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Evaluating the Viability of a Career Change in Light of Your Student Loan Debt

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Mon, 08/31/2009 - 18:39 | by carole.vansickle

Changing careers can be a very exciting time. The prospect of learning something new that you are confident you will love is very exhilerating. You are full of hopes and dreams -- often not only about the joy you will find in your new profession but about the new, increased income that you will be making.

Often the dreams of this new profit-center based around you can make student loans sound like an awfully good idea. After all, the sooner you get done learning your new field, the sooner you can get started earning the big bucks, right? Not necessarily.

Unfortunately, you need to take a very close look at your career change before you decide if student loans are appropriate. Here are some things to consider:

*How is the job market in your field?
In 1975, there were only 3 positions in the entire country for professors of Social Science Education. Needless to say, getting one of these positions was a seriously competitive endeavor. If your new career change pays well, but is nearly impossible to gain entry to, then you need to fund your second education in a manner other than student loans.

*Can you put your current student loan payments on hold?
If you are returning to school, many student lenders will let you put a hold on payments until you finish school. This is not always a good idea, since most accounts continue to accrue interest while they are on hold. However, if stopping your current student loan payments will help you finance your schooling, then the delay may be worth it so that you do not have to take out more loans.

*What type of income do you expect to make in your new career?
If you will be making substantially more money, then you may decide that additional student loans are a good idea in order to expedite the learning process. Also, factor in the area of study and your new career arena, since time in jobs that qualify as "community service" jobs can sometimes be applied toward student loan forgiveness.