Finance Blog


Is it Worth Getting into Debt to Further Your Education?

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The word “debt” incites stress and anxiety in many people, as no-one likes the idea of being in debt. The thing about debt is that sometimes there is something called “good debt”. Good debt refers to those times in life where the ultimate payoff will end up making the debt worth it. Furthering your education by enrolling in online business programs may in fact put you in debt, but is this one of those instances where it is “good debt”? Let’s take a closer look.

Changing Up the Focus

If you’ve started researching how much it will cost you to earn your online business degree, then you’ve got a clear dollar amount in your head. Well here’s the challenge, why not change up that focus. Instead of focusing on the amount of debt it will cost you to go to school, start to research how much a career in that field would pay you. This is a wonderful way to determine if the debt will be worth it. You’ll obviously be starting out in an entry level position, but look where the studies can take you and what your potential earnings can be down the road.


One rule that experts suggest using is to determine how much you would make in your first year in your career. As long as your debt doesn’t add up to more than you’d make in your first year, then it’s a wise choice. Now obviously, you won’t be able to pay it off that first year, but this is just a simple equation that can be applied during your decision making process.

What is the Future of your Chosen Field

Another aspect to consider is the future of the field you have chosen. Is it a growing field? Is it expanding and still offering plenty of potential? If it is, then going into debt makes sense. You will have the reassurance knowing that your future career will still be there two, five, and 10 years down the road. Fields that are dying off and slowing down are ones that should pose as red flag when you consider if the debt is worth it.

Be Wise with Your Debt

Another way to help protect yourself is to be wise about the debt. Pick a specific career rather than a vague degree. By targeting a specific career you can take the courses that you need in order to get that job right away. You won’t have to worry about continuing with more classes and training, spending more and more money.

It Comes Down to You

In the end, no-one can tell you if the debt you incur while furthering your studies is good or bad debt. It’s really up to you to determine, but thinking through the decision in a logical manner and asking yourself some tough questions can definitely help you to make the best decision. It may be something you want to discuss with a financial or student aid advisor as well, just so you get that extra bit of information.

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