That's a good point. If you're already paying $750 a month in student loans than I'd be very hesitant to add more to that. That's more than my mortgage. If you can get the company you work for cover the costs than it makes a lot more sense.
In my case I might a decision to go back for my Masters. I'm a bit older than the average person on this board who is fresh out of college and looking to knock out the CPA right away. I'll turn 40 next year. So my undergraduate loans were significantly less than what they would have been today and they've long since been paid off.
When I was let go from my last company I figured that a Masters was an investment in myself and I knocked it out very quickly. It led me to my Federal Government job where, as I posted above, there is a heavy emphasis on education. In my case the starting wages of someone with a Masters degree is 20K a year higher than someone without. And that gap only increases because advancement is much more difficult for someone without a Masters (not impossible but much more difficult).
My Masters program was also a great foundation for the CPA exam. Reviewing for the CPA exam truly was review for me. There were very few subjects that I didn't already have a firm foundation already from my Masters. The only notable gap was Government Accounting on FAR since I didn't take that as an elective.
Besides I needed the 150 education hours for my license.
But blanket statements that a Masters is a waste of time annoy me. In some cases it might not be worth it but there are plenty of situations where it's extremely beneficial.
One last thought: An old manager who I was talking to made the point that the Masters is more and more necessary for management level positions because it's becoming more common for others to obtain. When you have a situation where people with a Masters degree are working under a supervisor / manager who does not have one than there are a lot of instances where those workers resent the situation since they feel they might be more qualified than the manager due to their advanced degree.
Anyway I'm done rambling now.