Tuition at graduate schools has been skyrocketing—for professional programs, it has jumped 60% in the last decade. In 2009, a year of grad school was $21,900 at a public school and $34,100 at a private one. These are serious numbers, especially considering that you’ll also pay living expenses and most grad school programs are two years long.

At the same time, traditional grad school funding options are vanishing. Cash-strapped companies are dropping tuition reimbursement and universities are cutting graduate fellowships. To cap it all off, a job afterwards is not guaranteed in this economy, while grad school debt is very, very real.

Deciding whether to spend the cash (and time) on a degree depends on the return on your investment. No single equation will determine this, but the following factors can help you make a smart decision.

Why Do You Want to Go?

Obviously, some career paths like psychology, medicine and law require an advanced degree to practice without getting arrested. And if you’re switching fields and don’t have relevant experience, then graduate school can make sense as well.

However, nowadays the more traditional appeal of graduate school—that it’s a safe bet to further your career and earning potential—should be questioned in light of rising costs. For instance, the University of California system will raise tuition 31% this year, and Stanford Law School’s planned tuition increase this fall—5.75%—is higher than inflation.

It’s true that on average, holders of postgraduate degrees earn 23% to 55% more than those with bachelor’s degrees. But when you drill down into individual professions and financial situations, it’s unclear whether that increased earning potential will outweigh the real costs.

How Will You Pay for It?

Determine the sticker price. It pays to comparison shop. The average public-private tuition difference is $12,000 a year, while, in most cases, private school graduates earn the same as those from similarly ranked public schools. Compare programs and costs at USNews.com and PrincetonReview.com. (Avoid for-profit schools, which are one giant hustle—many aren’t even accredited.)

Search for a free ride. Look into traditional grad school funding options: company reimbursement, university fellowships or teaching assistantships. (Search for opportunities on Fastweb.com and FinAid.org.) And since those offerings are starting to disappear, investigate other options, such as tuition discounts to alumni offered by your alma mater or degree programs that take one year instead of two. Many universities also offer tuition reimbursement for employees, so consider working for a school.

Count your cash. Can your savings cover tuition and living expenses? Even then, if you look into hidden costs, it may not be worth it. Also consider your college or credit card debt. If you’re $50,000 in the hole, don’t tack on another $50,000 unless your shiny new diploma will definitely earn big returns. Also check out LV’s checklist on paying for grad school.

What Are the Hidden Costs?

Interest. If you can’t pay for your degree up front, do the math. What will you shell out in principal and interest? A $50,000 loan at 5%, for example, requires monthly payments of $530 for ten years. Total amount paid? More than $63,000. Calculate your potential interest payments at FinAid.org.

Retirement savings. If you’re a full-time student, you won’t be contributing to retirement. Say you typically max out your Roth IRA. For every year of grad school you’ll miss out on the $5,000 contribution and all the interest it would earn. Throw in whatever you’ve been stashing in your 401(k)—up to $16,500—and you could be out hundreds of thousands of dollars by age 65.

(To figure out how much you need to retire, try this calculator.)

Opportunity cost. If you’re pursuing an advanced degree in a field that doesn’t require one, think about what your competition will be up to while you’re hunkered down in the library. Two things we can think of: gaining experience and building a salary history.

What’s Your Earning Potential?

Check job prospects. Choosing a profession without knowing whether there are jobs is a recipe for unemployment. This applies even for more traditional careers like law, where recent layoffs have left newly minted attorneys with hundreds of thousands in debt and no jobs in sight. Looking for a growing field? Try biomedical engineer, network systems and data communications analyst, or even home health aide, jobs which all topped the 2009 Bureau of Labor Statistics’ list of professions projected to grow the most until 2018.

(You also want to keep your eyes open for how companies treat women employees. Read this eye opening account of what it’s like for women on Wall Street.)

Investigate salaries. Do some sleuthing on Salary.com. If grad school will cost $80,000 and starting salaries are $40,000, you’ll be digging yourself out of that hole for a while.

Consider the intangibles. If networking is a crucial part of your field, then graduate school could connect you to future employers, business partners, colleagues or clients. However, if you work in a field where work history matters more, you may not need to pay for another degree to open doors.

