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Key Takeaways:
- Graduate schools are colleges and universities that offer advanced educational programs and postgraduate degrees.
- Students can pursue master’s degrees, doctorates, and graduate certificates at grad schools.
- Scholarships, state grants, and federal student loans can help you pay for your graduate degree.
What Is Graduate School?
In the United States, graduate schools are colleges and universities that offer postgraduate degrees, such as master’s and doctorates, to students. They cover everything from history to medical school, and they almost always require applicants to already have their bachelor’s, an undergraduate degree. Students are often known as “graduates.”
While undergraduate schools offer a broad education with a major and minor, graduate school programs focus on in-depth training, research, and specialized work on specific disciplines. Many programs require a thesis, dissertation, or other type of capstone project from students in order to graduate.
Types of Graduate Schools
Graduate schools are either professional or academic, offering either master’s or doctoral degrees.
Professional vs. Academic
Professional schools focus on preparing students for specific careers in their chosen field. Law and medical schools are common examples, but graduate students might also pursue professional degrees in education, business, and other subjects.
Academic programs generally offer a mix of research and training in a variety of disciplines, from ancient history to creative writing. How much time is spent on research vs training depends on the program and discipline.
Master’s vs. Doctoral
Master’s programs take about two years to complete. They can be academic or professional, and students may have to complete a thesis to receive their degree.
Students often need anywhere from two to seven years to earn a doctorate – the timeframe depends on the program and student’s status (full or part time). Like master’s, doctoral degrees can be academic and professional. Instead of a thesis, students might have to complete a dissertation or other capstone project.
Some grad schools also offer graduate certificates, which are shorter postgraduate programs focused on specialized topics. Students take only a few masters-level courses within their desired discipline.
A “terminal degree” is the highest degree offered within that field. While it’s often a doctorate, some subjects only go up to a master’s.
Pros and Cons of Going to Grad School
Deciding to go to grad school is a big decision. Here are some pros and cons to keep in mind.
Grad School Advantages
Earning your master’s or doctoral degree has some major advantages, including:
- You focus more on your discipline. You’ll go beyond what you learned in undergraduate school, enhancing your knowledge and skills within your desired field. It also helps
- You’re more prepared for certain career fields. Graduate degrees open the door to unique job opportunities and career advancement. Some positions require terminal degrees to even apply.
- You have higher earning potential. Those with master’s or doctorates typically earn more than those with a bachelor’s.
- You have a competitive edge over other job applicants. A graduate degree can look very impressive to employers.
Grad School Disadvantages
However, there are some grad school factors that give people pause.
- You could have more debt. Graduate school costs $62,820 on average. If you don’t have scholarships or that kind of cash, you’ll likely need to go into debt to afford it.
- It requires additional years of education. Earning graduate degrees can take two to seven years – up to nine if you want both a master’s and a doctorate.
- It’s hard work. Students can find graduate school demanding. With high workloads, some find it difficult to balance work, life, and school.
- There are no guarantees. A graduate degree doesn’t automatically mean you’ll earn higher pay or advanced job opportunities.
How Do You Apply for Graduate School?
How you apply to graduate school depends on the program and institution. Before you submit your applications, you’ll want to research schools and programs based on your goals and interests.
Master’s and doctoral degree programs often require applications, undergraduate and/or graduate transcripts, letters of recommendation, essays, statement of purpose, and standardized test scores, such as the Graduate Management Admission Test (GMAT). If you’re applying to law school, you’ll need to take the Law School Admission Test (LSAT). The Medical College Admission Test (MCAT) is needed for medical school.
Can You Get Financial Aid for Graduate School?
Yes, you can get financial aid for graduate school. Here are a few ways:
Complete the FAFSA
As with undergraduate school, your first step should be completing the Free Application for Federal Student Aid (FAFSA). There are federal grants and loans designed for graduate students, and colleges, universities, and states also use the FAFSA to determine your financial need packages. Some institutions even offer work-study for graduates.
Apply for Scholarships and Grants
Scholarships aren’t just for undergraduates or graduating high school seniors. There are several awards dedicated to those pursuing their master’s or doctorate degrees. You can use a scholarship database to start locating awards you qualify for. Search regularly, as new scholarships are popping up all the time.
In addition, many states offer graduate-level grants to help students afford college within their state or region. You may have to complete state-specific financial aid applications to apply.
Ask About Tuition Reimbursement
Did you know that nearly 50% of employers offer undergraduate or graduate tuition assistance to their employees? Many companies are willing to invest in the success and education of their employees. Talk to your human resources department to see if you have this benefit.
Should You Go to Grad School?
Whether you go to grad school is a personal decision. To help you choose, consider your career and education goals as well as your interests and financial situation. For some, deciding to advance their education is an easy decision, full of benefits. For others, the advantages may be less clear.
If you think it’s time to earn your master’s or doctoral degree, we highly recommend applying for scholarships. There are millions of awards for undergraduate to doctorate students. With our Scholarship Search Tool, we make it easy to find awards you qualify for. Sign up today for free!
