Changing a qualification and starting over can be a daunting task, but it can also be a rewarding experience that leads to a more fulfilling and successful career. So, it’s important to carefully consider the financial implications of changing your studies before making a decision. 

Take the time to research your options and plan your next phase carefully. Here are some important financial factors to consider ensure a smoother transition to your new programme:

1. Increased tuition fees

If you switch your studies, you may end up spending more money on tuition       fees. For example, some courses have higher fees than others, and you may have to take additional courses to fulfill the requirements of your new programme.

2. Delayed entry into the workforce

Changing your studies may delay your entry into the workforce. This can result in lost income opportunities, and it may take longer for you to start earning a salary.

3. Additional living expenses 

You may have to relocate to a new city and this can result in additional living expenses such as rent, food, transportation and other costs.

4. Decreased financial aid

If you have been receiving financial aid, changing your course may result in a decrease or loss of financial aid. This can increase the financial burden on you and your family.

5. Reduced earning potential

Delaying your graduation can reduce your earning potential in the long run, and this will also impact your ability to pay off student loans and other debts.

It’s important to carefully consider the financial implications of changing your programme before making a decision. It may be helpful to speak with an academic advisor and a financial aid counsellor to understand the potential costs and benefits.