Are You In Your Grad School Era? Here’s What To Know Before You Go

The 2026 job market is a free-for-all. Despite the most recent May jobs report that touted a total of 172,000 jobs added to the U.S economy and an unchanged employment rate, other data shows that many Americans are still struggling to find jobs, especially those early in their career or recently graduated.

According to the Federal Reserve Bank of New York, the unemployment rate for college graduates ages 22 to 27 was up to 5.7% by the end of 2025, exceeding the average rate of 4.2% from 2022 to 2024. Combined with the threat of AI wiping out work in white-collar industries to evaluate applicants, many are looking to go back to school to gain a competitive edge in their field or to switch careers altogether.

But choosing to continue your education, whether it’s to get a master’s, a J.D, or a PhD, depends on many elements, and the choice is ultimately a personal decision. Here’s what you should consider before going back to school.

The cost of obtaining a master’s degree on average is nearly $63,000, which is pricey if you’re paying out of pocket or taking out loans. Unlike undergraduate education, the opportunities for fully funded master’s degrees are fewer, but the good news is that scholarships or grants are still available through certain graduate departments. Before applying, see what sort of scholarship (or fellowship, as they’re sometimes called) opportunities are available at your target school. 

It’s also always a good idea to peruse the financial aid website to get a good idea of total expenses at school, including living costs and any additional school fees. For certain fields, some states can subsidize the cost of professional degrees. New York and California offer scholarships for certain master’s degree programs, such as education. Other states like Texas and Florida offer assistance in loan repayments for nursing degrees. Even your employer can chip in to cover the costs of your education if they offer it. Do thorough research to find what assistance is available for your degree or field. Don’t forget to apply for FAFSA to qualify for federal loans if you need them. 

Many graduate programs offer part-time and online programs for working students. This is a great option if you have responsibilities outside of school, like a family, and need flexibility, but it will take longer to earn your degree. The average master’s degree program takes about two academic years, but some programs can be shorter or longer depending on the degree. 

Graduate school, either part-time or full-time, is an intensive commitment often involving not just sitting in lectures and discussions, but also readings, projects, and possible internships. If possible, evaluate the curriculum of your chosen program and see how the work fits into your day-to-day life. Sacrifices may have to be made to finish your degree in a timely manner. 

Graduate degrees can only do so much to help your career, and not all graduate programs are built the same. If you’re in a career field where a master’s degree is expected, such as scientific research or education, it makes sense to obtain one. Other fields, such as the humanities, media and communications, and even MBAs, depend on your career goals. Graduate school is good for career changes or to upskill in something you’re not getting from your work experience.

“I think you have to do your own assessment. I think grad school is an amazing benefit,” says Maximo Patiño, Director of Alumni Relations & Community Outreach at the CUNY Craig Newmark Graduate School of Journalism and former Admission Director. “There are certain other areas that a master’s, for example, can open certain doors that you couldn’t before…but it’s not necessary.”