Deciding to pursue graduate studies can be daunting, especially when misinformation or misconceptions cloud your judgment. If you're deciding whether to apply to a master's or PhD program, you may have found yourself in a thought spiral, asking questions like: What if I can't get a job after grad school? What if I can't handle the pressure? What if I'm paying back student loans for the next decade?

The "what ifs" can feel overwhelming, and for all the good information out there about graduate school, there's just as much misinformation. To make the right decision, you need a balanced perspective that's based in facts ? and we're here to help.

We've rounded up the seven myths that we hear most often about graduate school to set the record straight and strike a few misconceptions off your list.

Myth #1: You must attend a different school for grad school

While switching institutions can broaden your network, staying at the same university offers continuity and support. Familiarity with faculty, systems, and peers can ease the transition. Cameron Morgan, a Physics PhD student at the University of Waterloo, benefited from strong relationships with professors and peers, which helped him secure research opportunities and thrive academically.

Truth: Staying at the same school can strengthen your application and research experience.

Myth #2: Grad school only leads to academic careers

Graduate degrees are increasingly valuable in industry as employers seek candidates with advanced problem-solving, leadership, and communication skills. Like Madison van Dyk, who applied her PhD research in mathematics to an internship at Amazon, solving real-world logistics problems.

Professional programs also prepare you for specific careers, as they are developed in close consultation with industry professionals and taught by instructors who are experts in their field. This means you develop in-demand knowledge and skills that make you a more competitive job candidate.

Truth: Grad school opens doors in both academia and industry.

Myth #3: You should go straight from undergrad to grad school

Taking time off before grad school can be beneficial because life and work experience enrich your learning, and studying as a mature student can also give you a clearer sense of your purpose and goals, as well as greater financial independence that eases the burden of tuition and living expenses.

There are countless success stories of Waterloo graduate students who decided to return to school after years spent in the professional world. Vega Kapoor returned to school to pursue her master's after working as an actuarial analyst, seeking mentorship and deeper expertise. Augustine Osei gained Canadian agricultural experience before starting his PhD in sustainability, which helped him contextualize his research.

Truth: A break between degrees can enhance your grad school experience.

Myth #4: You need to know your exact research topic before applying

Many students refine or change their research focus during their program. Having a general idea and aligning with a potential supervisor is more important than having a finalized research topic. Get to know your potential supervisor's research and chat with them in advance to make sure it's a good match.

Truth: You don't need a fixed research topic ? just curiosity and direction.

Myth #5: Grad school will leave you in massive debt

Depending on the program you choose, graduate studies can be a significant investment, but that doesn't mean you have to endure financial hardship to go to grad school ? funding options are available. Waterloo offers minimum guaranteed funding for full-time PhD students and many research-based master's students. Course-based programs are typically self-funded, but scholarships, loans, and paid internships can help. Financial planning and exploring funding opportunities are key to managing costs.

Truth: With planning and support, grad school can be financially manageable.

Myth #6: Grad school is just a harder version of undergrad

If your undergraduate degree was challenging and rigorous, that must mean graduate school is even more demanding, right? Not exactly ? in fact, it's difficult to compare the two. In grad school the bulk of your work is more self-directed and less structured. If you're doing a research-based master's, you have only a handful of courses and the rest of your time is spent working with your supervisor and conducting research independently. Even with a coursework-based master's, you could be spending 20 to 30 hours a week reading, writing, and studying on your own if you're taking the program full-time.

Truth: Grad school is different ? not just harder ? and offers more autonomy.

Myth #7: Grad school means putting your life on hold

As a graduate student it's possible to successfully balance studies with personal commitments. Flexible program formats, including part-time and online, allow for life-school balance. Humaira Shaoib, a PhD candidate and mother of three, integrates her academic work with leadership and family life. Her research and community involvement reflect her values, showing that grad school can complement ? not compete with ? your life.

Truth: Grad school can fit into your life, not take it over.

Final thought: Trust the facts

There's a lot to consider when deciding if and when to go to graduate school. Separating fact from fiction will help you make the best decision for you.