I would say you’re way ahead of the game, because you already know how to use business-speak. This is an invaluable skill, because it turns a $2000 “I need a logo” job into a $20000 “brand development” job.

I would seriously consider looking at other schools, with a smaller price tag. I went to an expensive school, although it didn’t have quite the name recognition of Parsons, especially after Project Runway, but I have never felt like I make more or less than other designers because of it. I’ve met unemployed people with RISD MAs, and people making six figures with an AA in design from Yukon Community College (or whatever, not to single out that school if it really exists). The freedom of being able to take a job that you really want to do but only pays $30K is much better than getting an expensive degree and having to take a job designing annual reports for catheter suppliers to make enough money to pay your loans off.

J, while i can’t really comment on salary levels, because i am based in a different country I can certainly say i come from a similar position.

I studied business and marketing (plus some art classes and freelance work) as a BA and moved pretty much right away on to a design MA in what is considered the best arts university in the UK. I would prefer not to mention whom i work for, but i am fortunate enough to work for one of the world’s most recognized design agencies. I am not bragging, just trying to put things in context - I have worked hard to pay for my education and even harder to get to where I am. Certainly, I am not complaining, but as a word of caution I must mention that it is a job that is incredibly difficult to break into, especially if you really want to do the sort of work that you aspire to. I must say I found it extremely difficult to market myself to different employers, simply because of my (otherwise considerable) background.

I found the hard way that even though figureheads of the local design world evangelize about how there is demand for designers with a variety of skills far beyond just graphic design (a sentiment that clearly spoke to me) most design agencies and their respective art directors are generally difficult to convince, with or without an added graphic design degree and the absolutely mandatory killer book.

FeeltheKern is definitely right - people in the industry come from very different backgrounds and that rarely has a direct relationship to their pay or their seniority in the company. The potential paradox that you are facing is that your current skillset (and I am sure creative potential) may be far more relevant on a higher level in the hierarchy of a design firm - which is generally and sadly a level on which very little graphic design takes place and is far more decision-making and managing processes, but in order to get there you will find yourself in the junior circles of twenty-something young things that are fresh out of college, up to date, get paid a similar salary and are most likely do a better job, or at least don’t have the set of expectations of somebody with 5+ years of professional experience and a 120K in fresh debt.

If you are ready to completely wipe the slate clean and say goodbye to your accumulated experience for a while (or at least channel it in an appropriate way) - then by all means go for it - it is a discipline as exciting as everyone makes it to be, but make sure you demystify it well before you start up. Do a killer book, don’t take anything personal and be ready to get your hands dirty and eat humble pie for breakfast, lunch and dinner.

If this sounds like something you may want to do - go for it - I certainly did. :)