Applying for grad school (Ph.D. or Master's)?

This is going to be hopefully the first in a series that will detail how, and even if, to think about graduate school. I will treat this as a living document and will periodically update it to make the information relevant. In the future, I will write for both Ph.D. and Master's separately as they are two different kinds of beasts, but this entry provides a broad overview of what to keep in mind when thinking about going to graduate school.

The most important points, in my opinion, are:

1. Know why you are doing graduate school - this is not a sure-shot path to better career outcomes (especially with a Ph.D.). The hard truth is that graduate school is no longer about the pursuit of knowledge, but a professional decision.
2. Know your finances - graduate school is financial hell, especially if you are self-funded, cannot work on the side, so understand the tradeoffs between earnings and the value gained. Understand the differences between funding mechanisms, such as TA-ships or Research Assistants, to help fund the journey. Any Ph.D. program in the United States worth pursuing will be fully funded.
3. Pick a program that is tailored to your professional goals - do not go blindly into a program because you got accepted into it. Some great universities have mediocre programs, and vice versa. Know that the program matters! It is better to say no than to end up with a degree of limited value. Know the career outcomes of the specific degree program for the last 3-5 years, what's the employment rate, where are the recent alumni, what are the resources available, etc.
4. Name recognition is everything - this is tied to the last point about picking the right program. Almost always, having a recognizable name will outrank everything and be the better choice. University, Program, and Advisor, at least one of them needs to be a brand name, or the degree is a waste of your time.
5. If you are passionate about research in general, a Ph.D. is a smarter decision than a master's. In the United States, doctoral programs are almost always fully funded and accept direct admits from undergraduates. This alleviates the financial cost of pursuing a master's degree and saves 1-2 years in your academic journey. Secret: You can get a master's along the way to your Ph.D., and drop out without any repercussions. For various reasons, this is way more common than you think!
6. If you are an international student, think thrice and talk to other international students - regardless of where you are from and where you are going, international students are treated wildly differently by programs and universities. There will be unique restrictions, requirements, and rules for you that will dictate your experience during and after the program. Know them, understand them, and then decide.
7. Applications are a lottery; always apply early, far, and wide. Most decent programs receive far more applications than they can feasibly support, which means that many great candidates lose out. It is a lottery! There are ways to increase your odds, but ultimately, there is a chance involved. Always cast a wide net, apply early so you can take advantage of application fee waivers (yes, they exist for big schools!), and get some feedback on your materials.

In the coming days, I will expand on each of the points.