Grad School???

Decision Making: To go to grad school or not to go to grad school?
Option 1:  Go to Grad School

          Outcome 1:  Get into Top Grad School
Value:  10
Prob: .2
Sum:  2
          Outcome 2:  Get into middle level Grad School
Value: 70
Prob: .5
Sum: 35
Outcome 3: Get into a lower level Grad School
Value: 40
Prob: .3
Sum: 12
          Expected Value of Option 1:  49
Option 2:  Don't Go to Grad School
           Outcome 1: Save lots of money in loans, Make money
Value: 50
Prob: .4
Sum:  20
           Outcome 2:  Don't get a Higher Level Position, Make less money
Value:  15
Prob: .6
Sum:  9

          Expected Value of Option 2: 29
I will most likely attend grad school in the fall and be going to a middle level Grad school.  The benefits outweigh the costs in the long run for me. The expected value is higher for attending grad school.