Stepping out of a job to go back to school is a big leap, and there are many reasons people do it. An advanced degree might be necessary for a particular field or position; it could be a path into management; or simply be a way to make more money.
Whatever the reasons, the financial burden that school adds cannot be ignored. Leaving a paycheck behind for more education is a big financial commitment, especially if you take on debt in the process.
So how long will it take for your investment to pay off? We’ve created a calculator to help you figure that out. Whether you’re considering getting an MBA, JD, MFA, or any other advanced degree, our tool will make sure you understand the financial implications of going to grad school.
Before we crunch the numbers, we’re going to try to craft a detailed picture of your current and future financial situation. We’ll ask about your annual income, expenses, and outlook for the future. Having tuition and loan figures handy will be helpful, too, but if you’re just curious, you can easily estimate many of the data inputs.