One thing is certain: grad school is getting more expensive. Between the 2003-04 and 2007-08 school years, the average annual price of grad school at public institutions rose from $25,700 to $29,000. Some schools’ rates are rising faster than inflation, and many professional institutions are charging 60% more than they did ten years ago.

Attending graduate school is a big decision, now more than ever. And, after deciding to go for that M.A. or M.B.A., one of the next questions on many students’ minds is “Should I work during school?” For people who are not eligible for government loans or scholarships, working at least part-time during school may be an absolute necessity.

But students who have loans, grants, or parental aid to keep them afloat may wonder if balancing schoolwork and a job is worth it. Sure, a part-time job offers spending money and may even help pay a few bills. But could the five, ten, or 20 hours spent working be better invested in studying—a sounder long-term investment?

I asked some of my fellow graduate students this question, and they offered mixed answers. One student, Carla, chooses not to work during the school year. She finished her undergraduate degree in 2009 and worked full-time for two years to save up for grad school. She said that although her decision to not work now during school may hurt financially in the short-term, her time at school can be better spent planning for her career.

“I’m just not going to have time [to work],” she said. “Also, I’m trying to find an internship. Finding internships is more important for my career than a job…I know that it’s bad for me money-wise, but I’m hoping I find a good enough job to pay off my loans.”

Carla’s classmate, Daisy, is taking a very different approach. She works two jobs: one managing the Upright Citizens Brigade, a celebrated improv theater in New York, and the other, assistant-producing the Moth Project, a storytelling performance group. She spends 16 to 20 hours per week at her first job, and around eight hours per month at the second. How is she balancing a rigorous graduate program in journalism with her hectic work schedule?

“It’s balancing in part because I started looking for work on Friday and Saturday nights,” she said, explaining that most of the interviewing she does for her journalism projects takes place during the week. Still, she says she takes advantage of short blocks of downtime at work to catch up on studying. “I do a lot of my reading there,” she said, “I try to make the most of my time there.”

Are you a graduate student? Are you working during school? What factors went into your decision to work or not work? What are some challenges you have faced in balancing work with academics? Join the discussion by taking the quick survey below (and stay tuned for the results in an upcoming post).

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