Why Heading Back To School Is A Worthwhile Investment Later In Your Life
Around one-third of Americans have a college degree or higher qualification, and among them are record numbers of students from the Puerto Rican and Hispanic communities. It wasn’t always this way though. There is still an overwhelming percentage that has not gained their college diploma. According to the 2018 Hechinger Report, Latino Americans are half as likely to get a college degree than their non-Hispanic white adults. In fact, they are still the least likely group to receive a college education. Yet this has not stopped Puerto Ricans from becoming successful across the world. However, the case for heading back to school remains undisputed. The benefits that you can gain from returning to college can change your life, your finances, and your family’s future.
Your Life Experience Can Work In Your Favor
Going back to school later in life may mean you are better prepared to face the challenges of returning to college, including the financial costs. These days, almost 70 percent of students rely on loans and most do so even with part-time jobs in hand. Going back to school allows you to kick start a career and put away money to pay for school without relying solely on student loans and credit cards. Even if you do have a bachelor’s degree and choose to go back for postgraduate studies, work experience can count for credits in some courses, which means you spend less time in a classroom. Many colleges now offer shortened postgraduate programs and E-learning classrooms aimed at mature or returning students.
Opens Up Earning And Career Progression Potential
An employee with a college degree is 177 times more likely to earn $4 million or more in their lifetime than one with a high school degree, according to a report by Temple University Professor, Douglas Webber Ph.D. According to his findings, the average college graduate will make $900,000 more than a high school graduate in their lifetime. These findings go a long way in justifying the reasoning behind so many students willing to take on over $35,000 in student loan debt.
The benefits don’t end with just a monetary bump either. In AAC&U’s latest research, approximately 82 percent of recruitment managers agree that a college education is essential – highlighting the increased likelihood of being recruited for better positions if you chose to head back to school. Higher education has also been shown to lead to an increased likelihood of being promoted in the workplace, breathing new life into a career that may have stalled, or opening up new avenues.
Provides A Platform For A Second Career Or Post Retirement Plan
Finally, heading back to school later in life can provide the opportunity to explore a new career direction or turn a hobby into a career. Programs in some disciplines can even help you kick-start your own business and become your own boss. The mature workforce is in full boom, and more seniors are launching their own small business. Not only does going back to school update your knowledge and technical skills, but it also provides a useful professional network to relaunch your career post studies.
Finally, studying later in life provides more opportunities to prepare for retirement and establish income streams. Currently, the majority of the Latino community is woefully unprepared for retirement due to a myriad of factors. Almost 20 percent of them earn poverty-level wages – something higher education can change. Earning more also means better financial stability for your future and your family, and a chance to break the cycle with your own children.