Read the school's national rankings before you do anything else. Numerous companies offer a ranking of the top 50 or top 100 programs in a given field, showing the competitiveness of each program. The Poets & Writers Creative Writing Rankings offer a resource for creative writing applicants, and the U.S. News Fine Arts Ranking offers a great list for those interested in fine arts.
Research funding at the institution. Because funding for MFA programs may be scarce or non-existent in many graduate schools, determine the program's ability is to fund its students. Cost of the program, available stipends, fellowship offerings, tuition remissions, health care options and scholarships are all things to consider when applying to these programs. Programs with good funding can alleviate a lot of the financial burden of graduate school.
Analyze the placement rate for recent graduates. The placement rate refers to the number of graduates who have jobs immediately after graduating. Consider the types of jobs that recent graduates receive, then ask yourself if these kinds of jobs coincide with your idea of the type of job that you want.
Look on the school's website for the names and specialties of the faculty that teach the MFA program. Go to a program with faculty members who inspire your work and help further your craft. Working with certain individuals or schools can be very formative in your artistic process, and so you want to be sure that you're going to a school that has like-minded faculty.
Ask current students about their experience in the program. If you have friends or see a group on a website dedicated to students in the school's MFA program, then ask these current or former students about how they liked the program and what courses offered the most to the student.
Familiarize yourself with the demographics of the school. Percentage of in-state students, race, gender, international populations, size and age are all important considerations for you. A large program offers a lot of peer interaction, but also limits one-on-one interaction with faculty. A small program has personalized education but very limited peer interaction.
Visit the MFA schools that interest you before making a final decision. To really understand how a faculty operates and how you like the location, then you need to see the school firsthand. After you apply, schools usually request a visit if you got accepted into the program. When you go on your visit weekend, ask plenty of questions, talk to other graduate school students and attend all events.