I am almost 50 years old. Am I too old to go for my masters degree?

Question

My concern is the expense. My income is too much to get many of the scholarships and financial aid but not enough to pay my way. Is it realistic to take out student loans at my age? I earned my BA almost 5 years ago and haven't been able to obtain regular employment. I'm a substitute teacher. I am certified as a social studies teacher by way of the Troops-to-Teachers program, but if I don't find employment as one soon then I'll lose my certification. So, I'm thinking of specializing as a special ed. teacher for students with emotional problems. What do you think???? (I don't have any VA or military education benefits left.)

Answer 1

Ok, I'm going to inject a bit of reality here.

Remember that school is simply a means to increase your skill set. It is a means to an end, not an end in itself. Yes, a masters is a mark of accomplishment and will make your resume stand out, but it will not in itself generate income. It will, however, cost you money.

First off, don't worry about your capacity to do the work. The hardest thing is getting in - grad schools are very good at weening out students who cannot compete. Be sure to apply to both your top schools and schools that are not as competitive. Once you get in, and after you brush up on your studying skills, etc., you'll have no problem.

The real question is have you done a cost-benefit analysis? How long do you see yourself working? Do you want to retire at 55, or 65, or 70? A straight analysis is to estimate the number of years you have to work at your current income without the masters (including raises), and compare that to what you need to make if you pay for the masters out of your own pocket. Be sure to deduct the lost income if you go to school full time. You may find you'll need to significantly increase your income to make it worthwhile, and that may be unrealistic, or work much longer than you planned.

You also have to consider how financially stable you are. Have you funded a 401k or equivalent, or at a minimum an IRA? How about your other holdings? Do you own a house, do you have stocks or mutual funds? One of the reasons students are young is they can absorb the debt over the course of their working career. Trying to balance college debt with kids, retirement, housing, etc. is increasingly difficult as you get older.

It's not really a matter of if you can compete. At your age it's entirely a matter of does it make financial sense. If you can't get a job without one, then it's a no-brainer; but be absolutely sure you understand the financial consequences, good and bad, of your decision. Good luck.

Answer 2

No your not too old. Many scholarships are based on an essay not finances. Federal loans will help. Do you have a BA in education. If so and you can't find a job will you be able to get a job with a master's degree?

I'm guessing that you're not in an area that has a teaching shortage? A lot of places will hire you with a BA for emergency certification and short track you to a master's degree.

Answer 3

Too old? So how old will you be if you DON'T get that Master's? In other words, age hasn't a thing to do with it. There are ways to get around a good part of the expense, such as online courses and independent study. Go to your nearest college or university and talk to the guidance department - yes, they do have 'em just like in high school - and get some insight into how to earn credit without spending a fortune. If you live in New York, there's Empire State College - part of the State University of New York - that offers graduate credit opportunities where you never set foot in a classroom. There are similar opportunities in other states. Ask while you're talking to the guidance folks at your nearby college. My wife, who obtained an Associate's Degree in the 1970s in Iowa, was able to complete all requirements for her Bachelor's Degree through Empire State in t he 1990s without ever attending formal classes, despite working full time and raising two kids - and her degree is just as good as one from Syracuse University, LeMoyne College or Cornell. So quit worrying about your age and just go for it!

Answer 4

Definitely go for it! I just finished with a master's program and four of my classmates were in their late 40s, early 50s. Not only did they bring a new perspective to our class discussions, but they were also some of our class' strongest, brightest members. Some of them did take out student loans, some didn't, but I would not rule it out as an option. You can apply for scholarships--not all are financially based. You can apply for the merit based scholarships, or scholarships that target your specific field, speciality, etc. You may even be able to get financial assistance from a school district with this need for a special ed teacher if you promise to work for them for a number of years. You can also still work while in school, granted cut down on the hours. You are not too old for your masters degree and I encourage you to go for it, if this is something you are truly interested in.

Answer 5

Do not hesitate for an instant and get your good looking self out there to achieve your goal. How sorry I am personally not to have done that , I think of it all the time . I am too old now . (Really!)
Also I have and make too much money to have that much incentive left . Eventually we fizz out . Hang your diploma on the wall and in your old age look at it , and drink a toast to remind you of all the ambitious feelings that made you special .
Borrow the money if you run short . The main thing is that you got it under your belt .
Good Luck .

Answer 6

Keep on keepin-on.....The oldest person to graduate from college was 91 or 92, I saw if a few months ago on a news program.
So, do you really like children enough to be a teacher? Do you live alone? Do you have an extra bedroom? If you've never had a child abuse, neglect, endangerment, or sex crime against a child....have you considered becoming a foster parent?

#1 you like kids many foster parents don't even like the
children, only do it for the money.
#2 you could get an older child not only will you get $ to cover his/her room & Board, etc. You will be paid so much per day.
They also give $ for food for the children.

Answer 7

You are never too old to get your education, no matter what level!

As for financing, could you get a job outside of your field in a company that will pay your tuition? Or work at the school/university in an administrative capacity. You'll get free tuition that way.

Answer 8

No, you're never too old to start something new! There was a man in my medical school class who was 45. You could go to a state school which would be cheaper.

Answer 9

You are never too old to study further. One thing no one can ever take away from you is your education.

Answer 10

you never get too old to get more education. my mom is 45 and shes graduating from college for 3rd time in her life.