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Should I Go to Grad School After College?

Here's how to weigh the costs and other considerations

By

澳洲幸运5开奖号码历史查询:Greg Daugherty

Updated August 09, 2023

Reviewed by

Amy Soricelli

Fact checked by

Yarilet Perez

Is it better to pursue graduate study straight from college or wait and gain work experience first? Both options have their advantages and disadvantages. If a graduate degree is in your future, here are some factors to consider when d💝eciding when to begin.

Key Takeaways

An advan♏ced degree may boost earning potential, career advancement, and job security.
Attending graduate school immediately after earning your degree can keep your momentum going and may allow you to defer your undergraduate loan payments.
Working for a few years before attending school allows you to save money.

Financial Benefits of an Advanced Degree

According to 澳洲幸运5开奖号码历史查询:Bureau of Labor Statistics (BLS) data, each step up in education means a higher salary and greater job security. In 2022, workers 25 and over with a high school diploma had median weekly earnings of $853. Those with a bachelor's degree averaged $1,432 per week. Workers whose education ranged from a master's degree to a Ph.D. brought weekly salaries between $1,661 and $2,083.

Earnings can be a powerful argument for earning an advanced degree. Though a handful of fields require a graduate or professional degree as the price of admission, in many others, a bachelor's degree is sufficient for an entry-level job.

Attending Grad School Right After College

Somꦦe students are ready to start another degree program immediately following undergraduate graduation. Some of the benefits of continuing your ౠeducation include:

You're accustomed to the routine of studying and test-taking.
If you wait, your life may change in unforeseen ways. You might get married, have children, buy a home, or take on new responsibilities.
You may be able to delay payment of undergraduate federal 澳洲幸运5开奖号码历史查询:student loan debt and obtain a 澳洲幸运5开奖号码历史查询:student loan deferment.

Delaying Graduate School

Postponing graduate school for some time after earning an undergraduate degree can be ben🐼eficial in several ways:

Avoiding more debt. In 2023, borrowers who hold master's degrees owe an average of $80,494.
Working before attending school means you can save to help fund the tuition bill.
Time in a workplace may help your interests and ambitions evolve into a different field.
Many companies will subsidize or fully pay for graduate coursework.

Important

If your employer helps pay for graduate school, the first $5,250 of that benefit is tax-free.

How Do I Apply for Loans or Financial Aid for Graduate School?

You complete the same form you may have used as an undergraduate, the Free Application for Federal Student Aid (FAFSA). This time, however, you most likely won't be required to supply information about your parents' finances because you're now considered an independent student.

What Types of Loans Are Available to Graduate Students?

Graduate students are eligible for two federal loans: direct unsubsidized loans for up to $20,500 per year and Direct PLUS loans if they need to borrow more. Unlike undergraduates, graduate students are not eligible for 澳洲幸运5开奖号码历史查询:subsidized loans. Grad students may be eligible for a paid federal work-study job or financial aid from their state, school, or private programs.

How Does a Fellowship Differ From Graduate School?

Fellowships are funded, short-term opportunities that support graduate study and can last for several weeks or years. Fellowships are often research or work opportunities commonly sponsored by a specific association, organization, institution, or government, which sets the eligibility requirements and include competitive grants and scholarships.

The Bottom Line

Whether you decide tꦐo pursu🅷e a graduate degree immediately after college or wait often depends on the state of your finances, your area of professional interest, and personal life. It can be beneficial to compare employment opportunities with employer benefits alongside the cost of graduate education and potential fellowship opportunities.

Article Sources

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