The economy falters and suddenly everyone around you is going to graduate school.  Once you have put any amount of thought into it, you're wondering if the benefits of an advanced degree are worth the time, effort, and expense. While in the end, going into debt for grad school is a choice nobody else can decide for you, it helps to consider a number of factors, including the career you wish to pursue, your short- and long-term goals, the advanced degree's return on investment, and your current financial resources.
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The Career Factor
If you get specific career in mind such as law or medicine, an advanced degree is a must, and chances are good you've been planning on this since you decided to pursue that career. In careers such as these, you can really be pretty sure you'll earn enough money to be able to pay back your school loans with relatively little trouble. In other careers, an advanced degree isn't necessary, may actually hinder you from getting an entry-level position, and can put you in unnecessary debt up to your eyeballs. Browse your career field through and decide whether a graduate degree is truly necessary for success.
1. Careers that always require an advanced degree:
• Lawyer
• Doctor
• Architect
2. Careers that usually require an advanced degree:
• Engineer
• Counselor
• Museum Curator
3. Careers that often do not require an advanced degree:
• Teacher (especially in private or parochial schools)
• Certified Orthotist/Prosthetist
• News Reporter/Correspondent
• Editor
• Desktop Publisher
• Accountant/Auditor
Important and deciding upon your career destination is determining your short- and long-term career goals. Ensure your individual and career goals are your own - not your parents', friends', or partner's, and take stock of what it is you hope to achieve throughout your career. Therefore, if helping people is high on your list of goals, it may be worth it to go into debt for a career in social work. Conversely, making a lot of money is of great importance to you a degree in social work might not be the right investment. Consult with people who are doing what you want to; find out how they achieved their goals, with or without an advanced degree, afterward decide whether grad school is necessary.
Financial Considerations
While you are not extremely privileged, you will also need to think carefully about financing your degree. Besides grants and scholarships many schools offer tuition benefits to employees; consider working full time at the school you want to attend.
If you can handle the additional workload and don't want to leave your current position, check for tuition benefits through your employer. Many can offer remission or repayment of tuition costs. Fellowships as well as graduate assistantships are also available at many schools.
Can I Come Out Ahead?
If you haven't guessed already, grad school is tough, both academically and financially. However, when it comes to coming out ahead that depends a good deal on the career you've chosen.
It's up to you to weigh the cost of your degree at the school you have chosen and the benefits it may offer, both personal and professional. You may find that advanced degree is a definite plus: the degree makes you more attractive to current and potential employers.
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