If you’re currently unemployed (or underemployed), you aren’t alone. Although the economy is beginning to recover from the recent global recession, many college graduates are still finding it very difficult to net a job. As it stands, the USA still hovers close to a 10% jobless rate. While this is improving slowly, it still does not change the level of competition in the marketplace.
If you are a recent graduate in this situation, odds are you have at least considered going to grad school to postpone your job search and deepen your skills. I graduated in 2009 and would like to share a few words of advice to help your decision-making process:
1) If you are a business major, an MBA program will be almost useless to you without full-time job experience.
Jarring I know, but it’s true. Fun fact: most admitted MBA students have an average of 3-4 years of work experience (MBAApplicant.com). If you want the best possible chance of getting into the school of your choice down the road while minimizing your debt, think twice about doing your MBA program right out of undergrad.
2) A part-time Masters degree can be a great compromise (and more affordable!)
Think about it. If you’re only taking one or two classes a semester, you can probably afford the classes more easily with less loan debt and even work full or part time alongside your classes. If you want some more information on full vs part-time programs, check out this blog.
3) If you’re concerned about paying back your loans, did you know that there are deferments available for being unemployed or making low income?
For more information, check out the Student Loan Network’s page on federal loan deferment.
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