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When Should You Consider Making a Lateral Move?

Moving up the corporate ladder, go, go and away we go! While it’s great to be ambitious and set goals, sometimes those goals can and should include pivoting sideways rather than upward. Instead of thinking of a lateral move as a step back or a stagnant move, in many ways it can position you for a better trajectory in the long run. Let’s take a look at several scenarios when it makes complete sense to do so.

Getting out of a toxic situation. Raise your hand if you’ve worked (or are currently working) for a toxic boss! The best way to regain your focus on work instead of constantly deflecting the negative environment involves getting a new job. As you look for a job externally, it’s not necessarily considered a step back to move to a new organization in a very similar role. In fact, it’s quite liberating.

And considering you can hit the ground running with your specific skill set, especially if you work for a competitor, you’re very appealing to prospective employers as a potential new hire. Yes, typically when seeking a new job you should stretch outside your comfort zone and look for opportunities that don’t leave you saying, “Yup, been there, done that.” But when you need to get out of a bad employer situation — and get out fast — lateral moves are certainly one way to go.

[See: Tips for Surviving a Career Transition.]

Reposition yourself for greater success. Let’s say you work in one role and you can’t see yourself in it for the long run. Maybe the next two years tops, but certainly not the next five or more. That’s when it makes sense to pivot — if you are leaping into a completely new industry, a new field with transferable skills (this is when it makes sense to use a functional resume rather than chronological). During this transition it may even feel like you’re starting from scratch, but that’s because in many ways you are — in that new field. Try to look at that new role as an opportunity to stay grounded, learn and roll up those sleeves and get to work.

Your hard work, dedication, enthusiasm and passion should shine through, and down the road you’ll look back realizing this is one of the best moves you ever made.

[See: 25 Best Business Jobs for 2017.]

You don’t want any additional responsibilities (and that’s OK). We’re immersed in a culture where more is better, but when you ask yourself what will make you happiest in your career, that doesn’t necessarily mean more. Some managers prefer to manage tasks and projects over people — they’re simply not looking to move up the ladder. They’re happy where they are.

They don’t want additional responsibilities (perceived to them as potential headaches and more stress they’d rather not take on), they like their work-life balance and want to keep it that way.

Your career is your own — no one is judging (and if they are, start re-evaluating those relationships), but you may have many more reasons why lateral moves make sense and in this case, definitely don’t be judgmental toward yourself.

You want to avoid getting laid off. If you’ve heard grumblings about your department being downsized or offshored, your goal is to get out and get out fast. If there’s an internal opening in another department at the same level, title, paygrade and is essentially a mirror image to what you’re doing now — even if you’re bored, even if you’re over it — you may have solace in knowing at least you will still have a paycheck and benefits while you continue to conduct an external search.

[See: Famous CEOs and Executives Share Their Best Career Advice.]

Another employer has better benefits. Yes, it’s important that your role keeps you satisfied and engaged, after all we spend a significant portion of our lives working — so, the work, the environment and people with whom we work are all important. We should be happy — we deserve it.

But, when you’re bored in your current role and interviewing elsewhere, even when it’s a similar role, a new employer may have significantly better benefits, perks and even tuition reimbursement! The key is figuring out what you need from an employer in terms of their value and culture. When everything is in alignment, even though the job itself may feel the same, in a new environment with shiny new bells and whistles, it can certainly put a spring back into your step.

Plus, at a new employer that advocates to empower employees, you may be able to get involved in other departments, projects and initiatives above and beyond your role, which may expand your skill set, boost your interest and your morale and eventually position you for a promotion — that is, if you want to pursue it.

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When Should You Consider Making a Lateral Move? originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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