If you’ve just begun applying for grad school, the question of whether or not to pursue an Ivy League program has probably already crossed your mind. Sure, it’s safe to say that you’ll have a guaranteed job if you earn a Master’s degree or Ph.D. from one of these institutions, but is it really worth the extra cost and effort?

Consider your career aspirations

The first thing to keep in mind is the specific program you’ll be entering. In some career fields – like medicine or finance – you may not be considered for top positions without an Ivy League degree and the professional connections that come along with one. On the other hand, if you’re planning a career in a less competitive area – teaching or nursing, for example – you may find that attending an Ivy League school is unnecessary to earn the job of your dreams.

Of course, even if you are entering a field like law or medicine, it’s important to keep your career aspirations in mind. If you plan to settle down in a rural area and practice medicine in a local family clinic, you may choose to pursue a less expensive, less prestigious program than someone whose career goals include becoming the Chief of Medicine at Johns Hopkins.

Attending an Ivy League program gives you the opportunity to work closely with some of the world’s top researchers – something that will definitely come in handy when it comes time to apply for work in your field. Depending on your area of expertise, you may be able to find a student teaching assistant or research assistant position that will allow you to work in depth with the top names in your field.

Money matters

It’s also important to keep in mind the cost difference between attending an Ivy League program and a less competitive alternative. Graduate school will be expensive anywhere you go, but expect to pay more than $40,000/year for the top medicine and legal programs on Ivy League campuses. You’ll pay only about half this amount as an in-state student at a public university in the same career tracks.

Not that you’ll be expected to foot the entire bill – that’s where financial aid comes in. Private Ivy League institutions typically have large endowments that they use to offset the high costs of tuition through loans, scholarships, grants and work-study programs. However, competition for these funds can be intense, so you’ll need to be at the top of your class to qualify. In this case, it can be better to be the outstanding student at a less competitive institution than a middle-of-the-road student in an Ivy League program.

When choosing whether or not to attend an Ivy League program, it all comes down to trade-offs. Are you willing to take on extra debt in order to graduate from a top university? Or will you need the prestige of an Ivy League diploma to achieve your career aspirations? Consider carefully – everyone’s needs are different, and the choice you make will have a huge impact on your career goals.