Decades ago, there was a time to be a student and a time to be a worker and parent. Now, the gap between when parents stop doing homework and start helping the kids with theirs has vanished.
Here's a question from the Learning Q&A message board: "My child is entering high school, and I hope to save enough to send him to college. At the same time, I would like to return to school. Should I delay my own degree until my child's education is finished?"
Things have accelerated. Jobs seem to change with the seasons; new technologies and new business practices appear overnight. New careers open up and offer a chance for growth, change, challenge and economic stability. Education has evolved from a degree you received when you were very young to something you pursue all the time.
While careers and education have changed, the desire to have a family -- and the related economic demands -- has not. How do you manage your need to return to school with the demands of your children's education? Do you put education dollars in junior's backpack or your own?
What Will Your Degree Cost?
When calculating the cost of your degree, don't overlook such hidden costs as fees, certifications and licenses. You'll also need to factor in the cost of any lost income and repayment of education loans.
To keep costs down:
- Can you go back to school and still keep working? Many colleges have night and weekend programs to accommodate working students, as do online degree programs. These programs allow you to increase your earning power while still bringing home an income. Also, your employer may pay for some or all of your schooling.
- Consider state schools. While education costs have risen significantly, state schools are still a bargain compared to private institutions.
- Look carefully at your tax situation. It may be worth getting professional advice, given the number of federal and state education subsidies and tax-deferred savings options available.
- Contact your school's financial aid department. Inquire about scholarships, school-specific grants and how they will help you through the federal financial aid process.
- Investigate teaching and research opportunities at your chosen school. You may be able to earn a stipend or get your tuition free.
- Seek out programs that include paid internships or have internship semesters. These can save money by providing pay during your schooling plus give you real-world experience -- and improve your employment chances after graduation.
Compare Your Worth Now with Your Future Worth
Research your earning power after graduation and your career options. One degree can be a gateway to several career paths. Understanding the possibilities and earnings potential can help you determine if this investment in yourself will benefit your family or lead you to reevaluate your plans. Some useful research sources include:
- Monster's Job Profiles
- The US Department of Labor's Occupational Outlook Handbook offers career descriptions, outlooks, educational requirements and salary ranges. Pay special attention to the professional organizations listed, and research their sites.
- Wells Fargo's Loan Debt vs. Earning Power Calculator lets you plug in your projected salary and your school debt to see if it makes financial sense for you to borrow what you'd need. These calculators show how much you will be paying per month for various types of student loans.
Now compare your costs against your future earnings. Take into account other factors, such as how much you expect to spend on your child's education, how much you've saved already and if there is another income working toward the goal of sending junior to campus.
All this research will help you find the best plan for your family and ensure that your child is on the best educational path. Maybe you'll both be carrying book bags to class.
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