Maybe the career path you once thought ideal isn’t going as planned, and you have found your true calling. If the career change requires additional education or another degree, you likely face significant education costs. Creating a financial map can help you determine options.
Research the higher education institutions you would like to attend and quantify tuition and other required costs. You may also need to consider loss of income if you are leaving a full-time job to pursue your education.
The most common financing option is a student loan, which comes in a variety of options from unsubsidized federal loans, subsidized federal loans and private loans. You should also research if your employer provides tuition reimbursement for professionally relevant higher education studies. You may also want to consider opening and funding a 529 plan, which is a tax-exempt qualified tuition program that permits plan earnings to compound tax free.
You can also explore scholarships and grants. Other options could include graduate assistant positions or work-study arrangements that will reduce the total cost of your education. You may also consider whether family members are willing to provide support.
You are about to make a significant decision that could accelerate your professional development and future earnings. You may also increase your long-term debt and could crimp your lifestyle in the short-term. A financial advisor can assist you in reviewing the various financial angles and decisions, so you make the best decision for you.
