For the 56% of Americans Who’ve Considered Additional Education, Remote Capabilities Open the Door

Thinking of going back to school? You’re not alone. According to the latest LendingTree survey of nearly 2,100 U.S. consumers, 56% of Americans have considered furthering their education.

Keep reading to learn more about what concerns have prevented some from going back. Then, stick around for expert tips on what factors you should consider — including which student loans may be right for you.

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Key findings

• Most respondents (85%) aren’t currently students, but furthering their education is a consideration for 56% of them. Of the 15% in school, most (51%) are pursuing a bachelor’s degree or higher.
• Juggling work, life and school is the top concern (34%) for those considering breaking out their notebooks and backpacks again. Not surprisingly, parents with children younger than 18 are among the most worried of this at 39%. Finances are also a significant factor, as 24% of those considering continuing education cite figuring out how to pay for more school as their biggest stressor.
• Doors were opened when schools were forced to close during the pandemic, as highlighted by the 73% considering furthering their education who say their ability to work and/or learn remotely could boost their odds of an educational return. Specifically, an increase in online class offerings was cited by 40% within this group.
• Schedule flexibility may play a role in how older consumers would prefer to continue their studies. 46% of Gen Xers considering furthering their education are looking to do so fully online, while 31% of contemplative millennials seek a hybrid model. The youngest generation — Gen Z — mostly seeks in-person instruction (29%), a stark difference from the 9% of Gen Xers who want to sit at a desk.
• A big reason people choose not to go back to school is they’re not convinced it’s worth it. More than half (58%) of Americans say their education hasn’t impacted their ability to progress in their career.

56% have considered furthering their education

The majority of respondents (85%) have outgrown their student days, but more than half (56%) say they’ve thought about it. Of this group, 12% say they’ve considered pursuing a bachelor’s degree — tying with professional certifications or job-specific training as the top response.

Broken down by age group, the youngest generation is the most enthusiastic about returning to school. Among Gen Zers ages 18 to 26, 81% say they’ve considered going back to school — with pursuing a bachelor’s degree (22%) the most common response for this group.

Comparatively:

• 70% of millennials ages 27 to 42 have considered going back to school, with pursuing a master’s degree (16%) the most common response.
• 49% of Gen Xers ages 43 to 58 have considered going back to school, with pursuing a professional certification or job-specific training (13%) the most common response.
• 30% of baby boomers ages 59 to 77 have considered going back to school, with pursuing a professional certification or job specific training (7%) the most common response.

Almost a quarter (24%) of respondents who say they’ve considered continuing their education would do so between one and two years from now, while 23% report plans to return in less than a year. Gen Zers, in particular, plan to pick up the pen again soon, as 45% say they’re thinking less than a year. Those with some college education (34%) are similarly planning to go back to school in less than a year.

Is pursuing additional education worth it? According to chief credit analyst Matt Schulz, that’s a tough question to answer.

While everyone’s answers will be different, Schulz says what’s important is taking the time to think through the ramifications of going back to school. He cautions that it’s not something to enter into lightly.

Not everyone is interested in taking on that responsibility. Overall, 44% of respondents express no interest in returning to the classroom. By age group, the well-seasoned baby boomers (70%) are the most likely to say they wouldn’t consider going back, while fresher Gen Zers (19%) are the least likely.

By education level, those who didn’t graduate high school (46%) and those with some college (44%) are also among the most likely to say they wouldn’t consider it. That compares with:

• Those whose highest education is a bachelor’s degree (39%)
• Those whose highest education is an associate degree or other two-year degree (37%)
• Those whose highest education is a master’s degree (35%)

Meanwhile, of the 15% in school, most (51%) are pursuing a bachelor’s degree or higher.

Work-life balance top concern for those considering going back to school

For most people, going back to school comes with several concerns. And for those considering it, juggling work, life and school is the most common concern (34%). Following that, finances are another major worry: Nearly a quarter (24%) of those considering continuing education say figuring out how to pay for more school is their biggest stressor.

Unsurprisingly, those with children younger than 18 are particularly concerned about balancing their priorities. Of this group, 39% say it’s their top concern. That compares with 30% of those with adult children and 29% of those with no children. When it comes to those who’re worried about finding funding, divorced Americans (31%) are the most likely group to be concerned.

