I recently submitted a column to my editors over at MainStreet.com that supported working for free, like interning or volunteering, at a company instead of paying up for grad school. Sounds nuts, huh? I’ll post that story here shortly.

In the meantime, here’s some advice for those weighing the pros and cons of a graduate degree. I understand a grad school experience and degree can prove incredibly valuable in the workforce, and in some cases is necessary to pursue a certain career path (think doctors, lawyers, rocket scientists). Full disclosure: I have a masters in journalism from Columbia.

And as the economy drags and the job market weakens, it’s inevitable that workers – especially newbies who just graduated from college with few options – will begin contemplating going back to school to 1) kill time and 2) brush up on their skills to become more employable when the market picks up. The London Business School and the Stern School of Business at New York University, for example, report double-digit jumps in applications last year. While a higher degree often leads to higher quality work and a better salary, the initial investment to attend a graduate program whether for business, law, social work or any other category, can be quite daunting. Who’s to say you’ll ever really recover that money in good time? On average, grad students owe about $30,000 upon completing a master’s program, according to Kaplan Test Prep and Admissions. The organization also found that over 70% of students preparing for the GRE said they were “very” or “somewhat” concerned about taking on debt from grad school tuition and its related costs. “Now more than ever you have to realistically assess what graduate school will do for you, and exactly what program will suit you best both personally and professionally,” says Priya Dasgupgta, GRE program manager, Kaplan Test Prep and Admissions.

Here are a few questions to consider before making the leap…

Am I Switching Industries? Often graduate school serves as a bridge when transitioning from one industry to the other. In some cases, like deciding to be a doctor, graduate school is unavoidable. Still, some transitions don’t require a specific degree. For example, for a teacher to entering the business world, an MBA might come in handy during her job search, but it’s not absolutely necessary. It may be better to get an entry-level position first at a bank by talking up her leadership qualities and finding referrals, then surveying the lay of the business land, speaking with as many industry veterans as possible to later make the decision whether to attend graduate school to further advance her career in business. In the meantime, she’s saved $40,000 a year in graduate school bills.

Can I Work Part-Time? A more time consuming and challenging, though, less expensive way to pay for graduate school. At least 50% of U.S. employees receive tax-free educational perks from their jobs, whether it’s taking courses for free that relate to the job or pretty much any class. Some employers may even pay for part of the tuition, if you agree to return to the same company full-time upon graduating for a minimum number of years. The federal government actually encourages this with a special tax code letting employers pay as much as $5,250 a year in tuition for courses pertaining to the job. Check with your human resources department to learn about your company’s education benefits program, often called the Employer Assistance Program.

Have I Exhausted All Financial Resources? While banks are increasingly getting out of the business of offering private student loans, that’s no excuse to quit your search for funding. Begin by filling out the FAFSA (Free Application for Federal Student Aid) at fafsa.ed.gov, which Dasgupta calls “the gateway to a large chunk of financial aid awarded to students.” Next step, one year before classes begin, talk to your local bank – preferably a credit union or small bank that hasn’t suffered from severe write-downs à la Citigroup – for available loan programs. Then Google the web and ask the student aid office in your graduate school for applications for private scholarships, school fellowships and teaching assistantships. Also consider peer-to-peer lending web sites, such as prosper.com and lendingclub.com, which eliminate banks as middlemen and directly connect individual borrowers and lenders.