Should Seniors Take Out Student Loans to Learn New Skills?

Is this loan necessary?

Before you consider what a loan costs, ask yourself: Do you need an additional degree — and the loan — in the first place? “Don't just get a degree because you think it will get you a better job,” Osvath advises. “Do the research and then see if you can find an employer that will help with the cost or reimburse you.

Before signing up for a slew of new courses, workplace expert Henna Inam urges caution, even if those courses are in sought-after technologies. “While additional degrees may be helpful for midcareer leaders, my advice is to be very clear whether a degree is actually needed or whether certain skills — acquired through certifications or upskilling and work experience — will be sufficient,” says Inam, author of the book Wired for Disruption.

As she interviewed experts for her book, Inam says it became very clear that while many jobs are being automated out of existence, many new ones are being created. “While technical skills will be important, they are also more likely to be disrupted and become obsolete, requiring ongoing learning,” she warns. “Soft skills such as emotional intelligence, communication, creativity and agility are more likely to have a longer half-life.”

Think of it. After many years on the job, it's likely that you've already acquired many of these skills. To make them obvious to recruiters, take a close look at your résumé and your LinkedIn profile and rewrite them, if needed, to highlight this experience. Or consider engaging the services of a professional resume writer to do the same. It will cost you little — some extra time, additional thought and perhaps a small fee.

Shop wisely

Don't be impulsive and rush to make a change, even if you're very unhappy in your career. Instead, consider how you might reposition and emphasize the skills you have or whether your employer can help you to update them. And by all means, do the math before signing on for a loan. “We recommend that any student — young or old — understand potential costs and financial aid before applying,” Young warns. “One helpful tool is a college's net price calculator. By entering some basic financial information, you can get a sense of the aid you may receive and how much your costs could be."