Hornet beat me to it; but i already started writing and didn't want to delete.
Basically; I was going to say that the biggest advantage and reason you should consider grad school opportunities out of the academy if you can get one, is because if you stay in the air force, you MUST get grad school done eventually anyway. Some don't have any problem with eventually meaning 3,4,5,,,8 years later.
Here's why you should pursue grad school slots out of the academy if you are fortunate to have that opportunity/option.
1. You've already gone through 16 years of school. Your brain is still wired for academia. Most master's programs are 18-24 months long. Some rare opportunities like RAND (Which is where Hornet is at), is a PhD program and is 3 years long. But it's a lot easier to go straight into a grad program than to take 3-8 years off.
2. Getting a grad degree in resident, while getting paid Lt. Pay, is a lot easier than taking part time night courses or internet on-line courses. (While still doing your job for 8+ hours a day). I was enlisted, and it took me 7 years to get my first degree because of working a full time military job and trying to go to school part time.
3. By the time you're ready for this grad school education that you MUST HAVE if you want any chance of staying in the air force..... even if you're a pilot; you're probably going to be married by this time. Good chance that you have a little Mary or Mikey running around. You're going to be doing your job; spouse probably with a job; taking care of little Mary or Mikey; going to school for their events; trying to have a social life; and with all this, taking night classes or online classes trying to get a master's degree.
It is so much simpler to give up an additional 18-36 months to get your grad school done without being married; without having to work a full time job; without taking night/online classes; without kids; etc... Yes, you could be married and with kids during grad school. But the school becomes your FULL TIME JOB.
Of course, this is all dependent on whether or not you apply and get accepted to grad school. In an average year, it's usually no more than 10% of the class eligible for grad school. And that number would be on the high side. And depending on your major and your career field when you graduate, you may not get selected for grad school. Either way; if you can get the grades at the academy; can get the class ranking; and have the opportunity to apply to grad school; you should.