Will You Get a Worthwhile Return on Your Investment?

Take all of these questions into account and tally up your answers. Even if your parents will pay your tuition and living expenses, your grad school ROI will still be negative if you’re in a field that pays master’s and bachelor’s holders the same. Conversely, if you’ve done the salary research and know that you’ll recoup your investment within five years even if you’re paying full tuition, grad school could upgrade your earnings and lifestyle in the long run.

Grad school can be the smartest investment you ever make or a pricey mistake – ultimately, you need to crunch the numbers to decide.

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Len
Very good advice! I wish I could have gone without my graduate degree. In most states, you are REQUIRED to get your master degree. When I couldn’t find a teaching job, I thought it was a good idea to get this out of the way…WRONG! Now I have a huge amount of debt and can’t find a teaching job.
While I made the best of it and started my own company, it is still something most of us should avoid in this economy. Don’t do it just to put off student loans like I did! It hurts later!
Len
Very good advice! I wish I could have gone without my graduate degree. In most states, you are REQUIRED to get your master degree. When I couldn’t find a teaching job, I thought it was a good idea to get this out of the way…WRONG! Now I have a huge amount of debt and can’t find a teaching job.
While I made the best of it and started my own company, it is still something most of us should avoid in this economy. Don’t do it just to put off student loans like I did! It hurts later!
Len
Very good advice! I wish I could have gone without my graduate degree. In most states, you are REQUIRED to get your master degree. When I couldn’t find a teaching job, I thought it was a good idea to get this out of the way…WRONG! Now I have a huge amount of debt and can’t find a teaching job.
While I made the best of it and started my own company, it is still something most of us should avoid in this economy. Don’t do it just to put off student loans like I did! It hurts later!
Len
Very good advice! I wish I could have gone without my graduate degree. In most states, you are REQUIRED to get your master degree. When I couldn’t find a teaching job, I thought it was a good idea to get this out of the way…WRONG! Now I have a huge amount of debt and can’t find a teaching job.
While I made the best of it and started my own company, it is still something most of us should avoid in this economy. Don’t do it just to put off student loans like I did! It hurts later!
Len
Very good advice! I wish I could have gone without my graduate degree. In most states, you are REQUIRED to get your master degree. When I couldn’t find a teaching job, I thought it was a good idea to get this out of the way…WRONG! Now I have a huge amount of debt and can’t find a teaching job.
While I made the best of it and started my own company, it is still something most of us should avoid in this economy. Don’t do it just to put off student loans like I did! It hurts later!
melikedcollege
Great article! Due to the concerns you’ve clearly outlined, I have no plans to attend graduate school any time soon. The only way I would attend is if I were wealthy and could stop work to attend grad school full-time for something I’m really passionate about. And that won’t happen any time soon.
melikedcollege
Great article! Due to the concerns you’ve clearly outlined, I have no plans to attend graduate school any time soon. The only way I would attend is if I were wealthy and could stop work to attend grad school full-time for something I’m really passionate about. And that won’t happen any time soon.
melikedcollege
Great article! Due to the concerns you’ve clearly outlined, I have no plans to attend graduate school any time soon. The only way I would attend is if I were wealthy and could stop work to attend grad school full-time for something I’m really passionate about. And that won’t happen any time soon.
melikedcollege
Great article! Due to the concerns you’ve clearly outlined, I have no plans to attend graduate school any time soon. The only way I would attend is if I were wealthy and could stop work to attend grad school full-time for something I’m really passionate about. And that won’t happen any time soon.
melikedcollege
Great article! Due to the concerns you’ve clearly outlined, I have no plans to attend graduate school any time soon. The only way I would attend is if I were wealthy and could stop work to attend grad school full-time for something I’m really passionate about. And that won’t happen any time soon.
JackieAU5
As an almost-done grad student, I don’t regret for one second of my choice to go back to school. I was hesitant because I’m getting a degree in a field where it’s not necessary but since I am lucky enough to not bear the financial burden it was a no-brainer. If I had to come up with the money myself–I’m not so sure what I would have done. But, I will say this: If you really want to go back to school and think it’s important, do it! Don’t just flake out because you’re lazy…I see that a lot. The best idea is to go at night and work full–time during the day that way you’re still making a living. Just my 2 cents…
