I used to think the question was "can I afford to go back to school?" I ran the numbers on tuition, books, childcare, and lost hours at work. It looked expensive. So I kept putting it off.
Then one night, I flipped the question. What does it cost me to NOT go back? I pulled up a calculator, plugged in my current hourly rate, and projected it over 10 years. Then 20. Then 30. The number made me sick.
The cost of not going back to school is not zero. It is one of the most expensive decisions you can make. You just do not see the bill because it comes in the form of paychecks you never receive.
The Earnings Gap Is Not Small. It Is Life Changing.
According to the Bureau of Labor Statistics, here is what workers earn by education level. These are medians, meaning half earn more and half earn less:
Median Annual Earnings by Education Level (2023)
An associate degree gets you 26% more. A bachelor's gets you 75% more. Those are not bonuses. Those are completely different financial lives.
The Cost of Waiting: What You Lose Over Time
This is the table that changed my mind. I calculated how much additional income you miss out on by staying at a high school diploma level versus earning a degree. This assumes you could start earning the higher salary within 2 to 4 years of going back.
| Scenario | Lost Income Over 10 Years | Lost Over 20 Years | Lost Over 30 Years |
|---|---|---|---|
| HS only vs Associate | $99,360 | $198,720 | $298,080 |
| HS only vs Bachelor's | $290,200 | $580,400 | $870,600 |
| Women: HS only vs Bachelor's (lifetime) | +$930,000 over a full career (Georgetown/SSA, 2022) | ||
That last row is the one I keep coming back to. Women with a bachelor's degree earn an estimated $930,000 more over their lifetime than women with only a high school diploma. That is not a rounding error. That is a house. That is retirement. That is generational change.
But What About the Cost of Going Back?
This is where most people stop the conversation. "School is expensive." And yes, tuition costs money. But here is what most people do not know: you might not have to pay for it yourself.
The average Pell Grant is $4,007 per year. The maximum is $7,395. Many women stack federal grants with state grants and school specific aid to cover their entire tuition. I did. I paid $0 out of pocket for two years of school.
Every year, $3.75 billion in Pell Grant money goes unclaimed because eligible students never file a FAFSA. That is money that was allocated, budgeted, and waiting. Nobody claimed it.
Could You Go Back for Free?
Many women qualify for enough grants to cover their entire tuition. My free grant finder shows you what you are eligible for in about 2 minutes. No loans. No guessing.
Find My GrantsThe Other Costs You Are Paying Right Now
Money is the obvious one. But there are other costs to not going back that nobody talks about.
Job security. The unemployment rate for bachelor's degree holders is 2.2%. For high school only, it is 3.9%. That gap gets wider during recessions. Education does not just help you earn more. It helps you keep earning.
Options. Without a degree or certificate, your job options shrink every year as more positions require credentials. The jobs that do not require credentials tend to pay less and offer less flexibility.
Confidence. I know this sounds soft compared to the dollar figures. But the confidence that came from finishing my degree changed everything. How I negotiated. How I interviewed. How I showed up at parent teacher conferences. It is hard to put a price on that, but it is real.
The ROI Even If You Start at 30
Georgetown University's Center on Education and the Workforce calculated that a woman who earns a bachelor's degree at 30 can expect a net return of $350,000 to $500,000 over her remaining working years. That is after subtracting tuition and the time spent in school.
If you use grants to cover tuition, the ROI goes up even more because your out of pocket cost drops toward zero.
I am not saying going back to school is easy. It is not. But the cost of NOT going back is a bill you are paying every single year, whether you see it or not.
Not Sure What Direction to Go?
Take my free career quiz to find a path that fits your life and goals. Or check what grants you qualify for so you can see the real cost (it might be $0).
Take the Career QuizThe money you are leaving on the table is not going to wait forever. But it is there right now, today, for you. If you need proof it is never too late, read about the woman who was told she was too old to start over at 44. And women hold 65% of all student loan debt, so getting grants instead of loans makes a real difference.
Rooting for you,
Elera
Sources: Bureau of Labor Statistics, Current Population Survey, 2023; Georgetown University Center on Education and the Workforce, "The College Payoff," 2022; Social Security Administration, 2022; NerdWallet analysis of Federal Student Aid data, 2023; Federal Student Aid Annual Report, FY2023; College Board, Trends in Student Aid, 2023.
