"You get paid to read?!"

My sister could not believe this when she realized that my PhD program was completely funded for and came with a monthly stipend.

Yup I'm basically getting paid to study.

BUT it comes at a VERY HIGH price.

Such as...

• I'm not considered a student anymore but a professional scholar. Sounds fancy and everything- "professional scholar"- but the reality is that those in my batch are considered the "newest" employees of OSU. Therefore I am currently the lowest of the lowest in my professional career. Stinks to be right at the bottom. Thank goodness I won't be anymore come next year when a new batch of incoming graduate students arrive...bwa ha ha ha :) 
• I'm overworked... 
• ... And very underpaid. Remember I said this is considered the start of your career? Well, how much money do you think the university can pay you? OSU is not Ivy League so we don't have lots and lots of funding. And even then I don't think Ivy League schools pay that much either. For example, by right as a Bachelor Degree holder, I can probably command at least $30,000 annually, you agree? Well... I'm getting *sob* way way way less than that. 
• There is no clear delineation between work time and home time in the history program. You are constantly thinking about your topic/ ideas, and there is always more work that can be done at home over the weekend/ holidays. 
• Reading, reading, more reading.
• Writing, writing, more writing 
• Discussions, discussions, more discussions- plus occasions when you lead the discussions
• Thinking about funding, funding, more funding... 

My PhD program is not the same as all other programs, so it might differ in your field. But I think there are some points that are across the board (like the underpaid part).

So please don't apply to graduate school on a whim, or just because you can't find a job. Think very carefully. Sure, you can always leave the program anytime you want, but by then, you would have wasted a lot of time, money, sleep time, leisure time and brain cells. THINK CAREFULLY. If anything, the application process should deter you already (so that's why... I always wondered why they made it so tedious!)

On the other hand, if you are a nerd like me and love being in the world of academia, i.e. you don't mind the following points I mentioned above OR you need the qualifications to get a better job in your field OR you have unlimited means, then by all means (no pun intended!), welcome aboard!