First, read this:
Theatre Communications Group - American Theatre - January 2011
Second. Watch two Senior Team members disagree:
Personally, I say put the brakes on, go out into the world, and see what its all about. The "real world" is different from even the world of summer
stock. You get a taste of it in summer
theatre, but its not the same as getting out and doing real work. Added to that, coming out of undergrad you are not really certain about what you want to do. You THINK you know what you want to do, but you don't know. Its not good to sink another 3 years into your education and get out only to realize that you don't like this field or can't make it in this field.
I know at least 4 people with MFA's right now, who are 30 something, and are now trying to go back to school to do something outside of entertainment. They spent a good amount of money on school, and now find themselves without work that can support themselves and their family. Being a designer is very, very, difficult. Universitys are cutting back their programs to pay less instructors, which directly effects most people with MFAs mealticket.
And then on top of all that... You need to have real world experience and have your MFA. If you get out of school, have a few summerstocks under your belt, and have an MFA you are really not that hireable outside of academia. No one is going to turn their show over to you because you don't have a professional resume'. You are going to have to start at the bottom just like everyone else does.
If you wait you also have a better chance of getting into one of the top tier schools. Yale, Carnegie, FSU, and those on that
level tend to give higher consideration to people with more experience. They know that a professional with a few years of real world expereince under their belt know what they want out of a program. They will push to get exactly what they want.
Personally, to me, an MFA without real world experience is pretty much useless. College
theatre does not work like the real world. If you do decide to get an MFA, you will have to remember that when you get out you won't automatically get the work that you expect. Like everyone else around you, you will have to work your way up. Until you get more experience in the real world, you will have to take production jobs that you are going to feel you are way overqualified. You also have the possibility of not being hired positions because you are over qualified.