Dear All,
I am a 26-year old female currently employed in an administrative position at a prestigious university in Baltimore, MD; my salary is roughly $36K/year with full benefits that I contribute very little towards. I have been there since August 2010, but have been on an unpaid medical leave since October 2011 (the leave is scheduled to end in January 2013). I do not feel challenged by the work nor feel there are any opportunities to advance or really glean new skills in this position, but it is a comfortable, secure, and low-stress work environment and position. I hold a BA in English with a 4.0 GPA from a state university in PA.
Since graduating college in 2008, I feel I have been undecided and "floundering" career-wise and am deeply anxious and unhappy about this, so I have been considering graduate school (or a post-bacc program) for some time now. However, I am a very risk-averse and debt-averse person, which I think is what has kept me from pursuing further education, even though I am confident I would do well. I am also a perfectionist and have heard things such as degrees like MBAs, JDs, etc are not very good investments unless they are from a top school. I am not a very good standardized test taker, so I doubt I would score high enough on the requisite test (GMAT, LSAT, etc) to gain admission to a top-tier school. However, I feel very trapped and stuck in terms of my current situation, and the only real way out I see (other than trying to make a career change using the English background, for which there do not seem to be many opportunities) is by continuing on for more education.
In terms of my finances, I have always lived below my means and currently have only about $6K in debt ($3K car loan and $3K student loans). I have 3 retirement accounts totaling about $24K, a good-sized rainy due money market fund, and no credit card debt. I am happy with my modest and frugal lifestyle and do not aspire to earn a higher income in order to boost my lifestyle/spending. I would simply feel more comfortable earning a higher income in order to be able to save and invest more. This past tax year (2011), I would guess that I managed to save at least 20% of my income, which I consider low to begin with.
My question is essentially as follows: Is it worth it to continue in my low-paying and "just a job" position and remain essentially debt-free, or is it time to just take the plunge and start a graduate school program and accept the reality of the debt that will come along with it?
Thanks!