Should I Go to Graduate School?
Maybe you’re getting close to finishing your bachelor's degree. Everyone keeps asking you what you’re going to do next. Some of your friends are applying to graduate school. Your professors might be encouraging you to continue your education. Your parents have opinions, which they share regularly and in not-so-subtle ways. But what should you actually do?
Graduate school can be a great choice for some people, but it is definitely not the right move for everyone. Before you start filling out applications, you need to think about your goals, your personality, your money situation, and whether more education will actually help your career.
My College Companion is a resource for students in high school and college. We’re focused on helping you make smart decisions now so you can have the bright future you’ve always dreamed of. Here, we break down the pros and cons of graduate school.
What Is Graduate School?
Graduate school is very different from your undergraduate years. Classes are smaller and more focused. You might do research or write a thesis. The work is harder, and professors expect more from you. There are several different types of graduate programs.
Master’s Degree
A master's degree usually takes one to two years. Common master's programs include MBA for business, MSW for social work, and MA or MS in subjects like English, biology, or psychology.
Doctoral Programs
Doctoral programs, also called PhD programs, take much longer. Most PhD students spend five to seven years in school. You can study virtually anything in a PhD program as long as you have the money, the right university, and the faculty support you need.
Professional Degrees
Law school and medical school are graduate programs that funnel their students directly into certain lines of work.
When Is Graduate School Worth It?
Your Career Requires It
Graduate school makes sense in certain situations. If your dream career absolutely requires an advanced degree, then you need to go. Doctors need medical school. Lawyers need law school. Therapists need at least a master's degree. College professors need PhDs. If the job you want has these requirements, graduate school is not optional.
You’ll Make More Money
Graduate school also pays off when it leads to significantly higher salaries. For example, nurse practitioners earn much more than registered nurses, but you need a master's degree to become a nurse practitioner. Pharmacists need a doctoral degree, but they also earn six-figure salaries. When the degree leads directly to better pay, the investment can be worth it.
You Already Work in the Right Field
Some fields value graduate degrees for advancement. In business, social work, and education, having a master's degree can open doors to leadership positions and better opportunities. If you want to move up in these fields, graduate school might be a smart choice.
You Have Funding
Finally, graduate school works well when someone else is paying for it. Some PhD programs offer full funding, meaning they cover your tuition and pay you a small salary while you study. Some employers will pay for employees to get master's degrees part-time. If you can get your graduate degree without taking on debt, that changes the calculation completely.
When Is Graduate School Not Worth It?
You Don’t Know What You Want to Do
Graduate school is often not worth it if you are just going because you do not know what else to do. Spending two more years in school and taking on more debt will not magically give you career clarity that you don’t already have. If you feel lost, taking time to work, travel, or explore different fields will probably help you more than jumping straight into graduate school.
You Won’t Make More Money
Graduate school is also a bad idea when the degree will not actually improve your job prospects or salary. Some master's degrees do not lead to higher pay or better jobs. Before applying, research what people in your field actually earn with and without graduate degrees. Look at job postings to see if they require or prefer advanced degrees. If the answer is no, save your money.
You Need to Take On Debt
You should also avoid graduate school if you would need to take on huge amounts of student loan debt. Some graduate programs cost over $100,000. If you would need to borrow that much money for a degree that only increases your salary by $10,000 per year, the math does not work out. You will be paying off those loans for decades.
You’re Burned Out
Finally, if you are burned out from undergrad, graduate school right now might not be the best choice. Graduate programs are intense. If you are exhausted, stressed, or just tired of school, taking a break to work and recharge could be healthier. You can always apply to graduate school later.
What About Scholarships and Financial Aid for Graduate School?
Graduate school financial aid works differently than undergraduate aid. PhD programs in fields like science, engineering, and humanities often provide full funding packages. These packages cover tuition and include a stipend for living expenses.
Master's programs usually offer less financial aid, but some scholarships are available. Professional programs like MBA and law school sometimes give merit scholarships to top applicants. Federal student loans are available for graduate school, but the interest rates are higher than undergraduate loans.
Some employers offer tuition reimbursement programs. If you work full-time and attend graduate school part-time, your employer might pay for some or all of your tuition. This is common in fields like nursing, teaching, and business.
Before committing to any graduate program, understand exactly how much it will cost and how you will pay for it. Do not assume that financial aid will just work out.
Not Sure You Want to Go to Graduate School? My College Companion Can Help You Decide
Deciding whether to go to graduate school is a big choice, and you do not have to figure it out alone. My College Companion is here to help you research programs, understand your financial aid options, and make the best decision for your future.
Whether you need help finding scholarships, comparing programs, or just talking through your options, we have resources and guidance to support you. Contact My College Companion today to get personalized advice about your graduate school decision.
Frequently
Asked
Questions
How do I find scholarships that match my major and background?
There are many scholarships available for students from different backgrounds or who are pursuing specific degrees. By searching online, you can find scholarships for specific majors, as well as scholarships for specific types of students, such as single parents or members of the military. My College Companion can help you find a scholarship that will meet your needs.
Can I still apply for financial aid if I missed the FAFSA deadline?
You will typically want to fill out your Free Application for Federal Student Aid (FAFSA) while you are planning to attend college. Submitting this form before you enroll in college can help ensure that you have financial aid lined up. However, even if you have missed the FAFSA deadline, you may have other options, since states and colleges have their own timelines. You may also apply for private scholarships or find other options for financial aid.
How Can I Improve My Time Management Skills in College?
It can be easy to feel overwhelmed as you begin attending college. Attending classes and completing homework and projects may be your main focus, but you will probably also want to maintain a social life and participate in activities, and you may also need to work. Finding the right balance can be tricky, but with the proper preparation, you can set yourself up for success.
To make sure you are managing your time effectively, you may want to set up a calendar to help you keep track of when you need to attend classes or labs while also blocking out time for homework, meetings with professors or advisors, study groups, social events, activities at school, or other events. You can set reminders for yourself, making sure you will not miss any deadlines and will be prepared for exams. Finding ways to prioritize what is important while still making time for yourself when necessary can help you get the most out of your college experience.
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