A little over a decade ago, the Great Recession left the economy in ruins and destroyed many financial futures. And although that recession passed, the shock waves it initiated continue to reverberate in individual lives. One in three Americans still has not recovered from the recession. The hardest hit Americans continue to be those with the least education.
You might think now is not the time to restart your career, but that’s not necessarily true. Returning to college now offers significant job security through this recession and every economic downturn that comes after it. Here’s why now might be the perfect time to restart your career.
Recessions happen an average of every four years, though each recession is different. Some are minor, temporary dips in the economy. Others trigger major losses that last for years. Whether big or small, recessions are unfortunately an inevitable part of every career.
A recession can hit any industry, triggering layoffs, downsizing, and furloughs. One thing is certain though: the more education you have, the safer you are in a recession. During the Great Recession, unemployment surged to 17.2 percent among the least educated Americans but remained at a relatively low 5.3 percent for those with bachelor’s degrees.
Even though the markets may be changing, many employers are offering more flexibility than ever before. That makes now a great time to use that flexibility to your advantage and go back to school.
A recession can make life difficult. You might earn less, feel less secure at work, or even have to dust off your resume and apply for a new job. This uncertainty presents a powerful opportunity to try something new. If your career is not working out as you hoped, take the bull by the horns and get the training that can help you transform your life and your career into something better.
Graduating during a recession can be tough. On average, recession graduates earn about 9 percent less. Yet that decline in earnings diminishes with time, allowing you to play catch-up with your peers. Moreover, you’ll be making more than you would without a degree, helping to offset the small earnings increase you may face if you graduate at the wrong time. No matter when you graduate, a college degree is a wise investment that quickly pays for itself. Consider the following:
During a recession, especially if your job is unstable, you may be worried about money. The last thing you want to do is add another expense to your monthly budget or take on more debt without a guarantee that you’ll be able to pay it off.
College is more affordable now than ever, especially with online-only options that reduce other costs of attendance, such as lost time, child care, and fuel for your car. At SNU, almost all students get some type of financial aid. If you’re worried about debt, rest assured that it’s just one of many options for funding your education. Grants, scholarships, and employer programs may help defray the costs. Even if you do take out student loans, there are myriad ways to reduce monthly payments—and in some cases, to delay or eliminate them altogether through forbearances and debt forgiveness programs. We can help you complete your financial aid paperwork, then weigh your options for paying for school. Even if you’ve defaulted on a student loan, there may be options for returning to school.
No student should miss out on a brighter future because they can’t afford one. We’re leveling the playing field and diligently working to ensure every student has access to an exceptional education.
The right school is an important part of your long-term career plan. Returning to college as an adult is very different from enrolling as an 18-year-old freshman. You may have children, a spouse, volunteer obligations, a full-time job, and a hefty dose of anxiety about whether you can really do this. The following tips can help you navigate your career restart:
Want to learn more about the exciting career doors a college degree can open? Check out our free guide, The Ultimate Career Roadmap for MBA Graduates.