This is a good choice for me because I like business and entrepreneurship and I currently make my living in the IT field as a Web and database developer. I see much greater career potential if I move into management and this degree program is part of my plan to get there.

The good:

• It wouldn’t be hard to double or triple my current salary with a good management position. I see this as the next step for my career.
• A salary increase like the above would pay for the degree in about one year or less.
• It never hurts to have a Master’s Degree on your resume.
• As long as I am an employee this should help me to earn more money.

The bad:

• I’ll be adding $25K – $30K of debt.
• If I don’t get a big salary increase I’ll be paying off this debt for a long time.
• This is a big time commitment for the next 18 months in my already very busy life.
• Ultimately, I want to work for myself and I don’t really need another degree to do that.

I’ve never felt fully comfortable that I made the right decision to go back to school. However, I didn’t want to continue procrastinating so I decided it was better to jump in and get it done rather than continue to sit on the sidelines and not make a decision. I’ve only started this week, and so far so good, but we’ll see how my opinion forms as time goes on.

The debt versus education argument is a classic in the personal finance world. What do you think? Did I make a good decision?

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Going Back to School, Adding More Debt, Hoping I Made the Right Choice

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