Once you graduate from college, you face a whole lot of uncertainty about your future.Will you find a job right away? Should you take a gap year? And what about postgraduate study? Most students leave college saddled with debt, and often the thought of remaining in education for a further two years and taking out additional loans isn’t so appealing.
However, although education can be expensive, investing in your future now could set you in much better stead for a prosperous career. Before you discredit the idea, make sure you’re well informed about the benefits and pitfalls of a postgraduate degree. Here are some points to consider.
You Might Be Able to Study for Free
Whether you’re eligible for postgraduate funding will depend on a multitude of factors, including your age, income and where you live. Before discounting a Masters degree because of the cost, make sure you explore every avenue to see if you may be entitled to a grant or loan. If furthering your education isn’t going to cost you a dime, it could be a
no-brainer. As well as tuition funding, some situations could be entitled to maintenance grants or loans to help with their living costs. If you’ve already secured a graduate job, ask your employer if they’d consider investing in your further education, as it will benefit them in the long run.
Your Salary Could Be Higher
Investing in further education might cost you money initially, but it could also increase your earning potential in the future. According to job site Career Bliss, business managers with a Masters degree stand to earn 22% more per year than their undergraduate counterparts.
You Might Accrue More Debt
Although studying a Masters degree could give you a salary bump, you also need to consider that your extra two years in school could set you back $37,000 in debt, according to the National Postsecondary Student Aid Study. You’re likely to spend a sizeable chunk of your working life paying this off, so remember that enrolling on a Masters is an investment, and you need to make it pay off.
You Could Study Alongside Your Day Job
You don’t have to choose between another two years of college and entering the workforce. These days, many institutions offer postgraduate courses online. Usually, you can study in your own time and at your own pace.
Depending on where you live and what kind of course you choose, you may have to pay a fee to study online, but having the flexibility to earn as you learn makes it worthwhile. For example, if you’re looking to further your education after landing a Degree in Business, you could study a Montclair State MBA Online while you work as a junior