Tuesday evenings are a rush for Cheryl Kennedy. She begins her day as a Chicago police officer and ends her evening as a night student at Roosevelt University.

“It’s hard to find time to keep up with work and go to class because you’re so tired at times,” she says.

But if she keeps taking six hours a semester, Kennedy can be finished with her bachelor’s degree in administrative studies in four more semesters.

Earning her bachelor’s degree won’t mean a career change, but it will accomplish one of her life’s goals.

“I feel it’s worth the expense for the example I’m trying to set for my children,” says Kennedy. “The best way to show them is to lead by example. If I return to school and acquire an advanced degree, I expect them to do what I did or better. It’s a lot easier to show them than tell them.”

Getting a degree, whether for professional or personal reasons, can have a huge financial payoff. Workers with a bachelor’s degree earn almost $1 million more in a lifetime than someone with just a high school diploma. Each year, a person with a bachelor’s degree can expect to earn an average of $24,000 more than a worker without a degree, according to the U.S. Census.

The rewards of a diploma can be lucrative, but paying for the degree can be a financial strain. The U.S. Census reports that public universities cost an average of $10,000 each year while private university tuition averages $30,000 a year.

Tuition isn’t the only cost setting adult students back. Many adult students work during the day and take classes at night. Their cramped schedules can mean higher spending, says James M. Kramon, attorney and author of Starting Out or Starting Over (Sphinx Publishing, $14.95).

“Students I know who go to night school don’t have time to go grocery shopping or do the laundry,” he says. “Usually, you make up for time by spending more money.”

Paying extra for packaged food or grabbing sandwiches from pricy delis can add up fast. And too many students turn to credit cards to buy now and pay later. Kramon says credit card use should only be used for situations like hotel reservations where plastic is the only payment allowed. For all other expenses, he says, pay in cash or go without. “To be paying off monthly something you didn’t need in the first place is just insanity,” he says.

To cut costs, Kramon recommends that single students try renting a room in someone’s house as opposed to leasing an apartment. But don’t let your urge to cut costs cost you. Enrolling in school, signing a lease without looking or skimping on insurance can cost a student. “You want a method that lets you do it quickly and efficiently as possible,” says Kramon. “But to do it wrong could cost you a lot of money.”

Money mistakes can last longer than a student might expect. Kramon recommends using checklists to make sure all elements are covered. Buying a new car for transportation to and from campus, for example, might have hidden expenses. In his book, Kramon offers a checklist that goes beyond purchase prices to consider. Monthly expenses like insurance, gas and oil, repairs, parking costs, car washes and tolls are also listed. He also identifies a few items most people might not consider: registration fees and state inspections.

Not knowing can cost you. But not going back to school can also cost a worker greatly. Shannon Thrasher is a university recruiter for IBM in Florida. She conducts on-campus interviews and says an applicant without a degree isn’t getting an interview. “Considering we’re going to campuses, that degree is a requirement,” she says. “We’re not interviewing those without a degree.”

The importance of a degree in the corporate world is increasing. “A lot of employers are looking at a minimum of an associates and in many cases a bachelor’s degree,” says Thrasher. “Even the advanced degrees are becoming increasingly important.”

A student who returns to school as an adult is seeking out education even if it means a greater challenge. Thrasher says being a nontraditional student shows a recruiter many positive attributes.

“I think it shows a lot of initiative on their part and a strong commitment to learning and doing what they want in their career,” she says. “We look for that motivation and commitment.”

And while nontraditional students might be decades older than their classmates, Thrasher says many recruiters value those years. “I think a nontraditional student can add a lot more maturity and life experience,” she says.

But before a student signs up to go back to school, Kennedy says they have to be very committed to the goal. Tuition isn’t cheap, and class time can take away from your kid time. “Be absolutely sure that you are fully committed and you allot whatever time is necessary to those classes,” she says.