I want to apply to two highly competitive graduate schools. My concern is my GPA, which is a 2.5. However I have a wealth of experience. The two programs do not specify GPA. Other schools require a mandatory GPA of 3.0. Should I apply, with the risk of not getting accepted and reapplying next year? Should I wait and improve my credentials?
Now, to consider your specific situation, remember that graduate programs look at your overall application. Grade point average (GPA) is one part of that application. What else matters? Scores on the Graduate Record Exam (GRE) because they measure aptitude. GPA tells the committee what you actually did in college. But academic performance in college may not predict academic achievement in grad school, so admissions committees look to GRE scores as a primary indicator of applicants' capacities for graduate study.
Also recognize that the value placed on GPA depends on what courses you've taken. If you take challenging courses, then a lower GPA can be tolerated; a high GPA based on easy courses is worth less than a good GPA based on challenging courses.
Admissions essays are another important part of the package that can trump GPA. If you address the topic and express yourself well it can allay concerns that arise because of your GPA. Your essay may also offer you the opportunity to provide context for your GPA, for example, if extenuating circumstances harmed your academic performance during one semester. Beware of griping about your GPA or attempting to explain four years of poor performance. Keep all explanations concise and don't draw attention away from the central point of your essay.
Recommendation letters are critical to your admissions package. These letters demonstrate that faculty are behind you -- that they view you as "grad school material" and support your academic plans. Stellar letters can trump a less-than-stellar GPA. Take the time to nurture relationships with faculty; do research with them. Seek their input on your academic plans.
If you have a solid application package -- good GRE scores, an excellent admissions essay, and informative and supportive letters -- you can offset the effects of a less-than-stellar GPA . That said, be cautious. Carefully select schools to which to apply. Choose safety schools. Consider working hard to increase your GPA. If you're looking at doctoral programs also consider applying to master's programs (with the intention of possibly transferring to a doctoral program)

