Key Points
- The number of adults considering college is rising, but many are unsure whether the long-term payoff outweighs the short-term cost.
- Past downturns, including the 2008 recession, show that a return to school doesn’t always lead to better outcomes.
- Costs for adult students extend beyond tuition, including childcare, lost income, and housing.
Economic slowdowns have historically pushed more adults into college classrooms. Now, with student loan payments restarting and wages still struggling to keep up with inflation, the idea of going back to school is making a return, particularly among those looking to shift careers or boost their earning potential.
This trend isn’t new. During the 2008 recession, college enrollment jumped 12% from the previous year, with the number of students over 24 increasing by 20%. The promise of stability or higher pay drove that surge, even as jobs vanished and industries changed rapidly.
Today’s interest is driven by similar concerns. Many adult learners are seeking a second chance, trying to finish a degree they started years ago, or hoping that a new credential could unlock better opportunities in a changing job market, especially in light of AI and other rapid changes hitting the workforce.
But past experience shows that increased enrollment doesn’t always lead to degree completion or improved outcomes.
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The Price Tag Can Be Higher For Adult Learners
Returning to school as an adult is rarely just about signing up for classes. Even before considering lost income or family needs, the standard costs of higher education have climbed steadily.
Tuition and fees at public colleges now average more than $29,000 per year, according to the most recent data. Adult students also often fees for healthcare plans, childcare, or on-campus services - expenses that can add thousands more per year.
For adult learners, the situation becomes even more complicated. Many already have financial obligations such as rent or a mortgage, insurance premiums, and childcare costs. For parents, childcare during class hours may cost nearly as much as tuition itself.
There’s also the question of income. Adults who pause or reduce their work schedules to return to school must weigh the lost wages, especially in households where they are the primary earner. The financial pressure of replacing a paycheck with a student loan is real, and it affects both day-to-day spending and long-term savings.
How To Make The Numbers Work
Some adult learners decide to go back full-time, while others fit coursework around their existing jobs. Either approach requires planning.
Choosing a college that fits both financial and schedule needs is often the first step. That might mean prioritizing in-state public universities, part-time programs, or online schools with more flexibility. While some programs offer night and weekend options, others require full-day attendance that may not be realistic for working adults or parents.
Once a program is selected, the question becomes how to pay for it. Some employers offer tuition reimbursement programs, which can ease the financial strain if the degree aligns with the current job.
Scholarships and grants are also available, especially for adult learners pursuing high-demand fields. Filing the Free Application for Federal Student Aid (FAFSA) is the most important step, as it determines eligibility for federal aid, including Pell Grants. And Pell Grants have now been expanded to include more workforce training programs!
Federal and private student loans are available to fill in any remaining gaps, though taking on new debt should be carefully considered. Adults who already have student debt must calculate whether additional borrowing makes sense for their situation, particularly if they are already in repayment on existing student loans.
Weighing The Risks
Not everyone who goes back to school completes their program. During the post-2008 enrollment spike, less than 60% of those who returned to college earned a degree within six years. Many took on new student loans without a credential to show for it.
The decision to go back, then, often comes down to expectations. If a specific job or promotion requires a degree, or if a new credential can clearly improve earnings, the investment may be worth the financial risk. But if the outcome is unclear (or if the path to completion seems uncertain) the decision may need a closer look.
Adults thinking about college should weigh the total cost of attendance, including indirect expenses, against the likely increase in future earnings. They should also consider whether their intended field rewards educational attainment or values work experience more heavily. Consider using a College ROI Calculator to help.
In some cases, industry-specific certifications or short-term training programs offer a faster, more affordable path to better employment. Community colleges and workforce development centers may provide these options at a fraction of the cost as well.
A Personal Choice
The decision to return to school as an adult is not easy. It comes with tradeoffs: between time and money, between present obligations and future goals. It also comes with no guarantees.
Yet for some, it can offer a real chance to reset. The job market continues to evolve, and new skills are often a requirement for advancement or career changes. The right education, in the right setting, at the right time, can pay off.
But history shows that increased enrollment doesn’t always lead to completion. And even completion doesn’t always lead to better pay. The best outcomes tend to come when adults choose programs carefully, take time to understand the cost, and enter with a clear plan.
The question isn’t just whether school is worth it but whether it makes sense right now, for this person, in this situation.
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Editor: Clint Proctor Reviewed by: Chris Muller
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.