There are many benefits and deficits to being a Graduate student at college, and at the heart of it is the fact are you are even more in between school and "being in the real world" than you were even as an undergraduate in college! Here's what up:

If you're fortunate, you're working for the school

Graduate schools often offer what's called an assistantship. Which more or less boils down to being not only a scholarship to pay part of your tuition, but also a stipend so that you have a paycheck to live on while you slave away at 2 to 3 more years of higher education.

You're writing all the papers now, at length

All papers now are at least ten pages in length, which isn't bad. More commonly however are the 20 to 25 page papers that are assigned to a course, perhaps multiple times. As a graduate student, you get really good at writing papers and arguments that may or may not be sound, which brings me to my next point...

There's frequently no right answers

Not just because your professor doesn't like your answer, but as you work towards your Masters you're now exploring subjects that don't necessary have a right or definitive way about them. Sometimes the question you have to answer is simple a question of hermeneutics, of what context or framework you're analyzing a subject from. The things you address as a graduate deal more with the why we express things the way we do and to what end? And in the end, there's hardly a strict black and white answer to these kinds of questions, just more right and more wrong.

It feels like Finals Week, every week

Between working for the college and trying to keep up with massive amounts of reading and writing and making arguments it's a marvel that your coffee machine hasn't turned in their two week notice yet. There's always that one lull in the semester, which is no time to relax, but to catch up before midterms or finals or some other obligation pops up.

It's Amazing

Maybe I'm a glutton for punishment, or maybe I just really like learning about German Romanticism in all its nuances, but I have no regrets starting my Graduate education. The adjustment has been challenging and I've been pushed to new limits, but it's that push that makes me grow the most not only in what I know, but what I can know. The limits of my worldview are expanded by asking the hard questions on a weekly basis, and furthermore really attempting to answer them. (Help me)