When grad school does and doesn't make sense

Earning a master's degree or Ph.D. is not in the same ballpark as earning a bachelor's degree. While it's hard to find a person who wouldn't benefit from earning a bachelor's degree, grad school is a different matter. Sure, attending grad school offers you intellectual benefits and in some cases can help you in your career, but consider the opposite: When might graduate school not be the best decision for you?

Here are 10 circumstances when grad school may make sense and 10 when it might not.

10 circumstances when grad school makes sense

1. If you work for a company that offers tuition assistance. If your company doesn't offer this perk, don't despair. You might be able to convince your boss it's worth the company's while to help fund your master's degree. You may have to sell them on it, so do your homework and present a well-formed argument in favor of tuition assistance.

2. If your field requires it to move up. Don't let the cost of attendance interfere with grad school if it means higher paychecks in the future or a more fulfilling position. Consider the opportunity cost.

3. If it makes you happy — but not at the cost of financial well-being or responsibility. Do you really want to get a master's degree and have the time and money to do so without neglecting some other responsibility?

4. If you want to become a professor. Most colleges require a graduate degree to become a teacher of college students.

5. If you want to be considered an expert in a subject. Few things say "expert" to others like a graduate degree. That's why Grad School Heaven lists expertise as one of the top reasons for going to grad school.

6. If you want to switch fields. A graduate degree may help you make a switch. You may need to take a few undergrad classes before applying if the grad degree you seek isn't related to your bachelor's degree.

7. If it's on your bucket list and you're feeling old. You may not want to wait until you're 95 like the world's oldest college graduate did in 2007, but why go through life not doing something you've always wanted to do?

8. To stand out as a job candidate. If you're competing for a job with a candidate of a similar work background, having a graduate degree probably won't hurt you. It won't guarantee landing a job, but it might make your resume that much more compelling.

9. If you want to study under someone. Is there a professor you admire that you want to learn from? A desire to work with a certain faculty member usually impresses admissions folk, as it shows your interest in their program versus you just wanting to get in anywhere.

10. To beat the pack. If the master's becomes the new bachelor's, then you'll be awesome before everyone else catches on.

10 circumstances when grad school doesn't make sense

1. To "find yourself." You're not 18 anymore. I highly doubt most graduate schools will accept you if your essay mentions that you want to go there for "self-discovery." Do that on your own time.

2. You're bored. There's nothing wrong with trying something new, but because of the time and expense involved, you might want to consider getting a hobby instead.

3. To ride out a bad economy. As of May, unemployment was 7.6% in America, according to the Labor Department. Things seem to be slowly improving, but at the end of the day, there's just no guarantee that getting a graduate degree will garner you the job offers you think you deserve.

4. If you don't need or want a master's degree, even if other people think you should get it. If no career or personal reasons exist, save everyone some time and money.

5. To follow a guy/girl. There's no reason in the universe to attend the same grad school as your lover/potential lover just to be close to him/her. Move to the same city, fine. But don't watch his/her every move. This scenario made for wonderful hijinks in the film Legally Blonde, but in real life, it's just creepy.

6. If you can't balance family life, school and a career. Find a way to successfully do all three, first.

7. To defer student loans. If you're the average student who graduated in 2011, you have $26,600 of student loan debt, according to The Institute for College Access & Success. But don't postpone the inevitable. Those students loans will still be waiting for you when you finish grad school and will probably be bigger if you're taking out more loans to pay for it.

8. To postpone the real world. Picture having "career student" as the only job listed on your resume, and you'll quickly understand why this won't work.

9. To impress a potential lover. Just read The Fountainhead instead. It will sound impressive and cost you less money and time.

10. If you can't find at least one good reason to go.

Grad school can be a life enhancer or a wallet wrecker and time thief. Make sure your reasons are legit to avoid the latter.

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