The Cost of Going Back to University as a Mature StudentJune 15, 2018

Switching occupations isn't a joke, even if this new venture seems to be born out of passion. Imagine a B.A, English graduate who had an academic career, with an interest in plants and herbs in particular. And then a kin would need herbs to cure an ailment. This life-changing moment prompted this academician to switch to herbalist. This about-face could come with a steep price, though.

A career change should have happened during your younger years, but it doesn't mean that you couldn't pull it off during your 30s (or 40s for that matter). There are three things to look out for. Is it really out of passion? If you answer in the affirmative, then think about the necessity. Thinking long and hard about it might force you to change your mind, and there's nothing to be ashamed about it. After all, the money that you're supposed to spend on tuition fee could go to your emergency fund instead. It doesn't end there.

Not a few people, the so-called enlightened ones, would remind you that you won't be too old (or too late) to start all over again. Some would put a romantic touch into it, belying the selfish intention behind it. If you have a family, then you feel like you can't consider it an option at all. Expect your motivation to be questioned as well. Last but not the least, you must assess your career (so far). Are you unsatisfied with it? If you do, then you must have a well-laid plan on how you could succeed in this career change. There are many variables to look at, and most of it seems to be beyond your control. In other words, there must be a Plan B (and Plan C if possible).

Keeping these things in mind, you must proceed to the next part of this risky process.

Where to Get the Money?

Your company can provide financial assistance. This is the first recourse if you don't save enough money for a career change. You'll encounter a number of bumps, though. Your boss might suspect that this could be your way of making a graceful exit from the company, so don't be surprised if you would be asked about your reasons behind it. You don't have to rehearse your responses IF you have planned it out. It should be a win-win situation if further education would help you climb up the career ladder. (In this regard, consultancy might be something that your boss would have in mind. And you may be looking at it for some time.) If it's not, then it's better to be forthright about it. Don't discount the possibility of being turned down. And don't feel bad about it. There are other possibilities.

Your very own personal saving. If you're wise enough, then you should have been living a fairly frugal lifestyle during most of your adult life. It should enable you to save some money, which you could be used to pay for your tuition. It might not be right to enroll in many units, as you could end up spreading yourself too thin. (You almost forgot other expenses, which could come up unexpectedly.) This IS an option, as availing a loan must be your final option if you really want to pursue this course. A member of your family might be able to help you out, but keep in mind that you won't get a supportive nod. (You're not a spring chicken anymore.) And it can be a burden if you really want to push with it. Don't you have sufficient resources? You have one more option to look at.

The (heavy) cost of availing a loan. If you were a working student, then you should know that paying off a student debt could take years. There should lots of risk in asking for a huge amount IF this is all it takes to study further. You must ask yourself a few questions before you make this huge leap. Will your supposedly new career pay off BIG TIME? Will you end up in heavy debt later? Will you be able to save for your retirement days? These are difficult questions to answer, which is why you can't make a decision overnight. It can take weeks, if not months.

There Are Alternative Options

If the cost of going back to the university may be too risky a venture, then don't feel about it. There are alternatives.

Ask your boss about training courses, which last for short periods of time. It can be a good substitute IF you're willing to put the extra work into it. This should mean that you must do lots of self-study during your free time, also connect to people who have the expertise in the new field that you want to be part of.

You can start on this possibly new career on a part-time basis. This might turned out to be the most sensible option. If you have lost heart along the way, for whatever reason, then all is not lost at all. You still have your old job. Whatever you did won't turn out to be a waste, as it might come in handy later. It comes down to a flexible approach to what seems to be a complicated matter.

Read all articles→