JackieAU5
As an almost-done grad student, I don’t regret for one second of my choice to go back to school. I was hesitant because I’m getting a degree in a field where it’s not necessary but since I am lucky enough to not bear the financial burden it was a no-brainer. If I had to come up with the money myself–I’m not so sure what I would have done. But, I will say this: If you really want to go back to school and think it’s important, do it! Don’t just flake out because you’re lazy…I see that a lot. The best idea is to go at night and work full–time during the day that way you’re still making a living. Just my 2 cents…
JackieAU5
As an almost-done grad student, I don’t regret for one second of my choice to go back to school. I was hesitant because I’m getting a degree in a field where it’s not necessary but since I am lucky enough to not bear the financial burden it was a no-brainer. If I had to come up with the money myself–I’m not so sure what I would have done. But, I will say this: If you really want to go back to school and think it’s important, do it! Don’t just flake out because you’re lazy…I see that a lot. The best idea is to go at night and work full–time during the day that way you’re still making a living. Just my 2 cents…
JackieAU5
As an almost-done grad student, I don’t regret for one second of my choice to go back to school. I was hesitant because I’m getting a degree in a field where it’s not necessary but since I am lucky enough to not bear the financial burden it was a no-brainer. If I had to come up with the money myself–I’m not so sure what I would have done. But, I will say this: If you really want to go back to school and think it’s important, do it! Don’t just flake out because you’re lazy…I see that a lot. The best idea is to go at night and work full–time during the day that way you’re still making a living. Just my 2 cents…
JackieAU5
As an almost-done grad student, I don’t regret for one second of my choice to go back to school. I was hesitant because I’m getting a degree in a field where it’s not necessary but since I am lucky enough to not bear the financial burden it was a no-brainer. If I had to come up with the money myself–I’m not so sure what I would have done. But, I will say this: If you really want to go back to school and think it’s important, do it! Don’t just flake out because you’re lazy…I see that a lot. The best idea is to go at night and work full–time during the day that way you’re still making a living. Just my 2 cents…
http://neatfreakwannabe.blogspot.com Jenna
I was listening to a piece on NPR this morning about a similar issue, although pointed more towards undergraduate students. One of the discussion points was that you should be careful not to overvalue the education you’re getting, and a good rule of thumb would be not to rack up more in debt (for your total program) than your starting salary would be when you graduate. That seemed pretty reasonable to me.
As for myself, I did a one-year master’s program a few years ago. I was changing fields, and sometimes I wonder if I would’ve done just as well trying to find an entry-level job in the new field as opposed to doing the master’s degree. However, it’s a sunk cost now, so I reflect on the positives: I enjoyed my program and the people I met, and I do think my salary is higher than it would have been without an advanced degree. I’m on target to pay off my first loan in July, so I’m excited about that!
http://neatfreakwannabe.blogspot.com Jenna
I was listening to a piece on NPR this morning about a similar issue, although pointed more towards undergraduate students. One of the discussion points was that you should be careful not to overvalue the education you’re getting, and a good rule of thumb would be not to rack up more in debt (for your total program) than your starting salary would be when you graduate. That seemed pretty reasonable to me.
As for myself, I did a one-year master’s program a few years ago. I was changing fields, and sometimes I wonder if I would’ve done just as well trying to find an entry-level job in the new field as opposed to doing the master’s degree. However, it’s a sunk cost now, so I reflect on the positives: I enjoyed my program and the people I met, and I do think my salary is higher than it would have been without an advanced degree. I’m on target to pay off my first loan in July, so I’m excited about that!
http://neatfreakwannabe.blogspot.com Jenna
I was listening to a piece on NPR this morning about a similar issue, although pointed more towards undergraduate students. One of the discussion points was that you should be careful not to overvalue the education you’re getting, and a good rule of thumb would be not to rack up more in debt (for your total program) than your starting salary would be when you graduate. That seemed pretty reasonable to me.
