search the

latest content

Should I Go Back to School if I’m in Debt?

The question about going back to college, whether you’ve never finished or you wish...
a man and woman sitting at a table with papers and a laptop

The question about going back to college, whether you’ve never finished or you wish to acquire a higher degree, is one that requires a great deal of consideration. This is especially true for those who are currently in debt, whether this pertains to student loans, credit cards, or other forms of debt. Should you go back to school if you’re in debt? Let’s weigh some of the pros and cons of this choice to help you come to a decision that works best for your situation.

What are the advantages of going back to college, and what are the obstacles?


Going to college in and of itself is a major investment. From bachelor’s degrees to master’s degrees, you’re investing a significant amount of time and money into your education. However, there are reasons to attend university once again. One of the biggest reasons to return to college is to increase your earning potential.

For example, let’s say that you currently have a bachelor’s degree in information technology (IT). While a bachelor’s in IT can certainly help you land great jobs in your industry, you want to hone your skills and tackle in-depth curricula covering applied machine learning, data-driven cyber security, user experience, infrastructure, and beyond. Going back to school for your information technology masters degree online can help you get the support you need to boost your income and access better job opportunities. You might even be able to land that promotion that you need in an organization that you love.

More importantly, many college opportunities can be pursued from home and on your own schedule, giving you the flexibility you need to get your degree when it works for you. You will also find plenty of support with financial aid to help you make sure that you can afford your master’s. Once you have it, you can expect to make a median income of $77,844 or greater. Put simply, going back to college offers a myriad of benefits. There’s also no shortage of resources to help you through.

That being said, going to school when you have debt does present its challenges. Aside from tuition and your living expenses, you have to make sure that you’re tackling all of your monthly payments and contributing enough to your debt that your interest rates aren’t eradicating your progress. But does that mean you can’t go to college with debt? Absolutely not. Let’s take a look at a few tips to make your educational endeavors easier.

How do I balance debt and a degree program?

  • Reach out for support with your debt: If you need help with your finances, there are debt relief options out there. The best way to get started is to reach out to a debt relief company. The best debt relief company will provide you with many debt relief services to improve your financial situation, such as credit counseling to improve your credit score, debt consolidation services, and even home equity and refinancing. They’ll even work with creditors to try to establish lower interest rates and a structured debt management plan so that you can tackle your total debt (credit card debt, medical bills, etc.) with greater ease. If you need debt relief support to go to college, find a debt relief program.
  • Look for side hustles: Every little bit helps, and you might find yourself working a bit more to finish your degree. The good news? There are plenty of lucrative side hustles out there that can help you generate extra income. Who knows? It might even lead to you starting your own business!

Going to college when you’re in debt can seem risky, but it’s far from impossible. If you’re considering going back to school, use the guide above to weigh the pros and cons and find resources to help you throughout your journey.

Charlotte is a stylist, graphic designer, and art director at Mitzi’s Cafe. Based in Los Angeles, you can typically find her grabbing brunch with friends or reading a book on the beach.
related posts