Career prospects: going to grad school

I've recently been involved in several discussions about whether online schools are really helping their students.  In particular, do they prepare people for the job market?  I can't comment on how this works in other fields, although many are probably similar, but here are my thoughts on IT degrees:

The Oversell

I think that many schools oversell the value of their degrees.  A degree is useful and often required, but it's not a guaranteed ticket to your dream job.  Many schools report that X% of their graduates received a raise or promotion after graduating, but these are rarely automatic.  If you're considering going back to school, the burden is on you to figure out what a degree can do for you and how it fits into your career plan.

What is your narrative?

I've run into a few people who either have no work experience or who are in entry level jobs and have completed graduate degrees in IT.  I think education is a good thing and there's nothing inherently wrong with earning a graduate degree, but you have to think about how it fits into your personal narrative.

Attending an online for-profit school

A few years ago, I decided to go back to school to finish a bachelor's degree.  The school I ultimately chose was Capella University, an online for-profit college.  Online universities, and for-profits in particular, have a poor reputation, but I decided to attend anyway.  Here's my take on for-profit universities and why I plan to return to Capella to finish a master's degree.

Availability

I live in a small town.  When I started going back to school, there were no night-time or degree completion programs that I could take advantage of.  I would have loved to go back to school full-time and attend a well-regarded university, but I support a family and can't afford to relocate and quit work in order to go to school.  I needed a degree program that I could complete while working full-time.