As for myself, I did a one-year master’s program a few years ago. I was changing fields, and sometimes I wonder if I would’ve done just as well trying to find an entry-level job in the new field as opposed to doing the master’s degree. However, it’s a sunk cost now, so I reflect on the positives: I enjoyed my program and the people I met, and I do think my salary is higher than it would have been without an advanced degree. I’m on target to pay off my first loan in July, so I’m excited about that!
http://neatfreakwannabe.blogspot.com Jenna
I was listening to a piece on NPR this morning about a similar issue, although pointed more towards undergraduate students. One of the discussion points was that you should be careful not to overvalue the education you’re getting, and a good rule of thumb would be not to rack up more in debt (for your total program) than your starting salary would be when you graduate. That seemed pretty reasonable to me.
As for myself, I did a one-year master’s program a few years ago. I was changing fields, and sometimes I wonder if I would’ve done just as well trying to find an entry-level job in the new field as opposed to doing the master’s degree. However, it’s a sunk cost now, so I reflect on the positives: I enjoyed my program and the people I met, and I do think my salary is higher than it would have been without an advanced degree. I’m on target to pay off my first loan in July, so I’m excited about that!
http://neatfreakwannabe.blogspot.com Jenna
I was listening to a piece on NPR this morning about a similar issue, although pointed more towards undergraduate students. One of the discussion points was that you should be careful not to overvalue the education you’re getting, and a good rule of thumb would be not to rack up more in debt (for your total program) than your starting salary would be when you graduate. That seemed pretty reasonable to me.
As for myself, I did a one-year master’s program a few years ago. I was changing fields, and sometimes I wonder if I would’ve done just as well trying to find an entry-level job in the new field as opposed to doing the master’s degree. However, it’s a sunk cost now, so I reflect on the positives: I enjoyed my program and the people I met, and I do think my salary is higher than it would have been without an advanced degree. I’m on target to pay off my first loan in July, so I’m excited about that!
Guest
Good article but it seems to overlook PhD programs altogether. If you are interested in getting a PhD and choose to attend a research university, the program will usually cover all tuition costs plus give you a stipend as long as you fulfill teaching assistant or research assistant duties. This is especially true of the Sciences and maybe less so of Humanities. However, PhD programs are 4 to 6 years, so people rarely go into them with just the intention of increasing their earning potential. They’re usually really passionate about the subject matter.
Guest
Good article but it seems to overlook PhD programs altogether. If you are interested in getting a PhD and choose to attend a research university, the program will usually cover all tuition costs plus give you a stipend as long as you fulfill teaching assistant or research assistant duties. This is especially true of the Sciences and maybe less so of Humanities. However, PhD programs are 4 to 6 years, so people rarely go into them with just the intention of increasing their earning potential. They’re usually really passionate about the subject matter.
- Anonymous
  I think PhD programs are a whole ‘nother ball of wax, because the main careers that come out of them are academia and research. As strictly career investments, they’re not very good, because tenure-track positions are very, very scarce these days in universities, and most companies are cutting back on pure research. It’s true that many programs cover tuition, but there are still living costs, plus the opportunity cost of being out of the job market for such a long stretch. It really is a matter of being intensely passionate about a specific subject–there’s only a slim chance it will pay off monetarily. Here’s an article on the topic from the Economist: http://www.economist.com/node/17723223
- Anonymous
  I think PhD programs are a whole ‘nother ball of wax, because the main careers that come out of them are academia and research. As strictly career investments, they’re not very good, because tenure-track positions are very, very scarce these days in universities, and most companies are cutting back on pure research. It’s true that many programs cover tuition, but there are still living costs, plus the opportunity cost of being out of the job market for such a long stretch. It really is a matter of being intensely passionate about a specific subject–there’s only a slim chance it will pay off monetarily. Here’s an article on the topic from the Economist: http://www.economist.com/node/17723223
- Anonymous
  I think PhD programs are a whole ‘nother ball of wax, because the main careers that come out of them are academia and research. As strictly career investments, they’re not very good, because tenure-track positions are very, very scarce these days in universities, and most companies are cutting back on pure research. It’s true that many programs cover tuition, but there are still living costs, plus the opportunity cost of being out of the job market for such a long stretch. It really is a matter of being intensely passionate about a specific subject–there’s only a slim chance it will pay off monetarily. Here’s an article on the topic from the Economist: http://www.economist.com/node/17723223
