Is grad school right for me?

Why people consider grad school

People consider grad school for many reasons. Some are motivated by career necessity (fields like medicine, law, and academia require advanced credentials), while others want to increase their earning potential, specialize in a niche field, or make a career change.

Sallie's "Grad School Confidence Report" reveals that earning potential and personal fulfillment were two of the top reasons graduate students chose to pursue their degree. But motivation matters more than the reason itself: Students who go to grad school with a specific goal in mind tend to get more out of the experience, and come out in a stronger position, than those who enroll because they weren't sure what else to do.

The number of Americans with advanced degrees has grown significantly over the past decade, according to data from the National Center for Education Statistics (NCES). More employers in competitive fields now prefer or require graduate credentials, and in some industries, a master's degree or higher has become the new baseline for advancement. But "more people are doing it" is not a good enough reason to go on its own.

Signs grad school may be right for you

Graduate school may be worth pursuing if some of these signs ring true for you:

Your target career requires advanced education

Some careers require graduate or professional school. If you want to become a doctor, lawyer, dentist, veterinarian, therapist, professor, school counselor, nurse practitioner, or physician assistant, you'll need graduate or professional credentials to practice.

In those cases, the question becomes which program and when. You can explore paths like medical school programs, law school programs, dental school programs, veterinary school programs, and education graduate programs to compare what each path requires.

You have a clear career goal

The clearest sign that grad school makes sense is knowing specifically what you want to do with the degree. That goal could be a job title, a license, a salary range, a career change, or a skill set you want to build. Sallie's "Grad School Confidence Report" also found that graduate students who entered their program with clear career goals were more satisfied with their decision than those who enrolled without them.

The degree may increase your earning potential

A graduate degree may help you qualify for higher-paying roles, especially in fields where advanced training is valued. That includes MBA programs, engineering graduate programs, computer science graduate programs, and data science graduate programs.

If a higher salary is one of your reasons for going, research the numbers before you commit. Look at job postings, salary ranges, employment outcomes, and how much you may need to borrow.

You want to specialize or change careers

Grad school can help you build deeper skills in a field you're already in, or help career changers build a strong foundation in a new field. If the latter applies to you, check whether the program accepts students from different academic or professional backgrounds before applying.

You have funding or employer support available

If your employer offers tuition assistance, or you've found scholarship, fellowship, assistantship, or grant opportunities, financing your graduate education becomes easier. Employer tuition support can be especially helpful if the degree connects to your current role or future path at the company.

Signs you may want to wait before applying

If the following signs apply to you, you may have a good reason to hit pause (remember, waiting does not necessarily mean giving up on grad school):  

Your career goals are still unclear

If your main reason for attending grad school is that you're unsure of what to do next, take more time. Going without a clear purpose makes it harder to choose the right grad program, get the most out of the experience, and justify the cost. If you're still figuring out what you want, spending a year working in your field of interest can provide more clarity than obtaining another degree.

You feel burned out

If you are finishing undergrad or working full-time and already feel exhausted, don't ignore that. Graduate programs are significantly more demanding than undergraduate ones, so you'll want to feel fully prepared to give it your all. Taking a gap year before grad school can give you time to rest, save money, and decide what to do next.

You haven't compared programs yet

Job placement rates, faculty quality, funding availability, and curriculum vary enormously between schools. Make sure you do your research to understand how the program will affect your costs, schedule, career options, and daily life—tools like Scout Grad School Search can help you explore graduate programs and compare schools side by side.

The cost does not feel manageable

You don't want to dig yourself into a financial hole just to attend grad school. Borrowing can be part of your grad school funding plan, but it’s important to understand what repayment may look like after graduation and whether those payments feel manageable alongside your expected income and expenses. Run the numbers, and if they're not feasible, consider lower-cost programs, online options, or delaying grad school until you save up.

You don't have work experience yet 

Many graduate programs, including MBAs and Master of Public Health (MPH), are designed for students with work experience. Going straight from undergrad may limit what you bring to the program and what you get out of it. A few years in the workforce can not only make your application stronger, but enrich your grad school experience.

Pros and cons of grad school 

Grad school can offer real benefits, but it also comes with tradeoffs—your job is to decide which side carries more weight in your current situation.

How to decide if grad school is right for you

Walk through this step-by-step decision framework before applying:

1. Define your career goal

Start with the job or field you want, not the degree itself. Write down the role you are aiming for and why it interests you.

2. Research required credentials

Look at job postings and professional licensing requirements. Is a graduate degree required, preferred, or optional? If most roles require it, grad school may be a clear next step.

3. Compare salary outcomes

Research salary ranges for your target role. Look at entry-level, mid-career, and advanced salaries so you can see how earnings may change over time.

4. Estimate total cost

Add tuition, fees, books, living costs, transportation, and any income you may give up while enrolled. This gives you a more realistic number than tuition alone.

