When I was a public health nurse, I went back to school and got a Masters in Public Administration. I simply paid for it out of pocket, so no loans, debts, or any of that. It was fascinating and life-enhancing, although it didn't really translate into helping me advance in my career. I have mixed feelings about it--probably shouldn't have spent the money ( it was around $25,000)--but it sharpened my writing skills and my ability to network on the computer--doing team projects and so forth with people I never met in person was a good learning experience for me. And I realized that I wrote better than most of the people I interfaced with...so did a lot more writing after graduation. (Did not profit from it financially though.) I got the Masters on line, but the college was five minutes from my office, so I could run over to school to go to the bookstore, talk to a professor in person--things like that--very easily. My husband didn't mind about the money--he was a big supporter of education...and we had plenty of savings and investments at the time. I think you need to weigh up what the degree costs, how the time and energy it will take will impact your home life, and whether it will translate into a better job or more money. My own personal opinion based on what the OP has said is that in their situation, I would not go into debt to get the Masters. I'm wondering if it is a job requirement for the fiancee--or just why she wants to get the Masters at this time. On the surface of it, it appears wiser to work and save the money. But the OP and the fiancee are not married, which puts their financial picture in a different light. I'm wondering if marriage is in the near future? If not, the fiancee can do as she wishes, but if the two are getting married, obviously they will have to sort out this issue beforehand.