Getting engaged is a huge step. There are so many reasons why people get engaged, and oftentimes, it's not for the best reasons. Security, financial reasons, love, family honor, and societal pressure are among the top reasons many people decide to get engaged and commit themselves to their relationship.
But when do you know when the "right time" really is? Unfortunately, that's dependent on a person-to-person basis, but there are some general ideas that should show you when you're ready to take the plunge:
Starting off a union when your finances are in order and you've got enough saved up to last you a while, (enough to move out on your own, go on a honeymoon and pay off your wedding,) is ideal. When you don't have to worry nearly so much about how you're going to pay the bills and have some cushion room to enjoy your time together as newlyweds, it creates a lot less friction. Lots of couples end up fighting over their finances, and when that obstacle is out of the way, it can make for a far more harmonious relationship.
When your parents are confident and happy about you being with a certain person, it's a huge step towards creating a happy life with someone. When a family doesn't agree with your decision or is antagonistic towards it, it can also create a lot of problems. No one wants to constantly be defending themselves in the face of family disapproval. While having your family's blessing is important, it's also vital to realize that you shouldn't get engaged solely because your parents want you to. If you're not ready and jump into something simply to make others happy, you'll always wonder "what if... "
Getting engaged, planning a wedding and being married is hard enough. But when you're taking your finals, writing copious papers, and studying into all hours of the night, it just makes everything seem way more stressful. Of course, there are plenty of people who manage to do both at the same time, but it is ideal to do it after you're done with school. That way, you have hopefully found a career in your field and are already on your way to being successful and stable.
Did you travel? Did you go places perhaps you couldn't if you were engaged or married? Did you have fun, experience the freedom of singledom, and enjoy being on your own? There are a lot of unique experiences that you'll have when you're married, but there are also many that you should have before you take the big step. Live your life to the fullest and do everything you ever wanted to do. Now is the time.
If you've gotten to know them and know they are the right one, you'll be able to take the next step without hesitation. Only you will know when the right time is, but remember to think about the decision logically and make the right choice.