How to Decide Between Graduate Programs When Funding, ROI, and Acceptance Rates Are Questionable
- Justin Grimes
- 2 days ago
- 5 min read
Right now, you are trying to make a major decision on which program option to choose.
Option 1: Flexible, online, 1.5 years, private, for-profit
Option 2: Flexible, Hybrid (primarily online), 2 years, public, 4-year institution in-state
Having options is a great thing. When it comes to selecting a graduate program, it's more like a 5-star restaurant than fast food. Sure, you can choose anything, but you're worth more than a $10 burger combo.
When you say yes to the institution, you want to be confident in your decision. Yet, things feel much different because the stakes are much higher.
The graduate school landscape in 2025-26 is shifting rapidly. Funding sources are tighter for many programs, federal student loan access is changing, and the number of applicants far exceeds the number of funded slots for many degrees. Applicants must make strategic choices about where, how, and why they apply to graduate programs rather than relying on assumptions from the last decade.
So what should you consider when applying to and deciding on graduate school?
Here's a set of criteria to consider that helps you with researching and applying to graduate programs, plus questions you should answer for yourself before committing to a program.
1. Clarify Your Goals and Define What You Want From the Experience
Start by answering these questions:
What do you want your degree to do for your career? Are you seeking advanced technical skills, career pivoting, higher earning potential, or professional credentialing? Most students pursue graduate study primarily for career advancement.
How will you measure success? Is it job placement rates, salary growth above the cost of the degree, industry connections, or something else? Some programs produce strong financial ROI while others do not.
What type of delivery format suits your life right now? Many students now choose hybrid or online options to balance work and family with study.
Having clarity here will help you filter programs that align with your objectives rather than just chasing prestige.
Question: Which program will help me advance professionally in the long term?
2. Research and Compare Multiple Programs
Even if it's your top choice.
apply to more than one program.
Yes, I said that.
Graduate school is competitive, which is why you don't want to...
Most applicants should consider applying to multiple programs to improve their chances of acceptance, especially since many institutions have become more selective. For instance, if 2 doctoral programs you are interested in are at large research universities with acceptance rates below 15 percent, it is beneficial to have 3 additional options with higher acceptance rates.
When building your list of programs, consider factors beyond what's on admissions webpages.
Career outcomes: Look for transparent data on job placements, employment sectors, and average post-graduation salaries. Some programs publish dashboards or alums outcomes that provide real insight into ROI. If you can't find it, email the program's graduate coordinator or director to get the information.
Cost and Funding packages: Tuition isn't the only number you should watch. Compare stipend levels, teaching or research assistantships, scholarship opportunities, fees, cost of living, and the proportion of students who are fully funded versus self-funded. Funding landscapes have tightened for many institutions, making money a deciding factor.
Student support services: Opportunities for career advising, internships, mentorship, wellness, and professional development can make a difference in how you experience and complete your program.
Program flexibility: Course delivery, part-time options, hybrid schedules, or evening classes matter for working applicants.
Health and wellness: Some programs offer discounted or full health insurance, access to wellness programs, financial planning services, a fitness coach, or cooking classes. Yes, I said cooking classes. I took a few on healthy eating, and I still make the recipes. If you can't cook, this might be a great chance to learn how to at little to no cost.
Assignment: Join the Grad School Collective coaching program to access exclusive resources on funding your degree, writing a personal statement, interview tips, and more. Our goal is to help you make informed decisions about where to apply.
3. Understand the Financial Picture and Funding Realities
The cost of graduate school is a top concern for applicants today. Weekly, you see articles on Inside Higher Ed or The Chronicle of Higher Education discussing how cost often outranks even accreditation in how students make enrollment decisions.
Funding options to explore:
Full or partial assistantships (teaching, research, or graduate assistant roles)
Scholarships and fellowships internal to the university or external (professional societies, foundations, industry partners)
Employer tuition reimbursement if you are working
State, nonprofit, or lower-interest loan alternatives when federal options are limited.
Choosing an in-state school. It can be a substantial cost savings.
It's called a for-profit for a reason. How do you think they make money?
Changes in federal student loan policy are affecting access to graduate student loans and shifting borrowing limits for many graduate students beginning in 2026-27. This underscores the urgency of securing institutional or private funding before relying on loans.
Before you apply, list the actual cost you would pay for each program after subtracting guaranteed funding and expected living expenses. This net cost is essential to evaluating ROI.
Do you want help tracking grad school costs and your budget?
Please email us at info@applytograduateschool.com to request a copy of our A2GS Budget Tracker, which can be used to quickly compare income and expenses to determine whether graduate school costs are affordable and which funding gaps need to be addressed.
4. Prepare a Strong Application and Start Early
Applications to graduate school remain detailed and multifaceted. Common components include:
Transcripts and evidence of academic preparation
Personal statements or statements of purpose tailored to each program
Letters of recommendation selected from people who can speak directly to your abilities and fit
Test scores, if required (such as the GRE, though requirements and weighting vary widely by field)
Start your timeline early so you can reach out to recommenders 3 to 6 months before deadlines, draft and revise personal statements, and organize required documents. A master deadline calendar across all your target programs is invaluable.
5. Engage With Programs Personally Before Applying
Research and connect with faculty members whose work aligns with your interests. Participate in webinars, attend virtual tours or information sessions, and reach out to current students and alums.
Engaging in these activities can help you gain insights that may not be evident on a website.
Talking with real people provides insights into things like departmental culture, the availability of mentoring, and whether programs live up to their promises in practice.
Assignment: Find and schedule a meeting with a current student or alum from at least one program to which you want to apply.
6. Make a Decision That Fits Your Timeline and Uniqueness
After you receive admissions offers, compare them not only on prestige but on the total value they offer you personally:
Questions to consider:
Which program's offer aligns most closely with my career goals right now?
Which program offers the best combination of funding, support, and prospects for success?
How does the network of alums and employers associated with the program strengthen my future opportunities?
Take this next step
Today's graduate school landscape rewards thoughtful, well-researched decisions, not rushed commitments. Programs differ widely in funding stability, student support, and long-term outcomes, which means the right choice is the one that aligns with your life, goals, and values.
You do not have to make this decision alone or in a rush. Click the button below to schedule a 15-minute call with Dr. Justin Grimes to map out a plan to select the right program for you.
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