course work instead. For many of us, the thinking part is great but it can't replace the act of doing and experiencing. I can watch videos and read all day long about how to intubate someone, but that's definitely something that requires practice.

What are your mentors & peers suggesting?

For those who advise you on how to progress through life and your career, seek out their thoughts on the matter. You'll find it interesting to see their perspective and also what questions they bring up you might not have thought of. One I had from my first boss was, "Why do you really want to go to grad school, and why does it need to be in Paris?" She told me I didn't need my masters to progress my career, so I needed to have an honest conversation with myself about why I was making this choice.

What's your financial plan?

When I signed on the dotted line for my student loans, I didn't really think about how it was going to affect my long-term future. I just fretted over if it would be enough to cover my housing along with my tuition in a foreign land. I didn't really think through the net cost of grad school vs. just the sticker price and I really didn't think through what repayment would look like and how it would be basically the same as my New York City rent.

• If you're still employed, see if your company offers any assistance. Many companies will cover a percentage or a set amount as long as you stay at the company for a certain amount of time.
• Account for costs beyond tuition: health & dental insurance, cost of living (housing, meals, entertainment, transportation), materials (books, computers, lab equipment, etc) and additional "fees."
• File FAFSA early! Some schools, and states-Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Vermont and Washington-award aid money on a first-come, first-served basis until funds are depleted.
• Consider opening a 529 before you go to school and drop in your savings there. Obviously this is a shameless plug, but remember the key benefits: tax-free earnings and saving 6x more than a savings account. Also consider having your parents set up the 529 for you to reduce the effect on your Expected Family Contribution (EFC). Don't have a plan? Scholar Raise can help you get started with a free plan from the State of New York.

• Understand and optimize your EFC: The Department of Education (DOE) reviews the student's income, asset and family information, to create EFC, or Expected Family Contribution. The EFC is how much money you're supposed to be able to pay toward college expenses. Student assets are assessed at 20% rate and parents assets are assessed at 5.65%. Keep in mind that your parents' information will be required until you are 24 years old and considered independent.
• Pay down debt and/or make large purchases with cash before filing: Having debt on credit cards or on a car doesn't reduce your eligibility, but having cash does.
• Read the fine print! There are several questions that are optional, but can unwittingly increase your EFC, thereby decreasing your potential aid. You don't need to report the following: your primary residence, car, boat you own, furniture in your home or untaxed social security as income.
• You can appeal or even negotiate your financial aid package from your school. Just like when you get a promotion, perhaps you don't agree with your raise. Remain grateful and polite while making a case for yourself. Similarly to making a case for a raise, be prepared to provide "evidence" or additional proof supporting your request.

We know there are many factors to take into consideration here, so we hope that we were able to give you a few things to chew on. Even while writing this blog, I questioned if I would still go to school if I was making the decision ten years ago. For me, it's a yes. I wish I would have known more about negotiating my grant, working the FAFSA system and opening a 529...but for me it's still a yes. Hopefully, this will help you work through what is right for you!

Stay safe & healthy

Ashley Byrne