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Aspiring to earn a college degree, but aren't in a position to quit your day job? You may not have to choose between working full-time and going to school. In fact, according to the National Center for Education Statistics, 74 percent of part-time college students and 40 percent of full-time students were employed in 2020.
While the thought of juggling school and work simultaneously can be daunting, your hard work can pay off many times over when you earn that degree. The key, of course, is knowing what to expect and proactively setting yourself up for success.
Why More Professionals Are Returning to School Mid-Career
In recent years, a growing number of adults have begun returning to school, even in the middle of otherwise successful careers. In fact, approximately one-third of today's college students are considered "adult learners" aged 25 and older.
So, what's causing so many working professionals to pursue a higher education?
Shifting Job Markets and the Need for Advanced Credentials
Today's job market has become extremely competitive, with one 2023 survey finding that 70 percent of employers report that even their entry-level jobs require a minimum of a bachelor's degree. As a result, some working professionals are returning to school to gain the credentials needed to enter a new field or advance in an existing industry.
The Desire for Career Change, Growth, or Greater Earning Potential
According to the Bureau of Labor Statistics (BLS), the average millennial now holds an average of nine different jobs between the ages of 18 and 36 alone. With this in mind, some workers may choose to return to school to make a much-needed career change or even a minor career pivot. Meanwhile, others may pursue an education to build the skills and knowledge needed to qualify for promotions and/or raises.
Education as a Strategic Investment — Not Just a Personal Goal
Despite the increasing costs of attending college, many adults continue returning to school because they view a college education not just as a personal goal, but a long-term investment in their future.
Understanding the ROI of Going Back to School
So, what could you stand to gain by returning to school, even while working full time? If you’re considering working full-time and going to school, understanding the return on investment is crucial.
Short-Term Sacrifice, Long-Term Payoff: Breaking Down the Numbers
Although juggling work and school will require some short-term sacrifice, the reality is that earning a college degree can pay for itself many times over. In fact, one Education Data Initiative study found that the average lifetime return on investment (ROI) of a bachelor's degree is nearly 682 percent.
Increased Earning Potential by Degree Type (Bachelor’s, Master’s, Certifications)
Earning a degree could help you gain the skills and expertise needed to pursue more advanced and higher-paying positions in your chosen field. While exact earnings can vary greatly depending on a variety of factors (including industry and location), the median salary of somebody with a bachelor's degree is 86 percent higher than that of somebody with a high school diploma.
Meanwhile, those with a master's degree earn an average of 20 percent more than those with a bachelor's degree.
Greater Access to Leadership Roles and Specialized Careers
With many entry-level roles even requiring some kind of college education these days, having a bachelor's or master's degree under your belt can be a great way to qualify for leadership roles and other advanced positions within your chosen field. This is a common reason for adults to return to school.
How Alumni Networks and Credentials Boost Professional Mobility
In addition to the potential for higher earnings and more specialized/advanced roles, returning to school as an adult learner can also be an excellent way to access valuable alumni networks and leverage professional networking to your advantage.
Real-World Impact on Career Trajectory
By earning your degree while working full-time, you can pursue the upward career trajectory that you've been dreaming of. Whether you're interested in a promotion, want to make a career pivot, or are ready to explore an entirely new industry, the right education can make all the difference.
Promotions and Pay Raises: Moving Up From Within
Perhaps you've gone as far in your current field as you can without a formal degree or a more advanced education. By returning to school while you continue working, you can earn the credentials that you need to pursue that promotion into a leadership or other advanced role while increasing your earning potential in the process.
Switching Industries or Specialties With Confidence
Maybe you're feeling a bit burned out by your current line of work and are interested in making a career shift. Confidently switch industries or explore new specialties by pursuing a formal education in a new field of your choosing.
Building a Resume That Reflects Commitment and Capability
Sure, going to school while working full-time can be challenging, but when employers see that you earned your degree without putting your professional responsibilities on hold, they'll appreciate your level of commitment, persistence, and capability. These characteristics could even be what sets you apart from other candidates when pursuing a promotion or applying for a new role.
Gaining Skills That Translate to Immediate On-the-Job Value
Regardless of your specific field of study, completing college coursework can help you build practical skills that can translate to just about any job. In a college degree or certificate program, for example, you can expect to build upon essential skills such as:
- Time management
- Problem-solving
- Communication
- Critical thinking
Financing Your Degree Without Derailing Your Finances
If you're like many working professionals thinking about college, cost is probably an important factor. The good news? There are ways to finance your college education without devastating your bank account in the process.
Employer Tuition Assistance and Professional Development Funds
Start by checking with your employer's human resources (HR) department to see if they offer any kind of tuition assistance or professional development funding. If so, then you might be eligible to have some (or all) of your tuition costs covered or reimbursed, especially if you're pursuing a degree that will help you perform your current role more proficiently.
Scholarships, Grants, and Income-Based Loan Options
Don't forget to fill out your Free Application for Federal Student Aid (FAFSA), which will help you determine your eligibility for certain grants, scholarships, and even subsidized/unsubsidized loans to pay for school. In addition to federal funding, explore financial aid offered by your school of choice and third parties as well.
