The Gamble of Going Back to School

For some people, getting laid off is the kick in the pants they need to rethink their career and move in an entirely new direction. Some learn a new vocation by starting at the bottom rung and working their way up; others return to the classroom.

Those who choose to go back to school may find it a little more affordable these days. Federal programs that provide assistance, like the Workforce Reinvestment Act and Dislocated Worker Program, have been expanded as part of the economic stimulus act President Obama signed in February. And then there are the tax breaks, like the Lifetime Learning Credit, which is equal to 20% of qualified education expense up to $10,000, for a maximum credit of up to $2,000.

Despite efforts to make education more affordable, it's still a financial gamble. But for some, it's a toss of the die worth taking. Here are three people who decided that hitting the books was the best first step towards embarking on a new career.

After three years freelancing for publications like the New York Times and the New York Sun, Nathan Lee thought he had finally made it when he landed a full-time gig as the Village Voice’s junior film critic in the spring of 2007. For the first time, he had all the perks of being on staff -- an office, vacation days, health benefits -- but less than 18 months later, he (along with several of his colleagues) was handed a pink slip.

Lee, now 34, was able to rebuild his freelancing career, but it soon became clear that the journalism industry had been decimated. “When you’re in your 20s, you can do whatever you want. In your 30s, you do what you love, but the jobs with livable salaries with health care, you can count on one hand,” he says.

Lee decided to seek out a new passion. He enrolled in Bard College’s two-year master’s program in curatorial studies. “What drew me to the program was the idea of parlaying my strong critical resume and taking those skills and applying them in new areas,” he says.

Of course, the move was not without its sacrifices. In order to cut his living costs in half, Lee had to abandon his life in New York City and move to the suburbs of Kingston, N.Y.. Nevertheless, his school debts mounted and he increasingly found himself eating at home. Still, he wouldn’t have it any other way.

“If I had to live on someone’s couch, I would have done it,” he says. “We are in a economic moment of huge anxiety and it’s scary to risk more. But this is the time to do it.”

While Lee isn't sure what he'll do with his curatorial degree, he’s confident his experience at Bard will open several doors. “I am meeting groups of peers and professors, visiting artists and curators," he says. "And I can come out of this and say I know how to mount an exhibit from scratch, fundraise, do (public relations), write a catalogue, etc.”

Four years ago, Selena Wong had a cushy office, attended movie screenings and had access to a decent expense account as a marketing executive at a major cable network. But in 2005, when she was laid off, her life took a dramatic turn.

At the time she lost her job, Wong was enrolled in the National Association of Minorities in Communication’s executive program. While in a career coaching class, she realized that she wanted to use her fascination with human behavior to help people.

“I was also already in therapy and was thinking that this is interesting," recalls Wong. "From the career analysis, I learned that one of things I liked were stories. It was the reason why I was in TV. TV is always about stories. As a psychotherapist, I would be able to help people not only understand their stories but also to write them.”

Despite protests from her family, Wong, then 38, walked away from her marketing career and enrolled in Hunter College School of Social Work in Manhattan. Over the course of two years, she took out $40,000 in student loans. “It was hard, but definitely worth it,” says Wong, now 45. "Most people have a hard time breaking patterns because of comfort in the familiar, even if they want to. My worst-case scenario: I would maybe lose two years of my life and be $40,000 in debt. But it’s better to take a risk than stay unhappy and stuck.”

Now, Wong counsels patients at the Gay Men's Health Crisis organization and she's busier than ever. “During a recession, business has been good," she says. "People are very stressed.”

Ian McLelland appeared to be living the American Dream. Over the course of 12 years, the Brit rose through the investment banking ranks to become an executive director at one of Wall Street’s storied institutions. But in 2008, he found himself three years shy of 40 and dissatisfied with the direction of his life. Making matters worse, the financial industry had fallen into a tailspin.

McLelland did some soul searching and eventually discovered his true calling: opening a restaurant. “I have been cooking since an early age and constantly experimenting in the kitchen,” he says. “I didn’t want to completely discard the skills like managing projects and people that I had acquired.”

Six months later, McLelland signed up for the part-time program at the French Culinary Institute. Not only did the nine-month-long Classic Culinary Arts program offer him first-hand kitchen experience, it would also provide him with a solid foundation on how to run a restaurant. The training would come at a steep cost, however: $30,0000.

“Walking away from a good job in a tough economic climate is a high risk move and certainly raised some eyebrows amongst my colleagues,” recalls McLelland. “On the other hand, one of my biggest fears is the thought of looking back in years to come and regretting not having the balls to change something I wasn’t happy with. Life is too short to allow yourself to get boxed into something you are not happy doing, and I firmly believe you make your own luck and need to take a few chances.”