Author | Vanessa
I’ve really been thinking about going back to school because I would love to get my master’s degree. However, with everything going on in the world and the economy right now, I’m honestly not sure if it’s a good idea. One of my biggest concerns is debt. I finally got to the point where I’m debt-free from my college loans, and the thought of going back to school and taking out student loans all over again makes me nervous.
I currently have my bachelor’s degree in psychology, but I’m having a hard time finding a good job with it. That’s one of the main reasons I’ve been considering getting my master’s. I feel like if I really want to work in my field and make better money, I may need more education. At the same time, getting a master’s degree doesn’t necessarily guarantee that I’m going to find a good-paying job, especially with how difficult the job market has been lately.
That’s where I’m stuck. Do I spend more money and go further into debt hoping that a master’s degree will eventually open more doors for me, or do I stay debt-free and continue searching for opportunities with the degree I already have? I don’t want to spend thousands of dollars on another degree only to end up right back where I am now—searching for a job and wondering when something is finally going to come through.
Part of me thinks maybe I’m overthinking everything and should just go back to college, get my master’s degree, and see what happens. Another part of me thinks I should wait, especially since I’ve already worked hard to get my college loans cleared. Being debt-free feels good, and I really don’t want to start collecting student loan debt again unless I know the degree is going to be worth the investment.
I really just want to find a good job and build a stable career. Has anyone else been in this situation? Did getting your master’s degree actually help you find a better-paying job, or did you end up with more student loan debt without seeing much of a difference in your career? Would you go back to school right now, or would you wait and see what happens with the job market?
Being debt-free would be extremely hard for me to give up. I would keep applying for jobs and gaining experience before taking out more student loans. There are people with master’s degrees struggling to find jobs too, so another degree isn’t an automatic answer. I would only go back if I found a program with a very clear career path and enough earning potential to justify the cost.
I say go back to school, but be very strategic about it. A bachelor’s in psychology can be difficult to turn into a higher-paying career by itself, depending on what you want to do. If you already know that the career you’re interested in requires graduate education, then getting your master’s could be worth it. Just look for scholarships, grants, employer tuition assistance, or affordable programs so you don’t have to borrow as much.
I would wait before going back, especially since you’re finally free from student loan debt. A master’s degree can definitely open more doors, but I would first figure out exactly what job you want and whether that particular job actually requires a master’s. I wouldn’t take on thousands of dollars in new debt just hoping the degree leads to something better.