Budgeting for Tuition While Managing Daily Expenses
If you decide to pay for any of your education expenses out of your own pocket, be sure to budget accordingly. Many schools offer payment plans that enable you to break each semester's tuition and fees into monthly payments, which can make paying for school a bit more manageable, especially while juggling your everyday living expenses.
How to Calculate Break-Even Time on Your Educational Investment
Wondering how long it will be before your college degree pays off financially? Follow these steps:
- Determine your total education costs.
- Determine your projected increase in earnings (per year).
- Divide your cost of education by your annual increase in earnings to determine your break-even time.
For example, if your degree will cost you $40,000 but you can expect to earn an additional $10,000 per year with a degree, your total break-even time will be just four years.
Preparing Yourself to Get Started
If you're serious about enrolling in a college program while working full-time, there are a few things worth keeping in mind as you get the ball rolling.
Conduct a Time Audit to Identify Available Study Hours
Start by taking a close look at your weekly schedule. In addition to the hours you spend at work, be sure to consider other recurring time obligations (such as household chores, going to the gym, or volunteering). This will help you determine how many hours you'll realistically have available to commit to school each week.
Learn How to Maximize PTO, Holidays, and Work Breaks
From there, explore creative ways to maximize time off and other breaks as you complete your degree program. This might include taking advantage of paid time off and other benefits.
Consider Taking Summer or Intersession Courses
If you want to complete your degree as efficiently as possible, check if your school offers summer or intersession courses. This will mean going to school year-round, but it can also cut precious time off of your course of study so you can begin reaping the benefits of your degree sooner.
Build a Personal Support System
Having a strong support system can make all the difference when it comes to completing a college program while handling a full-time work schedule. Before you even enroll, consider who you can rely on for additional help and even emotional support during this fast-paced season of life.
Time Management and Scheduling Strategies
Strong time management skills can also help you juggle the demands of your academic and professional life, so keep these tips in mind as you assess different degree programs in your field.
Importance of Degree Options That Fit Your Life (Online, Evening, Hybrid)
Don't underestimate the importance of choosing a program format that suits your busy lifestyle. Many working students find online courses to be the most convenient and flexible option, although evening classes, in-person, and even hybrid programs may also be suitable (depending on your unique learning style and preferences).
Creating Study Blocks Around Work Hours
Just as you would block time out of your day to work, you'll want to do the same with your classes and study time. By making school part of your everyday schedule, you can stay consistent and on top of your goals. More specifically, using time blocking can help you improve your focus on school while minimizing distractions, even if you don't have a lot of free time to work with.
Using Calendars, Timers, and Checklists to Stay Focused
Practical tools, such as calendars, timers, and checklists, can also go a long way in keeping you focused and on task. Both paper calendars and digital calendars can help you stay on top of your assignment deadlines and other important due dates, whereas checklists may be better for prioritizing tasks on a day-to-day basis.
Meanwhile, free time management tools (like this Pomodoro timer) can help you enhance productivity while still taking some much-needed breaks from studying.
Knowing When to Say No and Protecting Your Study Time
Another skill you'll need to learn when working full-time and going to school is the art of saying "no."
More than ever, it will be important to protect your precious free time. On occasion, you might need to say no to a request to extend yourself beyond your capacity. Or, you might need to say no to a night out with friends. Remember that this is all temporary, and you'll have much more free time once you finish your degree.
Final Takeaway: Investing in Yourself Pays the Highest Dividends
At the end of the day, the most important thing to remember is that earning your degree can pay off many times over, and the challenges associated with it are temporary.
You Don’t Have to Choose Between Work and Growth — You Can Do Both
If you feel like you have to choose between working and returning to school, remind yourself that many hard-working adults can (and do) manage to juggle both! With the right preparation and support system, you can be one of those people.
The ROI of Going Back to School Isn’t Just Financial; It’s Transformational
In addition to the financial returns you can enjoy from earning your degree later in life, you may also find that the experience reminds you just how capable you are of doing hard things when you set your mind to them.
A School That Will Support You Every Step of the Way
With careful planning, working full-time and going to school can lead to both personal and professional growth. Looking for a school that will support you every step of the way in achieving your academic and career goals? Nebraska Methodist College (NMC) offers plenty of career-focused programs and dedicated resources for online and on-campus learners, so get in touch to learn more or apply today!
Sources
https://studentaid.gov/h/apply-for-aid/fafsa
https://www.jacr.org/article/S1546-1440(08)00581-4/fulltext
https://nces.ed.gov/programs/coe/indicator/ssa/college-student-employment
https://www.jff.org/idea/adult-learners/
https://www.bls.gov/nls/questions-and-answers.htm
https://educationdata.org/college-degree-roi
https://www.aplu.org/our-work/4-policy-and-advocacy/publicuvalues/employment-earnings/
https://www.naceweb.org/about-us/press/a3bcaeb0-f8db-456b-9ffc-eae69b5d5dac