Q: You’ve just been laid off and are having trouble finding a new job. Should you consider applying to college, either undergraduate or graduate school?

A: “It depends” may not be what you were expecting, or wanting to hear, but it’s the truth. You have to take a bunch of different factors into account, including your industry, your long-term career goals, and your financial situation.

This period of unemployment could be seen as a window of opportunity to expand your knowledge base, and get a degree to boot! If you’ve spent the past 10 years in the field of finance and you want to stay in that field, you could take a break and get your master’s degree. In a couple of years, the market will be healthier and you will have your master’s degree.

Being unemployed can take a psychological toll on you, and enrolling in college, for whatever degree, will help your mental state. This way, knowing that you are working towards something will make you feel much better. In any new field, you will need contacts, and graduate schools can provide an extensive database of alumni working in your intended profession.

Regardless of your motivation, make sure that you carefully consider your personal financial situation and determine whether or not returning to school is actually feasible. College, whether undergraduate or graduate, is not cheap. If cash reserves are short at the Bank of You, then perhaps this is not the most ideal time. However, you can always apply for loans and scholarships, neither of which is hard to obtain.

If you think that you can’t manage 2 years or more without a paycheck, look into online education. These online education programs allow you to look for a new job and take classes when you can fit it into your busy schedule. Prestigious schools, such as New York University and Cornell are now offering the same classes online as on campus. This may be a great option for those looking into obtaining a graduate degree of high achievement that carries a certain pedigree.

If you are feeling like you want to head in a new direction with your career, graduate (or undergraduate) school can be a good way to reinvent yourself. If you have previously thought of taking your life on a new route, now may be just the time to do it!