5. Explore funding options

Check scholarships, fellowships, assistantships, employer tuition support, savings, federal aid options, and loans. The more funding you secure before borrowing, the more flexibility you may have later.

6. Compare program fit

Look at accreditation, format, curriculum, faculty, career services, internship access, graduate outcomes, location, and schedule. Rankings can be helpful, but they shouldn't be the only factor.

7. Talk to students, alumni, or professionals

Ask people in your target field what helped them most. Current students and alumni can also tell you what the program is like day to day.

8. Decide whether now is the right time

If the career goal, cost, and timing feel realistic, applying now may make sense. If you need more work experience, savings, or direction, waiting can be a smart move.

What is the ROI of grad school?

Your grad school ROI (return on investment) is calculated by comparing the cost of the degree (tuition, plus fees and living expenses) against the lifetime earnings increase it generates. A practical way to think about ROI is to compare your expected salary increase with your total borrowing and out-of-pocket costs, which can help you decide whether grad school is worth it.

How much does grad school cost?

Grad school cost varies widely by school, program, degree type, length, and location. Public universities may cost less than private universities, and online or part-time programs may help some students keep working while enrolled.

Total graduate school costs

Depending on the program and school type, total graduate school costs can vary widely:

• Public universities: About $20,000–$50,000 total

• Private universities: About $50,000–$100,000+ total

• Professional programs (medical, dental, veterinary, or law school): $150,000–$400,000+ total, depending on the program and school.

When comparing costs, look at the true cost of attendance. That may include:

• Tuition and fees: The base cost of your program
• Housing and living expenses: Rent, food, utilities, and everyday costs
• Books, supplies, and equipment: Course materials, technology, lab fees, or clinical supplies
• Transportation or relocation: Commuting, parking, moving, or travel costs
• Health insurance and personal expenses: Costs that can vary by school and location
• Lost income: Money you may not earn if you reduce work hours or attend full-time
• Loan interest: The additional cost of borrowing over time

Before you apply, check each school’s estimated cost of attendance, then compare that number with your funding options and expected career outcomes to get a better idea of the net cost.

Alternatives to grad school

Grad school isn't your only option—depending on your field, a shorter or lower-cost program may help you build skills, explore a career path, or qualify for new roles.

Alternatives to grad school may include:

• Certifications: Useful in fields like project management, technology, business, and healthcare support roles
• Employer-sponsored training: Continuing education or professional development programs offered through your current workplace
• Bootcamps: Shorter programs focused on technical or career-specific skills
• Professional licenses: Required credentials for certain jobs or industries
• Work experience: Hands-on experience that may help you build your resume and achieve internal advancement
• Graduate certificates or executive education programs: Short, flexible classes that let you upskill without committing to a full degree

How to pay for grad school

Most students pay for graduate school using a mix of funding sources. The best place to start is by maximizing "free" money that you don't have to pay back.

1. Understand costs and future earnings

Before you commit to a program, be clear on the total cost of attendance and how that cost lines up with your career goals and earning potential. This can help you compare programs based on what they may offer you after graduation.

2. Maximize free money

Graduate student scholarships, fellowships, assistantships, institutional aid, and program-based grants can lower your overall grad school costs. Even smaller awards can add up and reduce what you spend or borrow.

You can start your search using tools like Scholly Scholarships to help you find opportunities based on your background, field of study, and goals, or applying to the $5,000 Grad School No Essay Scholarship and Scholly^® Easy Apply Scholarships, which both take less than two minutes to enter.

3. File the FAFSA^®

Graduate students should still complete the Free Application for Federal Student Aid (FAFSA^®) to qualify for federal loans and certain types of school-based aid.

4. Explore assistantships, fellowships, and employer support

Some graduate programs offer teaching assistantships, research assistantships, fellowships, or tuition discounts. These may come with a stipend, reduced tuition, or both.

If you are working, ask your employer whether they offer tuition reimbursement or education benefits. Some employers help cover costs when the degree connects to your current role or future growth.

5. Borrow smart if needed

After scholarships, aid, savings, and employer support, you may still need a graduate student loan to cover remaining costs. Most students start with federal student loans because they may offer flexible options like income-driven repayment plans. If you still have a funding gap, a private Sallie Mae® graduate student loan may help cover remaining costs.

If you borrow, borrow only what you need and understand your repayment options before taking on debt.

Is grad school right for me?

Grad school may be right for you if it clearly supports your career development and helps you achieve a specific goal. To decide, reflect on what skills and opportunities you want out of a program, come up with a financial plan, then research programs that fit your goals, lifestyle, and budget.

You should also talk with professionals in your target field about whether they went to grad school, what degree they earned, and why it made sense for them, and discuss your interests with faculty or advisors who can recommend programs, share their own paths, and give you tips on how to best prepare.

You have options, and taking time to research them can help you avoid a rushed decision.