Guest
Good article but it seems to overlook PhD programs altogether. If you are interested in getting a PhD and choose to attend a research university, the program will usually cover all tuition costs plus give you a stipend as long as you fulfill teaching assistant or research assistant duties. This is especially true of the Sciences and maybe less so of Humanities. However, PhD programs are 4 to 6 years, so people rarely go into them with just the intention of increasing their earning potential. They’re usually really passionate about the subject matter.
Guest
Good article but it seems to overlook PhD programs altogether. If you are interested in getting a PhD and choose to attend a research university, the program will usually cover all tuition costs plus give you a stipend as long as you fulfill teaching assistant or research assistant duties. This is especially true of the Sciences and maybe less so of Humanities. However, PhD programs are 4 to 6 years, so people rarely go into them with just the intention of increasing their earning potential. They’re usually really passionate about the subject matter.
Guest
Good article but it seems to overlook PhD programs altogether. If you are interested in getting a PhD and choose to attend a research university, the program will usually cover all tuition costs plus give you a stipend as long as you fulfill teaching assistant or research assistant duties. This is especially true of the Sciences and maybe less so of Humanities. However, PhD programs are 4 to 6 years, so people rarely go into them with just the intention of increasing their earning potential. They’re usually really passionate about the subject matter.
Molly
I got my MA in Old and Medieval English in 2005. I wanted to go on for my PhD, but in 2004, there were only 22 jobs open in the entire country teaching Old, Medieval, or a combo. My favorite professor made it clear that if I got a doctorate, it would have to be its own reward, because I might not find a job when I finished. I think I made the right decision by getting a job and paying off my student loans, but I would still like to go back someday.
Molly
I got my MA in Old and Medieval English in 2005. I wanted to go on for my PhD, but in 2004, there were only 22 jobs open in the entire country teaching Old, Medieval, or a combo. My favorite professor made it clear that if I got a doctorate, it would have to be its own reward, because I might not find a job when I finished. I think I made the right decision by getting a job and paying off my student loans, but I would still like to go back someday.
Molly
I got my MA in Old and Medieval English in 2005. I wanted to go on for my PhD, but in 2004, there were only 22 jobs open in the entire country teaching Old, Medieval, or a combo. My favorite professor made it clear that if I got a doctorate, it would have to be its own reward, because I might not find a job when I finished. I think I made the right decision by getting a job and paying off my student loans, but I would still like to go back someday.
Molly
I got my MA in Old and Medieval English in 2005. I wanted to go on for my PhD, but in 2004, there were only 22 jobs open in the entire country teaching Old, Medieval, or a combo. My favorite professor made it clear that if I got a doctorate, it would have to be its own reward, because I might not find a job when I finished. I think I made the right decision by getting a job and paying off my student loans, but I would still like to go back someday.
Molly
I got my MA in Old and Medieval English in 2005. I wanted to go on for my PhD, but in 2004, there were only 22 jobs open in the entire country teaching Old, Medieval, or a combo. My favorite professor made it clear that if I got a doctorate, it would have to be its own reward, because I might not find a job when I finished. I think I made the right decision by getting a job and paying off my student loans, but I would still like to go back someday.
http://christainnewyork.com/ Christa Avampato
Depsite the $100,000+ price tag, my MBA was the very bext investment I ever made. It is certainly a long-term bet that I made on myself and Ispent a considerable amount of time considering school before I took the plunge. Graduate degrees are so common now that to not have one in certain fields, particularly in more lucrative fields, makes it difficult to secure employment and even funding from investors if you want to start your own company. For me, the cost of not going in the long-run was much more expensive than biting the bullet and jumping in with both feet. I fully financed both my undergrad and MBA degrees and though I’ve carried a lot of debt, I’d make the same choices.
http://christainnewyork.com/ Christa Avampato
