With tuition costs on the rise, it’s only natural to question whether the time, money and effort of graduate school will pay off. So, how do you determine if it’s worth the investment?
There is no one answer to that question. Your path to grad school — and the value you gain from it — can vary greatly. You may be set on going to a prestigious or renowned school that may come with a high price tag, or you may choose a more economical option. You may be eligible for a scholarship, or maybe your employer will sponsor part of your schooling.
Before you make the big decision, ask yourself the following big questions to determine if your desired grad school program is worth the investment for you.
Questions to Ask Yourself Before Going to Grad School
Why do I want to go to grad school?
Start by clarifying your motivation and prioritizing your reasons for attending grad school. After all, it’s hard to assess the value of a degree if you don’t first determine what you want to get out of that degree. Are you hoping to boost your earnings, pivot careers, deepen expertise, or gain more personal fulfillment? Your “why” will help you evaluate whether the investment makes sense.
Grad school may also be a requirement for the career you’ve chosen — such as becoming a doctor, a dentist, or a lawyer. Chances are if you aim to have one of these careers, you will need to attend a graduate program to become certified or credentialed to pursue that career path.
What will I do with my degree?
It’s one thing to earn an advanced degree — it’s another to have it align with a career path that pays off. Research your field’s demand, salary potential and required credentials. Some master’s degrees raise earning potential substantially, while others may not. According to the U.S. Social Security Administration, men with graduate degrees earn $1.5 million more in median lifetime earnings than those with a high school diploma, and $620,000 more than those with a bachelor’s degree. Women with graduate degrees earn $1.1 million more in median lifetime earnings than their peers with a high school diploma, and $430,000 more than other women with just a bachelor’s degree.
What will grad school cost?
It’s easy to get sticker shock when looking at tuition costs for grad school, but before you panic, remember that you aren’t likely to have to pay full price for many schools. According to the National Center for Education Statistics (NCES), the average total cost of graduate school is roughly $43,620 per year. However, different programs could cost less or more depending on their specific requirements. Generally, dentistry programs will be more expensive than veterinary programs, for example.
Talk with the financial aid office at the university to see what they offer for scholarships, grants, and other “free” aid. Be sure to find out the criteria for maintaining that aid and whether that aid is renewable each year that you’re enrolled. Employer support may also be a viable option for paying for graduate school. Consider how long it takes to graduate, cost of living, and additional expenses you could incur during your time in grad school.
How soon do students graduate from my top school?
This will depend on what you’re attending grad school for. Medical school is typically four years, but you could be in a learning environment for longer if you pursue a specialization like surgery. On the other hand, an MBA program can typically be completed in two years. The time to graduation is determined by your program or field of study and your specific school. Check with specific grad schools you’re applying to about their program durations.
Is “prestige and fame” more important to me than a “good deal” when it comes to my grad school?
High price doesn’t always guarantee higher quality. Value can be found at less expensive schools, especially if they offer strong support, outcomes and networking. On the other hand, the reputation of the school may be more important to you. If you know what matters most to you personally, you can make the best decision for yourself.
What percentage of students are gainfully employed in their chosen field the year they graduate?
If you have student loans entering repayment, you may be especially interested in the job outcome rate of attending grad school. Each grad school should be able to provide some data on employment status and salaries for their graduates. These outcomes can help you evaluate return on investment.
What networks & connections will I gain through my time at the university?
Beyond coursework, your university’s reputation, alumni network, industry connections and experiential opportunities can make a big difference in how valuable your graduate degree and school of choice becomes.
When should I go to grad school?
Some choose to head straight into grad school after undergrad, while others recommend gaining a few years of professional experience first. Real-world work can make you a stronger applicant, help clarify your goals, and often enrich the value you’ll get from a program.
If you’re considering delaying graduate school, you might want to talk with the admissions counselor at the school you’re considering to discuss the pros and cons and think about when to apply. For example, there are some universities that will allow you to apply now and defer admission for one to two years.
The Value of Grad School Isn’t Just Financial
Getting a degree isn’t just about earning potential. Graduate school can deepen your intellectual curiosity, enhance personal growth, broaden your professional skills, and lead to greater satisfaction in your work and life.
In short: Make sure you’re clear on your goals, realistic about costs and outcomes, and attentive to both tangible and intangible benefits. If done thoughtfully, a graduate degree can absolutely be worth the investment — but it’s not guaranteed.
Ready to take the next step investing in grad school? If grad school feels like the right move, we can help you make it happen. Explore College Ave’s graduate student loans designed to fit your goals and budget — so you can focus on your future, not just the finances.