Being in debt often limits your options. You cannot get an affordable loan due to the higher risk factor you now carry. It is also difficult to get your personal finances in order, considering you have many loan repayments to handle each month. Your options may be limited, but that doesn’t mean you can’t take steps to improve.
Pursuing a master’s degree in fields such as business administration is a sure-fire way to boost your career to a new level. Better career means better income, which in turn can help you recover from your debt. That said, a master’s degree can be relatively expensive, so is it a good idea to pursue a graduate degree when you’re in debt?
Affordable Options
Let’s take a look at how you can pursue a master’s degree when you’re in debt. You can start by looking into online programs from reputable names such as Rutgers Online. Online courses are now accredited and allow you to get the same valuable degree as their offline counterparts.
There is another big advantage you will gain from going the online route too: affordable fees. Online degrees like AACSB online MBA are up to 50% more affordable than the equivalent offline degrees. Not only can you get an accredited degree that will help push your career forward but you can do it without spending as much money in the process.
Before you jump right in and enroll, however, there are more things to consider. Choose a degree that gives you the most career advantage. If you’re in marketing, for instance, look into online MBA programs that will help you become a better marketing executive and a prime candidate for a promotion.
More Homework to Do
Choosing a degree to pursue is just the first step. Since you have a less-than-stellar credit score and plenty of bills to take care of every month, you need to go the extra mile to make the pursuit of a master’s degree work.
You can start by seeking scholarships and financial aid. There are scholarship programs designed to help online students; these are the programs you should start with. Not all scholarships are based on merit and there are many opportunities to get them, especially today.
Financial aid is just as easy to find. Companies now offer incentives to persuade their employees to get a higher degree. This is because promoting an existing employee to a higher position is much cheaper than recruiting new executives. Check with HR if you can take advantage of such incentives.
Financing the Degree
If you still need a loan to finance the degree, then make sure you get the right type of student loan. Take your time and compare quotes from multiple lenders before borrowing any money. Calculate the total cost of using each loan and go with the best option you have in hand.
With an accelerated master’s degree such as the AACSB online MBA mentioned earlier, you can earn a master’s degree in as little as 12 to 15 months. The extra income you bank after giving your career a much-needed push will help you get your personal finances in order.
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