An advanced degree can help put mature professionals on the fast track to success in a new field. That said, the degree will not come cheap, so be sure to safeguard your finances.

In the December issue of Money Magazine, contributor Karen Cheney offers four tips for over-40s considering going to graduate school:

¢ Make sure your investment will pay off. If you think a master’s will net you more money in your new career, speak to people in the field and find out if that’s true. If you’re hoping an advanced degree will save you from having to work your way up from the very bottom, speak to a headhunter to see if a degree will help you climb the ladder faster.

¢ Consider going to school part time. Grad school is not cheap, but you can cut down the cost of earning your degree significantly by enrolling in a part-time program. If you can manage to keep your day job, your employer may even help subsidize your studies.

¢ Get government assistance. Qualified graduate students can borrow up to $20,500 dollars in federal Stafford loans. Visit www.fafsa.ed.gov to fill out a Federal Application for Federal Student Loan Aid.

¢ Take all available tax breaks. If you make less than $80,000 in 2007, you can deduct from your taxable income up to $4,000 in tuition and school expenses next year, Cheney advises. The deduction phases out for those earning more than $65,000 but less than $80,000.

Neither the credit nor the deduction are available to those whose use the married filing separately status.

And don’t forget: People of any age can use 529 plans to shield earnings dedicated to funding education.