Depsite the $100,000+ price tag, my MBA was the very bext investment I ever made. It is certainly a long-term bet that I made on myself and Ispent a considerable amount of time considering school before I took the plunge. Graduate degrees are so common now that to not have one in certain fields, particularly in more lucrative fields, makes it difficult to secure employment and even funding from investors if you want to start your own company. For me, the cost of not going in the long-run was much more expensive than biting the bullet and jumping in with both feet. I fully financed both my undergrad and MBA degrees and though I’ve carried a lot of debt, I’d make the same choices.
http://christainnewyork.com/ Christa Avampato
Depsite the $100,000+ price tag, my MBA was the very bext investment I ever made. It is certainly a long-term bet that I made on myself and Ispent a considerable amount of time considering school before I took the plunge. Graduate degrees are so common now that to not have one in certain fields, particularly in more lucrative fields, makes it difficult to secure employment and even funding from investors if you want to start your own company. For me, the cost of not going in the long-run was much more expensive than biting the bullet and jumping in with both feet. I fully financed both my undergrad and MBA degrees and though I’ve carried a lot of debt, I’d make the same choices.
http://christainnewyork.com/ Christa Avampato
Depsite the $100,000+ price tag, my MBA was the very bext investment I ever made. It is certainly a long-term bet that I made on myself and Ispent a considerable amount of time considering school before I took the plunge. Graduate degrees are so common now that to not have one in certain fields, particularly in more lucrative fields, makes it difficult to secure employment and even funding from investors if you want to start your own company. For me, the cost of not going in the long-run was much more expensive than biting the bullet and jumping in with both feet. I fully financed both my undergrad and MBA degrees and though I’ve carried a lot of debt, I’d make the same choices.
http://christainnewyork.com/ Christa Avampato
Depsite the $100,000+ price tag, my MBA was the very bext investment I ever made. It is certainly a long-term bet that I made on myself and Ispent a considerable amount of time considering school before I took the plunge. Graduate degrees are so common now that to not have one in certain fields, particularly in more lucrative fields, makes it difficult to secure employment and even funding from investors if you want to start your own company. For me, the cost of not going in the long-run was much more expensive than biting the bullet and jumping in with both feet. I fully financed both my undergrad and MBA degrees and though I’ve carried a lot of debt, I’d make the same choices.
Woodwigs25
My family history is one of self employed non college grads. I was the first to go to college, but my Dad always said “Become a marketable commodity”. I eventually earned an MA in my field of Theater, which he called basket weaving. I am now self employed, a wig maker for the film industry. He was right, learn a marketable skill, even if it is just an aspect of basket weaving. I encourage my college aged son to not go to college and waste the little in his college fund, or take on a loan. Get a skill behind him, and then pay as he goes, to get his education.
Woodwigs25
My family history is one of self employed non college grads. I was the first to go to college, but my Dad always said “Become a marketable commodity”. I eventually earned an MA in my field of Theater, which he called basket weaving. I am now self employed, a wig maker for the film industry. He was right, learn a marketable skill, even if it is just an aspect of basket weaving. I encourage my college aged son to not go to college and waste the little in his college fund, or take on a loan. Get a skill behind him, and then pay as he goes, to get his education.
Woodwigs25
My family history is one of self employed non college grads. I was the first to go to college, but my Dad always said “Become a marketable commodity”. I eventually earned an MA in my field of Theater, which he called basket weaving. I am now self employed, a wig maker for the film industry. He was right, learn a marketable skill, even if it is just an aspect of basket weaving. I encourage my college aged son to not go to college and waste the little in his college fund, or take on a loan. Get a skill behind him, and then pay as he goes, to get his education.
Woodwigs25
My family history is one of self employed non college grads. I was the first to go to college, but my Dad always said “Become a marketable commodity”. I eventually earned an MA in my field of Theater, which he called basket weaving. I am now self employed, a wig maker for the film industry. He was right, learn a marketable skill, even if it is just an aspect of basket weaving. I encourage my college aged son to not go to college and waste the little in his college fund, or take on a loan. Get a skill behind him, and then pay as he goes, to get his education.
Woodwigs25
