As this website has discussed in prior articles, COVID-19 has impacted many student debt borrowers and the population as a whole. Indeed, numerous people have been laid off because of the ongoing pandemic, and job prospects are poor for many graduating students and individuals at the beginning of their careers. Some folks may wish to ride out the economic uncertainty by enrolling in graduate school, but going to graduate school because of COVID-19 is not advisable in many circumstances.
I have some experience with attending graduate school during a difficult economic period. As previously mentioned on this website, I enrolled in law school in 2009, which was at the height of the Great Recession. At this time, job prospects were slim, and it was likely that if I entered the workforce, I would encounter a number of problems.
Going to graduate school because of COVID-19 may be different from my situation, since I began studying for the LSAT shortly before the Great Recession, and I had considered law school for a long time. However, the recession was a substantial factor in my decision to apply for law school. At that time, I didn’t worry about the debt I may incur in law school, I just wanted to continue my life with as few interruptions from economic issues as possible.
The first issue with going to graduate school because of COVID-19 is that a lot of people will also be applying to programs because of the pandemic. This may not only make it more difficult to get into programs, but might affect scholarship determinations. In fact, some of the most difficult years for admission to many law schools was during the Great Recession, and where you attend graduate school is important to future career prospects.
As a result, even if you wanted to attend a graduate program for a long time, going to graduate school because of COVID-19 may not be a smart move. Economic issues may make it more difficult than usual to be admitted to your top-choice program. In addition, the demand for graduate admission may decrease scholarship offers and force you to borrow more student loans than usual to attend graduate school.
Furthermore, going to graduate school because of COVID-19 is even more inadvisable if you don’t really have an interest in the career for which you are attending graduate school. For instance, during the Great Recession, many people entered law schools, even though they had little interest in practicing law. These individuals borrowed massive amounts of money because they were told that a law degree was a good credential to have and the job market would be better when they graduated from law school.
Nevertheless, many people who entered law school for this reason ended up in careers that do not require law degrees. However, these individuals still have massive amounts of student debt that they need to pay back. I personally know people who were motivated to attend law school for this reason, and they regret their decisions. Even though it may sound appealing to ride out the economic uncertainty in academia, going to graduate school because of COVID-19 should not be pursued simply to kill time until the economy recovers.
Going to graduate school because of COVID-19 can also be difficult because of practical concerns. As many people are aware, schools have adapted significantly because of COVID-19. Indeed, most campuses are currently closed, and classes are being conducted virtually in a variety of instances.
If you wish to pursue a degree over the internet, this should not affect your aspirations. However, the on-campus experience cannot be overstated when pursuing a graduate degree. Building relationships and forging a connection with the university you attend is a huge part of being a student. It is unclear if campuses will be open in the fall, but practical concerns surrounding COVID-19 should give prospective graduate students pause about pursuing a graduate degree.
Another reason why going to graduate school because of COVID-19 might be inadvisable is because policy changes about student loans may be on the horizon. We are currently in a very volatile economic and political environment. The current situation has impacted student loans, and as mentioned in a prior article, student debt payments and interest on government loans are suspended currently until September. Furthermore, this is an election year, and it is possible that there will be different policy approaches with respect to student loans depending on who is in the White House next year.
As a result, it might be wise to hold off on applying to graduate school until there is some clarity as to what the student debt situation will look like in the future. Depending on policy initiatives, it may be more advisable to enter certain fields over others depending on the types of student debt relief that may be available in the coming years. Of course, people should not base their decision to attend graduate school solely on the political environment, but this might come into play when holding off on applying to graduate school.
In the end, applicants need to carefully consider whether applying to graduate school is a wise move in a period of economic and political uncertainty. As a result, if you are not absolutely sure you want to earn a graduate degree, and are unwilling to face the uncertainties, going to graduate school because of COVID-19 may not be the appropriate decision in the current environment.