Scholarships and Financial Aid
A good grad program will be accredited and offer partial scholarships or financial aid. Do not be suckered into an expensive "brand name" school. Often, schools lower their acceptance rate policy for grad schools because they know they can count on people paying full price. They know that a graduate degree is easier to justify paying full price because it is not four years of undergrad. Just be careful when choosing a school so that you do not end up at one that is a colossal wait of time and money.
Any school you are considering needs to be accredited. If it is not, then any potential career you want may not consider your education as valid. Thus, if the school is not accredited by any form of higher institution council, then avoid it. The only exception to this rule is if it is a new program and it is waiting for its accreditation. However, even then try to avoid institutions that are not yet sanctioned under a governing body. This is for your own protection as student, and for your future career.
Is there a place that you love, but it lacks grad school programs? Perhaps you love a school, but its location is dismal. You need to think about the career you want to have. Most people enter thing business need to be in a place where they love because that is where they will intern and meet contacts. Do not go to business school in an area where you do not see yourself settling down. The same thing goes for researchers or doctoral candidates. You will be spending a lot of time at this school. Do not go somewhere where you would be miserable.
The school you choose should help you with your career.Grad school is not like undergrad where there are many things to factor. The only reason one applies to grad programs is to help advance their career. If it does not have the connections or programs you need, then look somewhere else.
In conclusion, there are many reasons that should factor into your grad school search. Just make sure that you are willing to spend the money on a program that will give you everything you ever wanted.