Traditionally, recessions and economic downturns have been a popular time for workers to return to school and get an updated education to keep their skills in demand.
As businesses and corporations reduce their payroll, employees who are lacking in the latest skills may find themselves suddenly out of a job or unable to get as many hours as they need to pay their bills.
If you find yourself in this position, going back to college to earn a degree may be the last thing on your mind - yet it might be one of the best long term solutions available.
Instead of taking on extra part time jobs to make ends meet, pursuing a college degree may help you find new sources of money like Pell grants, scholarships, and even public student loans that carry lower interest rates than traditional bank loans & mortgages.
Although the credit crunch has made many types of loans hard to get, student loans are much easier to acquire because the degree being pursued typically makes it easier for borrowers to get a job that can pay back the debt.
Many students will even qualify for government backed student loans that are partially subsidized by federal tax money.
While the financial aid and assistance that students are often able to find, paying for the degree and living expenses can get a little easier.
The best part of getting a degree during a recession, however, is that you'll be able to choose a field that will remain in high demand for many years to come.
When the economy is weak, the jobs that get cut are the ones that are unlikely to return when things start to grow again.
Instead, jobs created now in health & education are a proof that these fields are generating demand despite the general trends in the other direction.
Also, there is a current need for higher levels of math and scientific training.
Older forms of manufacturing are slashing jobs, but newer technologies like electrical engineering and clean energy are just starting to see growth.
The more recent a degree is in these fields, the more relevant it is to the cutting edge of research and business activity.
While it can be easy to focus on the short term consequences of an economic recession, they still provide a good opportunity to plan ahead and get a great advantage in the job market for many years to come.
Instead of focusing on work and competing for fewer promotions and more meager raises, it might just be the best time to head back to school and pick up an advanced degree!
As businesses and corporations reduce their payroll, employees who are lacking in the latest skills may find themselves suddenly out of a job or unable to get as many hours as they need to pay their bills.
If you find yourself in this position, going back to college to earn a degree may be the last thing on your mind - yet it might be one of the best long term solutions available.
Instead of taking on extra part time jobs to make ends meet, pursuing a college degree may help you find new sources of money like Pell grants, scholarships, and even public student loans that carry lower interest rates than traditional bank loans & mortgages.
Although the credit crunch has made many types of loans hard to get, student loans are much easier to acquire because the degree being pursued typically makes it easier for borrowers to get a job that can pay back the debt.
Many students will even qualify for government backed student loans that are partially subsidized by federal tax money.
While the financial aid and assistance that students are often able to find, paying for the degree and living expenses can get a little easier.
The best part of getting a degree during a recession, however, is that you'll be able to choose a field that will remain in high demand for many years to come.
When the economy is weak, the jobs that get cut are the ones that are unlikely to return when things start to grow again.
Instead, jobs created now in health & education are a proof that these fields are generating demand despite the general trends in the other direction.
Also, there is a current need for higher levels of math and scientific training.
Older forms of manufacturing are slashing jobs, but newer technologies like electrical engineering and clean energy are just starting to see growth.
The more recent a degree is in these fields, the more relevant it is to the cutting edge of research and business activity.
While it can be easy to focus on the short term consequences of an economic recession, they still provide a good opportunity to plan ahead and get a great advantage in the job market for many years to come.
Instead of focusing on work and competing for fewer promotions and more meager raises, it might just be the best time to head back to school and pick up an advanced degree!