[Kellie]

Can’t decide if I should get my Ed. D degree at the cost of $30k and 2-3 years to make $10k more a year.

I’m 57 years old and considering pursuing a Doctor of Education (Ed.D.) degree, which would cost approximately $30,000.

The degree would likely lead to a $10,000 increase in my annual income.

However, I’m uncertain if this investment is worth it, given my age and the costs involved.

I’m weighing factors such as the time it will take to complete the program, the potential return on investment over the years I plan to remain in the workforce, and any non-monetary benefits (such as personal growth or career satisfaction) that might come from earning this degree.

I’m looking for advice or opinions from people who might have been in a similar situation or who have insights into the value of pursuing advanced education later in life.

Would you recommend going for it, or are there other factors I should consider before making a decision?

Thoughts appreciated!!!

[Ellen]

I am a former teacher, 23 years. I would say it’s not worth it.

[Christina]

How many more years do you plan to keep working? How close are you to FIRE?

[Stephanie]

What state are you? I got a grant and if I work in the state for two years I don’t have to pay it back

[Rick]

Will you qualify for pension and is it “highest x years”. Here it takes only 10 years teaching to qualify and it is highest 2 years.

So not only would you make back the cost and make some money, your pension would be increased. If this….hell yes.

Outside of that….ehhh it’s a personal achievement checkbox more than anything else.

[Agnes]

Not to diminish your capabilities but best laid plans… I have just finished my PhD and do not know a single soul who finished within 3, let alone 2.

Make sure your plan is realistic so you can truly compare options.

[Rob]

Are there other paths to earring that much? For example, in Maryland, getting your national bird certification is an extra $10k per year and it’s done whilst teaching and can be completed in a year.

In my case it was paid for by my school district too!

[Kristin]

I would start by checking your school’s policy for pay raises based on education.

Some will only allow you to claim a certain number of credit hours per year, which would make moving up a several year process.

This might not be worthwhile if you weren’t planning to work that long.

I would also check out how your pension works to determine how helpful a $10k pay raise, plus subsequent pay raises based on a percentage of your pay might impact your potential pension payout.

Weigh this against other options such as using that money to “buy back” some years in your pension system, investing the $30k elsewhere, or even just taking on extra paid duties within the district during the hours you would have spent taking classes, to increase your eventual pension.

[Maria]

No. But you can do the math. Sum the future years discounted at 5% per year. Plus your time….

[Tony]

From a time commitment I wouldn’t do it, especially as time becomes your most precious commodity as you get older.

From a financial perspective I wouldn’t do it; there are better options out there that *make* you money without a significant up front financial commitment.

The only real reason to spend on a PhD later on in life is for personal satisfaction and a love of academic research/learning, and personally that well dried up for me long ago when I completed my MA.

[Jodi]

Is time away from family an expense in your equation? It’s hard to put a value on having time to spend with them if it applies in your situation…

[Esther]

I think it’s worth it if you plan to teach part-time in University setting after retiring from current teaching position.

Some people get bored in their retirement and still look to work part-time.

There’s also a possibility that you will be asked to take an admin or district position. I thinm it’ll open up more opportunities.

[JR]

You’ll eventually get your money back but how long do you plan on teaching? If you were going to collect a teacher pension it may be worth it.

2-3yrs outside of a full time job and teacher duties that also extend outside of a regular work day?

As I type this my educator wife is doing homework to get her second masters with only 6 years until she collects her pension and will receive NO extra money.

She’s doing it to better herself. If money isn’t the driving factor then go for it.

[Rosemarie]

Yes if you intend to teach another 5-10 years.
Its not just the stipend if you are on steps and columns.

You will also move over columns – and that amount will also increase every year with whatever raise your negotiation team gets on salary schedule.

It should also increase your pension, have you used a pension calculator in your state to see how much?

I would definitely try to find a cheaper option with all the online schools out there.

(I am ABD and did all the coursework while I was doing a few master degrees, so I paid nothing for the classes other than my time.

I checked into several universities and they all would take my coursework and just require a dissertation from me.

I should have done it and didn’t.

Make sure you check out all your options.)

[Sarah]

Sure. Why not? I plan to get my masters just for fun and to say I did. You can get a doctorate and earn some extra money? Cool.

[Lori]

You sound passionate about learning and teaching! Whatever you decide, I appreciate your dedication to your profession.

I wish teachers made more $$ in the US.All the best to you and your decision!

[Lee]

Your 57. 3 more years makes you 60. $10k year for how long? 5 more years of working? After taxes its break even.

I personally would not due to your age

[Sara]

Sometimes teachers get stuck on their step when the budget is frozen. Depending on the district, it is not a sure thing to move up a step each year for more pay.

Have you asked around in your district about this?

[Ann]

Would you want to teach college classes? I would think having your phd would open up that door. Maybe guest teaching at universities as you work your way into PT or retirement.

[Lesley]

No, if money is your love language. Yes, if life experience is.
Served in the Peace Corps. Then was a teacher for 16 years. Loved it.

Left and went back to school for something totally different, which I also loved and did for five years.

Pandemic hit. Decided to go to law school at 53. Finished in two years. Now 56 and working in a field I love.

Zero regrets for any of it because they were experiences that had great value to me, even if my bank account didn’t grow.

Point: The world loves to tell you to do X or not do X. I’ve heard it all my life.

If you know what YOU value when making such decisions—then you will lead a life that enriches you in the ways that matter to YOU.

You know what else I’ve heard all my life from people throughout my journeys? “Oh, I *wish* I had done [fill in dream/goal/desire].”

[Max]

In this situation, I would ask myself whether I was wanting to move into a new role. If yes, and the degree is the gatekeeper for the role, then maybe.

I would then think about how much longer I’d want to work.

[Lauren]

Not worth it to me unless the 30k is easy for you to cash flow. I’m a nurse who works in public education… I say just ride out til retirement if you’re in a state pension system

[Joan]

Doesn’t sound like a great idea. What will be used to pay for this? Student loan? Cash/savings?

If loans, what is the plan to pay it back and how much MORE will you pay in interest (grad plus loans have a high rate).

[Katrin]

How long are you planning on teaching?
If until 62 – May not be worth the time and stress (work life balance). If u til 67, it might be worth it.

[Author]

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