For an interesting look at the value of a Masters Degree over its costs, take a look at this Times article. Clearly there are significant differences from field to field, but the perspective of several long time academics and administrators is interesting:
The next bubble to burst will be the education bubble. Make no mistake about it, education is big business and, like other big businesses, it is in big trouble. What people outside the education bubble don’t realize and people inside won’t admit is that many colleges and universities are in the same position that major banks and financial institutions are: their assets (endowments down 30-40 percent this year) are plummeting, their liabilities (debts) are growing, most of their costs are fixed and rising, and their income (return on investments, support from government and private donations, etc.) is falling.
This is a darker perspective, and one I share, but it is interesting, isn't it? The whole industry doesn't seem sustainable. Check the debate out, there are three perspectives to consider.
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