For some people, attending graduate school is part of a pre-determined plan that they set out years ago. In some fields, the chance of getting a job without a master degree is minimal. In such cases, the decision is easy.

For the rest of us, however, getting into a graduate program is a big decision. Will the degree pay off? Will that job prospect become a career? Will we be able to afford the education? When is the right time to even consider the program? The truth is that, this is a big decision and we need to take several factors into consideration.

Value of the degree

Whether you are a fresh graduate from college or have been working for a few years, a graduate degree can possibly increase your chance of getting a better job. Long gone is the time when only a bachelor degree is enough. Nowadays, in certain fields, such as engineering or finance, most employers start to consider a master degree or other certifications a must.

Plus, aside from the education and degree, attending graduate school is also a great way to expand your professional network. You will be able to meet classmates, professors, and other professionals that work in the same field.

Once you get a master degree, certain jobs can also become available. For example, you can consider teaching positions at college level.

Overall, consider what you can get out of the degree before making the final call. If your co-workers or people of senior rankings in your field all have a master degree, it’s a pretty good indication that a higher degree is needed.

On the other hands, if your field heavily value real life working experience over theoretical knowledge, say a job in interior design, for example, then weigh your options carefully. Perhaps to advance in your career, a management degree may be more helpful than a higher degree in design.

Financing the degree

While attending graduate school comes with certain benefits, it can get expensive pretty quickly. This is especially true for those who have student loans left from their bachelor degrees. Here is a quick fact: in 2013, 69% of college students graduated with debt, averaging about $28,400 each.

So if you are still behind on your student loan payment, consider your financing option very carefully before adding more to your debt. Remember, even though you will be able to get on forbearance during school time, the debt will still add up and haunt you right after graduation.

Time and effort

The thing about college and graduate degrees is that their benefits are not guaranteed. If you do not put in the work, your degree may worth as much as a piece of paper.

This is not to deter you from advancing your education. However, know that this will definitely take a lot out of you, even if you only go to school part-time. Some students even choose to take one or two years off from work to focus on school. However, many do not have that luxury. If you are at a point in your life where everything is happening crazily fast, perhaps wait until you can dedicate more time and effort to your schooling.