Bella72

Hi, looking for some perspective.... i currently work in a senior administrative role in higher education, following many years in the corporate world. I love working in higher education, butI have been told that under new policies I should enroll in a PhD if I want to continue in my current role. I’ve been looking into suitable part-time PhD programs, and it looks like it will cost me between $60k and $100k over 4 years. i am in my 40s with two young kids and a hefty mortgage (I live in nyc). We’ve also just come out of a period with unexpected financial costs, which burned through a large amount of our savings. I would need to take out loans to pay for a PhD (the university I work at doesn’t pay for doctoral degrees for employees). It’s not like I’m going to get a significant pay raise (if any) from earning the PhD. I just don’t know how I justify the cost of this, yet if I don’t, it means I’ll be demoted in terms of responsibilities and title (although my current salary will remain the same). It will also limit my opportunities going forward. Much as I want to follow this path, i don’t see how it can be a financially responsible decision for my family. Am I missing something?