Student Loans
How Does LendingTree Get Paid?

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

7 Compelling Reasons to Skip Graduate School

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Should I go to grad school?

For some people, going to graduate school is a no-brainer. If you’re committed to becoming a doctor or lawyer, then you’ll have to spend several years studying for your M.D. or J.D.

But for others, there’s no clear answer to, “Is a master’s degree worth it?” In fact, there are plenty of circumstances where getting an advanced degree may not make sense for you.

Should I go to grad school? Our 7 reasons to skip it

1. If the degree has a low return on investment
2. If you’ll have to take out major student loans
3. If you don’t need a master’s degree
4. If you’re avoiding the job hunt
5. If you feel lukewarm about the field
6. If other people are pressuring you into it
7. If you’re still exploring your options
Bottom line: Is a master’s degree or doctorate worth it?

1. If the degree has a low return on investment

When attending graduate school, you’ll spend a lot of time and money getting your degree. Plus, you’ll miss out on a year or more of income that you would have earned if you’d been working full-time instead.

All of these costs can be worth it if the graduate degree has a high return on investment. But what if you end up spending a lot more than you’ll earn back?

If your investment exceeds the returns, then a master’s degree could be a poor use of your time and money.

Of course, this framework leaves out the non-tangible benefits of graduate education. But unless you’re independently wealthy, you can’t ignore the financial realities of attending graduate school.

2. If you’ll have to take out major student loans

The average master’s student left school owing $66,000 in student loan debt in 2015-16, according to the National Center for Education Statistics, and that number might be even higher today.

Most students take out student loans to pay for grad school and many of these students already have debt from college. All of this loan debt could take a lifetime to pay off.

Before taking out student loans, ask yourself if your first-year salary will exceed your loan balance. Will you make more than you borrowed? If the answer is no, then the answer to “Should I go to grad school?” might be no.

3. If you don’t need a master’s degree

If you’re going to devote a year or more to graduate school, you should see specific benefits to your career. Perhaps you’re meeting requirements for a new field, like a psychologist or lawyer. Or maybe the graduate degree will land you a promotion or pay raise in your current job, as it would if you’re a public school teacher.

But if you don’t need a degree, then a master’s degree probably isn’t worth it. Plus, you run the risk of becoming overqualified for a position. If your target jobs don’t need a graduate degree, employers may prefer candidates who match a lower pay scale.

4. If you’re avoiding the job hunt

Sometimes college graduates go to graduate school as a way to delay entering the workforce. When you’ve been going to school for 17 years straight, it’s tough to transition away from being a student.

But wanting to stay on a college campus doesn’t necessarily mean you should go to grad school. If you’re not pursuing academia, you’ll need professional experience on your resume.

Most employers prefer candidates with skills they can only learn on the job, so your graduate degree may not take you very far if you don’t have on-the-job experience to back it up.

5. If you feel lukewarm about the field

Graduate school is demanding. Before you even set foot on campus, you’ll spend months preparing your application, writing essays and studying for exams like the GRE.

Courses are tough and many programs include an internship, too. It’s especially hard to get back into student mode if you’ve been out of college for a few years, or have to balance work and family with your studies.

If you’re going to make this commitment, make sure you’re passionate about the field. If your interest is only lukewarm, you may struggle to make it through the program.

6. If other people are pressuring you into it

Your decision about whether you should or shouldn’t go to grad school shouldn’t come from your parents. For one, your career choices are totally up to you. Secondly, the job landscape looks a lot differently now than it did a generation ago.

People often offer well-meaning advice, but it’s not always well-informed. Even if it is, the advice may not be right for you.

Figuring out whether earning a master’s degree is worth it is a big decision. Make sure you’re fully behind it before applying.

7. If you’re still exploring your options

Graduate school isn’t about exploring your options. It’s about deliberately choosing a specific course of study to get a degree you need for your career.

This career-oriented mindset is clear when you apply. To get into graduate school, you’ll write a statement of purpose. Admissions officers want specific reasons why you’re applying. They’ll want to see what relevant experience you have and how the program will advance your career.

If you’re still exploring, you’re not ready for graduate school. Until you can write an honest, goal-oriented application essay are you prepared to apply.

Is a master’s degree or doctorate worth it? Find out before applying

A master’s degree is a significant investment of your time, energy, and money. Before pursuing one, do your research. Consider where the degree will lead you and how your starting salary will compare to your student loan debt.

Reflect on your specific reasons for attending and your career goals for the future. This will help you answer the question of “Should I go to grad school?” If your answer is yes, you’ll be ready to put together a compelling graduate school application.

 

Recommended Reading