Rising Interest in Higher Education Among Adults
More adults are considering returning to college, driven by a mix of economic uncertainty and the desire for career advancement. However, many are unsure whether the long-term benefits will outweigh the immediate financial challenges. This trend is not new—economic downturns have historically led to increased enrollment in higher education. For instance, during the 2008 recession, college enrollment rose by 12%, with a significant increase in students over the age of 24. The promise of stability or higher pay was a major motivator, even as job markets shifted rapidly.
Today’s interest in returning to school stems from similar concerns. Many adult learners are seeking a second chance to finish degrees they started years ago or hoping that new credentials could open up better opportunities in a changing job market. With AI and other technological advancements reshaping industries, the need for updated skills has never been more pressing.
However, history shows that increased enrollment doesn’t always lead to degree completion or improved outcomes. In the aftermath of the 2008 crisis, less than 60% of those who returned to college earned a degree within six years. Many took on new student loans without a credential to show for it, highlighting the risks involved.
The Hidden Costs of Adult Education
Returning to school as an adult involves more than just tuition. While the average annual cost at public colleges exceeds $29,000, there are additional expenses such as healthcare, childcare, and on-campus services. These costs can add thousands of dollars per year, making the financial burden even heavier for adult students.
For many, the situation is further complicated by existing financial obligations like rent, mortgage payments, insurance, and childcare. Parents may find that the cost of childcare during class hours can be nearly as high as tuition itself. Additionally, adults who reduce their work hours to attend school must consider the lost wages, especially if they are the primary earner in their household.
The financial pressure of replacing a paycheck with a student loan is real and affects both daily spending and long-term savings. It's crucial for adult learners to carefully assess these factors before making a decision.
Strategies for Managing the Financial Burden
Choosing the right educational path is often the first step. Some adult learners opt for full-time programs, while others balance coursework with their current jobs. Either approach requires careful planning and consideration of personal and professional needs.
Prioritizing in-state public universities, part-time programs, or online schools with flexible schedules can help manage costs and time commitments. Some institutions offer night and weekend classes, which may be more feasible for working adults or parents.
Once a program is selected, the next challenge is funding. Employers may offer tuition reimbursement programs, especially if the degree aligns with the employee's current role. Scholarships and grants are also available, particularly for those pursuing high-demand fields. Filing the Free Application for Federal Student Aid (FAFSA) is essential, as it determines eligibility for federal aid, including Pell Grants, which now cover more workforce training programs.
Federal and private student loans can fill any remaining gaps, but taking on new debt should be done with caution. Adults already in repayment on existing student loans must evaluate whether additional borrowing makes sense for their financial situation.
Weighing the Risks and Rewards
Not everyone who returns to school completes their program. The post-2008 enrollment spike saw many students take on new loans without earning a degree, underscoring the importance of setting realistic expectations. The decision to go back to school often comes down to whether the potential benefits outweigh the risks.
If a specific job or promotion requires a degree, or if a new credential can clearly boost earnings, the investment may be worth the financial risk. However, if the outcome is uncertain, a closer look is needed. Adult learners should compare the total cost of attendance—including indirect expenses—against the likely increase in future earnings.
They should also consider whether their intended field values educational attainment or work experience more heavily. Using a College ROI Calculator can help make this assessment. In some cases, industry-specific certifications or short-term training programs may offer a faster, more affordable path to better employment.
Community colleges and workforce development centers often provide these options at a lower cost, making them a viable alternative for some learners.
A Personal Decision with No Guarantees
Returning to school as an adult is a complex decision that involves trade-offs between time, money, and personal goals. There are no guarantees of success, but for some, it can be a meaningful opportunity to reset and gain new skills.
As the job market continues to evolve, the need for updated knowledge and abilities is becoming increasingly important. The right education, in the right setting, at the right time, can lead to positive outcomes. However, history shows that increased enrollment does not always result in completion, and even completion does not always lead to better pay.
The best results come when adults choose programs carefully, understand the costs, and enter with a clear plan. The question is not just whether school is worth it, but whether it makes sense right now, for this person, in this situation.