Whether you are entering health care as your first career or transitioning into this recession proof field from another job or a recent layoff, you may be facing varying levels of financial challenges raising the money for your new education. This is partially dependent on the health care job and training you choose.

Training to earn a diploma in most areas of health care is in the $10,000-$15,000 range, with most associate’s degree programs starting at around $23,000 and going up from there (with physician assistant training at the higher end of the spectrum of jobs listed on this website). There are, however, smart strategies for managing the costs of returning to school.

• Save Your Pennies: This can be a tough pill to swallow these days, when many people are scrimping just to make ends meet and take care of their family. But going back to school is considered a “high dollar” investment similar to a new vehicle, with fewer leasing, loan and payment options. Reduce your spending including 401K and investment expenditures and concentrate on funneling whatever “leftover” money possible into your education fund. The only thing this does not apply to is paying off your debt and bills. This is something you should never put on hold because it may affect your ability to get accepted for school loans and, if left ignored, will only worsen over time.

• Think Local: Or even better, look for online training options. This is somewhat more affordable than conventional classroom training and much more convenient for you. Keep in mind that most health careers will still require a hands-on clinical as part of the course, once the book learning is done.

• Follow the Money Trail: Chase down aggressively every dollar of stimulus related funding, grant dollars, financial aid, work study, loans and every other bit of help that is out there for folks in your position. The health care industry is in desperate need of workers and the schools know it.

Overall, remember the basic “Money 101” principles like putting yourself on a budget, living as frugal of a lifestyle as possible, and analyzing your spending habits for any opportunities for improvement. And remember that of all the disciplines you can be going back to school for, health care is the soundest investment with the highest rate of future returns.

Source: CNN Money