Recent attendance numbers at local universities have shown an increasing number of new graduates (and even past graduates) enrolling back into school for advanced degrees or specialty training. Most of this comes from the lack of jobs for new grads, and it seems to be a good way to pass the time during our economic downturn. But is this really a smart way to spend a period of low employment?

On the outside, it would seem like these students have the right idea. If you can’t join the workforce now, why not bulk up on extra degrees, certifications and specialized training? But the problem is the mounting debt and increased cost of taking advantage of these classes. Going back for a graphic design class and certification, for instance, will most likely not require additional student loans. Business School or a comparable advanced degree, however, will.

Educational websites offer numerous reasons why going back to school for a second degree and kick starting a career change is the best thing you can do in a recession, and how it will benefit you in the long run both financially and professionally. I have to respectfully disagree. While I believe that building your skill set and expanding your education is great, the idea that another four year degree is going to benefit you financially is highly unlikely. The reason for this is that even though a basic Bachelors degree is required in most industries, it doesn’t necessarily instill the distinct trades that you’ll need to perform well in a new job. Obviously this doesn’t hold true for careers like accounting or actuarial work, where further certification and expertise are needed, but it rings true for many others. No one comes straight out of college with zero work experience and immediately knows the ropes of their new job. Those skills are learned in the workplace.

Going back to school for a separate degree means paying around $10K a year, on average, for tuition, books, and the such. Add to that a previous degree and a few student loans totaling an average of $40,000, and you’re not leveraging yourself to be in a good financial position when you do go back to work. While an advanced degree may get you a better job and a higher salary, will you really be better off in the long run with an additional $20,000 bill to pay?

Then there’s the case of your living expenses while you attend school. If you’re planning on finishing within two years, you’ll probably have to attend as a full-time student, with no time left over for a regular job. And unless you have parents footing the bill, you’ll likely be living on some loan money, as well. This can run up your bill significantly.

Take for instance a young woman who has an outstanding $30,000 in student loans. She defers her payments while she goes back to school full-time to get a Masters degree in Communications, which is costing her $10,000 a year in tuition and school related fees. She’s also jobless while attending class, and her parents help her out by paying her rent. However, she still has minor bills like utilities, a cell phone, food, and transportation which cost her on average $350 a month (or $3,500 each school year). Those small expenses add on another $7,000 during her school term — and that’s not even including “extras” like dinner out, coffee, movies, etc. It could easily expand to $10,000 or more by the time she’s finished. By now, she’s doubled her student loan debt, which could take her an extra ten years (on top of the former $30K) to pay off.

I’m not saying that going back to school is always a bad idea. However, it is a very big financial decision that should be weighed out extensively before committing to any additional debt. Education is a wonderful thing, but being weighted down with $100,000 of debt is a much bigger beast to tame. What do you do if there are no jobs in sight and expanding your education still seems like the best idea? Look at nearby community and state colleges for classes that offer certifications in specific skills such as software or graphic design. If you’re a state resident, you can usually get steeply discounted fees and tuition. Another great resource is looking for online classes. Courses taken online tend to typically be much lower in cost than traditional classes and offer the flexibility to take the courses on your own time. This can free up time to pick up a part-time job, if needed, while finishing your classwork.

Most importantly though, if you’re just looking to advance instead of switch careers, I cannot stress enough how integral networking is. By attending networking parties, conferences, and other industry events, you put yourself in the path of people who have the ability to advance your career. Building relationships with these key players can accelerate your career quicker than anything, and references from well-respected experts in your field can often times hold more weight than an additional or specialized degree.

There are definitely ways to accomplish your educational and career goals during this period of slow growth and low employment, but taking on huge, mounting student loan debt shouldn’t be one of them.

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