23 Jan
2011

Many people who lose their jobs consider going back to school in order to train for a new career. However, this is not always the best option. If you have just lost your job, consider the costs of going back to school. You don’t want to dig into your emergency fund for school costs because attending school is not an emergency. At the same time, you don’t want to take out loans to go back to school. If you are without work, you will have a hard time securing private student loans. As well, you will have a hard time repaying your loans if you are out of work and paying considerable school costs, too.

A better option is to find work again for at least a year or two while you evaluate your plan to go back to school. Really take the time to research your career options and plan for the cost. Another option is to do some training online or in the evenings once you find a job. You may be able to complete all your training this way without running up student loan debt, or you may be able to trim your back to school costs by having some course requirements already handled when you head back to college.

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