Earning an advanced degree may be just the thing you need to get that raise or qualify for a new position where you’ll earn more. According to the U.S. Census Bureau, people with advanced degrees can earn more than 60% more over their working lives than people with a Bachelor’s degree. This makes sense when you consider the fact that employers are looking for people with specialization for various positions.
However, going back to school as an adult comes with many challenges. There’s the time factor as you will likely need to balance career and family responsibilities with your studies. The most difficult challenge, though, for most returning students will be the cost of going back to school. Graduate programs can be notoriously expensive, and there tend to be fewer scholarship opportunities for graduate programs than undergraduate ones.
First, let’s talk about what options you may have. Tuition reimbursement may be one avenue to go down if you’re currently employed. Some companies will provide education assistance to employees. They can get a tax benefit from it, and they can invest in their employees, so it’s certainly a benefit to them. If you work for a forward-thinking company that offers this, don’t hesitate to talk to HR about the program.
In addition, there may be some scholarship opportunities and grants from the university offering the program as well as any organizations you belong to. You can also potentially get a tax credit, which could help at the end of the year when you are figuring out your tax bill. Loans should be a last resort, but may be necessary if you don’t have enough in savings and grants.
What about Your Annuity Payments?
Do you own annuity payments for a steady stream of income in the future? You could potentially sell your annuity payments for cash to pay for your tuition. Selling some or all of your annuity payments is a very personal decision, so it is something you will want to consider very carefully and potentially speak with an advisor about. You will need to determine whether the potential reward for getting your degree supersedes any risk of selling your annuity payments.
If you decide that it is in fact worth it to sell, be sure to research annuity buyers very carefully to find one that offers fair-market value through a transparent process. At SellAnyAnnuity.com, we can match you with a buyer who will provide you with the best cash offer you can use to go back to school. Contact us today at 855-407-4033 today to learn more.