Is grad school worth it?

Advancing your education through a graduate-level degree may seem like a no-brainer. But as it turns out, deciding whether or not grad school is worth your time and money can be a little more complicated.

Making the determination boils down to whether the "potential for improved employment prospects and higher long-term earnings outweigh the cost of obtaining a graduate degree, especially if you have to take on debt to pay for it," said The Wall Street Journal. The answer will vary from person to person, depending on factors like "what specific degree you are pursuing — and how much of a salary boost you can expect from it — and how much of a burden your total debt load would be."

Here are four essential questions to ask yourself in making your decision.

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How much will it cost?

On average, "total tuition for some two-year, full-time graduate degrees can cost more than $100,000, and doctoral or professional programs often cost even more," said U.S. News & World Report. As a result, many students pursuing an advanced degree need to take out student loans.

If you can find ways to minimize costs, that may tip the scales in favor of grad school. For instance, you can look out for scholarship and grant opportunities, as well as programs that offer funding. Even selecting a program that is part-time or online can make a difference, as that might allow you to continue working while attending.

What impact will it have on your financial future?

The effects of grad school costs are not isolated to when you are attending — they can also have major implications for your financial future. This is especially true if you already have undergrad debt. When you are saddled with steep student loan payments, that can prevent you from progressing toward other financial goals, like buying a house or saving for retirement.

Instead of pushing the question of repayment down the road, make it part of your decision-making process. "It's not a 'Should I go to grad school' question. It's a 'Should I go to this grad school if I have to repay X dollars,'" said certified financial planner Ryan Frailich to the Journal.

Will it increase your earning potential?

Another crucial factor to consider is the effect an advanced degree will have on your future salary. If you would be earning significantly more after attending grad school than you would otherwise, that could help to offset the costs you assume.

Take the time to research "starting salaries for your program's graduates" as well as how much "people in the field ultimately earn," said Investopedia. Then, do the math to see whether you will come out ahead, or if borrowing costs will eat up the difference.

Could it broaden your career prospects?

Finances are not everything. When deciding on grad school, it is also important to evaluate "what kind of job you want and how that job relates to the degree you are considering," said Investopedia. Interrogate whether grad school is a necessary stepping stone on that path. For some fields, the answer will be yes. For others, you may be able to get there through work experience and networking, as opposed to earning an advanced degree.