Given the percentage concerned about paying for more school, how do most people plan to pay? Of those who’ve considered going back, 35% say they’d use their personal savings to fund their education — the most common response. Following that, the top payment choices are:

• Financial aid (29%)
• Federal student loans (27%)
• Scholarships/grants (23%)
• Private student loans (15%)

Could these concerns play a role in why some consumers haven’t considered it? Of the 44% who say they haven’t considered more schooling, most (40%) say they simply don’t need to go back. Still, 15% say they haven’t considered it because their financial resources are limited.

73% say remote learning or working would help them go back to school

Despite the hardships of the COVID-19 pandemic, there’s at least one positive note: remote capabilities. In fact, 73% of those considering furthering their education say their ability to work and/or learn remotely could boost their odds of going back to school.

By age group, millennials benefit from remote capabilities the most, as 79% report school and/or work flexibility would increase their likelihood of furthering their education.

Overall, 40% say the possibility of remote classes has increased their likelihood of going back — and 39% of those considering further schooling say that they’d likely attend fully online. Despite being known as the most tech-savvy group, Gen Zers may be feeling some online burnout: Just 27% of this age group say they’d go fully online, making them the least likely group to consider it. That compares with 46% of Gen Xers — the most likely group.

Hybrid is another attractive option for potential schoolgoers. In total, 26% say they’d likely attend school using a hybrid model. Millennials (31%) are the most likely group to pursue a hybrid model, while baby boomers (14%) are the least likely.

Meanwhile, only 15% of those potentially seeking more education would likely go back for full in-person instruction. The youngest generation — Gen Z — is the most likely to seek in-person instruction (29%), a stark difference from the 9% of Gen Xers who want to sit at a desk.

Americans aren’t sure if going back to school is worth it

Another big reason consumers may choose not to go back to school is they’re not convinced it’s worth it. More than half (58%) of Americans say their education hasn’t impacted their ability to progress in their career.

That’s particularly true among baby boomers (74%) and Gen Xers (64%). Meanwhile, millennials (45%) are the least likely to say school hasn’t impacted their ability to advance their career.

Schulz says that’s understandable. “There are so many jobs that you can do without a college degree,” he says. “I also think the skyrocketing costs of a college education has made people and businesses alike rethink whether a college degree is absolutely necessary. Is it still a must in some fields? Absolutely. Can a college degree help your career? No question. Will not having one do insurmountable damage to your career prospects? No.”

Thinking of picking up the pen again? Here’s what experts recommend

Pulling the plug on higher education is understandably tough. If you’re considering going back to school but can’t decide if it’s worth your time and money, Schulz says thinking through the following may help you make your decision:

• Run the numbers. “Returning to school is a big decision, and it requires some serious thought and consideration before jumping in,” he says. “Make sure you understand all the costs involved in taking the classes. Think about whether you may have to step back a bit in your day job and potentially reduce your income. Look into whether you’ll need to supplement help around the house or even additional child care because of the extra demand on your time. Then, look into your career field and see what the potential boost is in terms of career earnings. Once you’ve done all of this, it can help you make an informed decision about the financial impact of going back to school.”
• Understand the difference between federal and private student loans, and determine the ones for which you qualify. Federal student loans carry wide-ranging repayment flexibility, so you should generally try to max out your federal loan allotment before taking out a private student loan. However, private student loans may provide greater flexibility, such as variable rates or different repayment plans.
• Lean on your support system. “If you go back to school, your life’s going to get a whole lot busier,” Schulz says. “Having family, friends and coworkers supporting you along the way can make all the difference in the world. It can make a difference financially, but it can have a huge mental and emotional benefit, too. If you have a partner who’s willing to help shoulder your everyday costs, a parent who can help watch the kids or a boss who can be flexible with your deadlines, your life may be much, much easier.”

Methodology

LendingTree commissioned Qualtrics to conduct an online survey of 2,071 U.S. consumers ages 18 to 77 from Jan. 6 to 12, 2023. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

We defined generations as the following ages in 2023:

• Generation Z: 18 to 26
• Millennial: 27 to 42
• Generation X: 43 to 58
• Baby boomer: 59 to 77