My family history is one of self employed non college grads. I was the first to go to college, but my Dad always said “Become a marketable commodity”. I eventually earned an MA in my field of Theater, which he called basket weaving. I am now self employed, a wig maker for the film industry. He was right, learn a marketable skill, even if it is just an aspect of basket weaving. I encourage my college aged son to not go to college and waste the little in his college fund, or take on a loan. Get a skill behind him, and then pay as he goes, to get his education.
http://profiles.google.com/brandy.n.oliver Brandy Oliver
I feel that way about my graduate degree.
It is depressing to be surrounded by people that didn’t finish high school yet make more money than me. AND don’t have any student debt.
http://profiles.google.com/brandy.n.oliver Brandy Oliver
I feel that way about my graduate degree.
It is depressing to be surrounded by people that didn’t finish high school yet make more money than me. AND don’t have any student debt.
http://profiles.google.com/brandy.n.oliver Brandy Oliver
I feel that way about my graduate degree.
It is depressing to be surrounded by people that didn’t finish high school yet make more money than me. AND don’t have any student debt.
http://profiles.google.com/brandy.n.oliver Brandy Oliver
I feel that way about my graduate degree.
It is depressing to be surrounded by people that didn’t finish high school yet make more money than me. AND don’t have any student debt.
http://profiles.google.com/brandy.n.oliver Brandy Oliver
I feel that way about my graduate degree.
It is depressing to be surrounded by people that didn’t finish high school yet make more money than me. AND don’t have any student debt.
Nadia Drake
if you just want a high-paying “job” don’t go to grad school! if you already have graduate degree debt, it is easy to get discouraged by the down economy, like Brandy said below. However, investing in yourself and your education is never something to regret as long as you do it for the right reasons. It will eventually pay for itself. When you get discouraged, just remind yourself of your original reasons for going. The economy will get better and when it does, you’ll feel differently. a VERY short sighted article Learn Vest… shame on you…
Maracuja
I think what should be added to this article is that science graduate programs such as chemistry usually won’t leave you with any debt so if this is your field you should go for it. The reason why is because for a university is much cheaper to pay teaching assistants than pay professors to teach labs and this will continue into the futureure. However, I consider the money we make a scholarship rather than a salary. If you plan to live like you have a real job then you will get in debt for sure but if you are fine with toughing it out and live simply then you will get out with no debt. The big thing is to go to graduate school because you really want to and you are genuinely interested otherwise you will be miserable since that high paying job is not a warranty.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
- Lisa Hesterberg
  That’s not entirely true. Often PhD programs will offer TAships and tuition remission, but Masters programs will only offer TAships, but not tuition. Even with living costs taken care of (mostly) with the stipend, tuition is incredibly expensive. In this case, going for a PhD might be a better choice.
Karen
Really great article. I’ve also been thinking about grad school and am leaning towards doing a part-time program where I can go to school at night. It will take 3 years instead of 2, but I think the pros outweigh the extra time: keeping my salary and building my retirement.
Julia Smith
Thank you for starting this conversation with the LearnVest community. It’s so important to talk candidly about whether this investment is worth it!
One important thing to note: if you’re pursuing a public service career and you’ve taken out loans, you might qualify for income-based repayment and/or public service loan forgiveness. I work for Idealist.org and we actually just published a post with a bunch of free financial aid resources for people who want to be full-time do-gooders and need to figure out how to pay for their degree(s): http://bit.ly/kIgVgY Hope this helps a bit!
OCLawyer
I disagree completely with Nadia below. This is an important article to consider. I went to law school because I wanted to be a lawyer. I came out with almost $200K in debt (nearly $40K of which was accrued interest) and my salary is insanely low. Obviously, I could not practice law without my degree, but as a 21-year-old applying to law school, these types of considerations would have been nice to know. There is a reality about graduate programs today and it is not just about the down economy… the legal field, in particular, has shifted into a new direction completely, and I thank LearnVest for creating thought-provoking questions that anyone planning to attend graduate or professional school should consider. LearnVest did not once suggest that people should no longer get graduate degrees–they are simply offering a way to analyze whether it is a good return on investment, which is exactly what LearnVest stands for.

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