When there is an economic crisis, options seem short for everybody. Grad school, although costly, can be an option however if you do your research right.
You don’t have to have your entire four years planned out today. You just need to know what you need to apply to grad school, and how to get it. Then, you need a plan to get to it.
When the economy is in crisis, we all get a little more creative about our problem-solving. We take jobs we normally wouldn’t, and some people go to grad school so that they can do exactly that. With the rise of the costs of goods and services, inflation, and grocery bills, it may seem like this life is the only one you can have right now. It doesn’t have to be. Use this time to reflect on what you can do in this world. By the time the economy turns, you will be well positioned to get what you want from it.
The Benefits of Going to Grad School During a Crisis
There’s never a bad time to go to grad school. During a crisis, the process can seem so much more daunting. Even when the economy is bad, there are ways to do it. You can investigate a number of financial resources that can help to make this time work for you. The biggest benefit of going to grad school during a crisis is that you learn how to cope during any financial season.
Expect to be a starving student, it is not just an urban legend. There are millions all over the world making it the same way right now. Keep your eye on the prize and on your marketability in the future, and these days will go fast for you. Review the job listings in fields such as technology, science, and business, and you will see the marketability for yourself. You can become a tech guru with an advanced degree, and the salary to back it up, in just a year or two if you take the right program.
True Costs During Economic Downturns
The cost of grad school is cost prohibitive to some, but at the same time, the cost of living feels that way now. You can’t leave the house without spending money anymore. You are putting it into the gas tank or on the table and after that, it feels like there is not much left. It doesn’t feel like there is much room left for anything else. But, if you really want to do it, grad school can be the way out.
The true costs of living increase during an economic downturn at both the professional and personal levels. Today, personally, relationships are suffering when inflation goes up. Couples can’t live together anymore because the fighting is too bad, or, they live apart now and can’t live together because the cost to travel to each other is prohibitive.
If you are a parent during this time, you are going to feel even more overwhelmed and like life just feels hopeless. You are doing everything you can to get it done for them and every day feels like a battle. It is, but you are not alone.
When you have answers to the fundamental questions about getting through this time, that go beyond what is for dinner tonight, you can and will see a better life after the battle. Ask yourself a few key questions before you begin to apply.
Can you afford to leave work for grad school?
This is a critical question that only you can answer. If you have to leave work while you are in grad school, this is a cost you have to factor in. And that is all that you need to do to answer this question. There is no wrong answer here.
If you can afford to leave work for grad school, you can make the budget accordingly. If you can’t, then you can research grad school options that will allow you to do both. It’s a simple matter of knowing what the answer is, and not getting stressed out over what the right answer is.
Can you handle more debt load right now?
When you are considering more school, student loans are going to be part of the conversation. Does your current budget or credit rating have the room for that? It may or may not. The answer to this will help with your planning one way or another.
What is your future earning potential?
You will have this answer if you already know what you want to do, and have researched the job market. If you haven’t done both of those things, you may not be ready for grad school. Having this answer will not only help prepare you for grad school, but also for life after, particularly during an economic crisis. If you can enter a field that offers a near six-figure salary after grad school, today’s beans and hot dog dinners won’t feel so bad. You’ll know the potential for change is there.
Research Grad School Options During an Economic Crisis
When in the middle of an economic crisis and feeling short on options, know that grad school can be one of them. Don’t give up hope just yet. Perform your research and get the answers to the questions that you have, and you may finish the research feeling like you have more control during this crisis than you did when you started.
As you’re applying, check out this step-by-step guide on writing beautiful personal statements for college and putting together an awesome college application:
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