Attending grad school is a major commitment, so plan to put as much effort into choosing the right program as you put into deciding on your undergrad institution.  Consider some of the following variables before sending in your admissions deposit:

Field of Study

As an undergrad, you’re expected to switch your major several times and explore interesting classes that you didn’t have access to in high school.  Grad school – on the other hand – is much more career-focused.  Consequently, if you plan to become a marine biologist, you’ll want to find a graduate school that has a strong program in your area of expertise.  It doesn’t make sense to attend a school that’s known for its public policy program if you specialize in deep sea invertebrate life.

How can you tell if a potential school is a strong contender?  First, check the rankings.  Groups like the US News & World Report and The Princeton Review often rank programs according to many different factors, including graduate employment rates and the caliber of the professors on staff.  You can also research the top researchers and professionals in your field to determine which programs are strong.  If 90% of the brokers at a top financial firm attended the Wharton School in Pennsylvania, you may want to consider the program for yourself.

Location

Your age and family situation will also play a large role in where you’re able to attend graduate school.  If you’re entering grad school immediately after earning your undergrad degree, you may not be tied down by young children or a spouse’s career.  On the other hand, if you’ve been out of school for a few years and are established in a particular geographic area, you may need to look for options in your field.  You may also want to consider programs that offer flexible course scheduling, accelerated programs or online courses that will fit into your lifestyle.

Cost

When it comes to the cost of your grad school education, the one factor that will have the biggest impact on your tuition bill is whether you’re considered an in-state or out-of-state student.  You can save thousands and thousands of dollars by going to school in the state you live in, instead of pursuing a program in another state.

However, if you’re determined to attend a great program in another state, you’ve got a few options to keep your student loan debt at a minimum.  The first is to apply and see if you qualify for any scholarships or grants.  Some colleges offer financial aid programs that pay the difference between in-state and out-of-state tuition – check to see if your chosen school offers this type of award.

Also, if you’re willing to delay entering grad school for a year, you may be able to move to the area in advance, establish residency and then enter the school at the discounted rate.  Of course, a few caveats come with this approach.  First, don’t try this if you aren’t absolutely sure you’ll get into the program.  Waiting a year only to find out that you’ve been denied admission to the program won’t do you any good.  And double check the residency requirements for your potential program – some require more than a year of being in the area or won’t extend residency privileges to students who’ve moved to the area specifically to pursue an education.