As jobs are scarce these days, many college graduates, unable to find gainful employment are going back to school.  But is this really a good idea.  Sometimes its a good idea and sometimes it is a very bad idea.   Here are some things to consider. 

1)  Am I going to learn a skill?  Don't just go to school to pass the time.  If you aren't going to learn a marketable skill then there is no point of going to school at all much less returning to school.  School is expensive so go there with a plan, and to get a good skill.  A friend of mine earned two masters of music from an esteemed university before finally realizing he needed a skill that could earn him a living and thus went to a tech school and became a radiology tech.  If you really want to go back to school to earn a skill, you should seriously consider a tech school.  They are normally cheaper and can teach you something useful.  But don't be fooled by those very expensive private schools that advertise on TV all the time.  Search around and I bet you can find something for a whole lot cheaper (see #4 below). 
 
2)  Can I afford it?  After graduating college most former students are saddled with debt.  Can you afford to create more debt by returning to school?  Do some research into how much you will make conservatively in your chosen profession and then ask what that comes out to once loan payments are figured in.  Trust me, in this market, $100,000 for law school probably isn't really worth it.  You'll be lucky to get a $45,000 a year job right out of school, if you can find a job at all.  

3)  Do I have a career plan?  Make a career plan.  This is very serious.  You need to decide what you want to do and ask yourself what is the best way to do it.  If that means more school refer to #2 above.  Don't half-ass the plan either.  Sit down and write it out.  Figure in how much school will cost, how much you will conservatively earn make afterward graduation.  Also research the market to see if it is already saturated.  Talk to some people in that profession already and get their opinion.  Most people are willing to talk to a person who wants to follow their career path.  Pick their brain.  Make sure you have a list of specific questions that will help you on your way.

4)  What school will I go to?  This is extremely important.  Consider law school for a second.  Most of the books you read will tell you to get into the best law school you can.  This is WRONG!  You should look for the best law school at the best price, in the state, or at least region you would like to work.  If you want to work in Ohio, don't go to law school is Georgia (unless a Georgia school offers a full ride and you can't get one any closer to Ohio).  Also don't pay $100,000 when you can get the same education for $30,000, unless of course you are independently wealthy, which means you really don't have to worry about any of this at all.  Trust me on this one, I had to learn it the hard way. 

With the current state of the economy, Americans often times no longer have the luxury of doing what they "want to do."  So be smart about it.  Too many students only look at what they are "interested in."  Instead, look at what skills are marketable in the region you want to live in.  Then compare them based on tuition price and earnings potential.  Once you have narrowed that down, then see which of those you would most enjoy.  Otherwise you risk a great education in an interesting field, while still living with your parents and trying very hard to pay off student loans without a job.   But remember, jobs will most likely be scarce even after you get out of school with another degree.  So be sure you can get a good job with that degree, and you will not be paying off loans until the day you die.  Finally, never, ever go back to school just to pass the time. 

If, after reading the above you still want to go back to school, make sure you read the Great College Hoax from Forbes.