Before you go back to school, calculate the actual ROI — not just the degree’s prestige, but the specific salary increase versus total cost including lost income. Too many adults take on $50,000-$100,000+ in debt for degrees that don’t meaningfully increase their earning power.
Should You Go Back to School? The ROI Test
| Factor | Question to Answer |
|---|---|
| Salary increase | What’s the average salary for graduates of this specific program? |
| Cost | What’s the total cost (tuition + fees + books + lost income)? |
| Time to break even | Total cost ÷ annual salary increase = years to ROI |
| Job market demand | Are employers hiring for this field? Growing or shrinking? |
| Alternative paths | Can you get the same career boost from certifications or experience? |
| Credential requirement | Does the job legally require this degree? |
ROI Comparison by Education Path
| Path | Typical Cost | Time | Average Salary Boost | Breakeven |
|---|---|---|---|---|
| Professional certification | $500-$5,000 | 1-6 months | $5,000-$15,000/year | Under 1 year |
| Coding bootcamp | $10,000-$20,000 | 3-6 months | $20,000-$40,000/year | Under 1 year |
| Community college (associate degree) | $8,000-$15,000 | 2 years | $10,000-$20,000/year | 1-2 years |
| State university (bachelor’s) | $40,000-$80,000 | 4 years | $15,000-$30,000/year | 3-5 years |
| Master’s degree | $30,000-$120,000 | 1-3 years | $10,000-$30,000/year | 3-10 years |
| MBA (top program) | $100,000-$200,000 | 2 years | $30,000-$60,000/year | 4-7 years |
| Professional degree (JD, MD) | $150,000-$300,000 | 3-4 years | $50,000-$150,000/year | 3-6 years |
Ways to Pay Without Debt
| Source | Amount | Details |
|---|---|---|
| Employer tuition reimbursement | $5,250-$10,000+/year | Tax-free up to $5,250; ask your HR |
| Federal Pell Grant | Up to $7,395/year | Need-based; doesn’t need to be repaid |
| Scholarships (adult and returning student) | Varies | Apply widely — many go unclaimed |
| American Opportunity Tax Credit | Up to $2,500/year | First 4 years of undergrad |
| Lifetime Learning Credit | Up to $2,000/year | Any post-secondary education |
| Military/veteran benefits (GI Bill) | Full tuition + housing | For qualifying service members |
| Community college | 50-70% cheaper | Complete prerequisites at low cost |
| Savings / pay as you go | Any amount | The best option — no debt |
Financial Checklist Before Enrolling
| ✅ | Task |
|---|---|
| ☐ | Calculate total cost (tuition + fees + books + supplies) |
| ☐ | Calculate lost income if reducing work hours |
| ☐ | Research starting salaries for graduates of this program |
| ☐ | Calculate breakeven timeline (cost ÷ salary increase) |
| ☐ | Check employer tuition reimbursement |
| ☐ | Apply for FAFSA (even as an adult — you may qualify for grants) |
| ☐ | Search for scholarships specifically for adult/returning students |
| ☐ | Compare programs: online vs. in-person, part-time vs. full-time |
| ☐ | Talk to graduates of the program about real outcomes |
| ☐ | Ensure health insurance coverage during school |
| ☐ | Plan for continued retirement contributions if possible |
Full-Time vs. Part-Time Comparison
| Factor | Full-Time | Part-Time (while working) |
|---|---|---|
| Time to complete | Faster | Slower (1.5-2x longer) |
| Income during school | None or minimal | Maintained |
| Employer benefits | Lost | Kept |
| Tuition reimbursement | Unlikely | Often available |
| Total cost | Higher (lost income) | Lower |
| Focus | 100% on school | Split attention |
| Best for | Career changers, high-ROI degrees | Most working adults |
The Bottom Line
Education is an investment — treat it like one. Calculate the ROI before committing, exhaust free money (employer reimbursement, grants, scholarships) before borrowing, and seriously consider whether certifications or bootcamps could achieve the same career outcome at a fraction of the cost. The worst outcome is $80,000 in new debt for a degree that adds $5,000 to your salary.
Related: Before You Go Back to School