I'm currently studying a Masters paid for by my employer. It involves a research dissertation and I hope to submit this summer. I'm really enjoying the research and the topic. I've always liked to learn and build up my qualifications and the topic is something I've had a long term interest in and work experience in. My tutor is confident I'll obtain a distinction and is encouraging me to consider going on to do a PhD.
I'm in two minds about whether to do one though, and I'm weighing up the pros and cons. I wanted to know what others would do in my circumstances?
Pros:
Getting further qualifications
Getting to call myself 'doctor'
Potentially moving into an academic job (there is little scope for progression with my current employer, most people just move side ways)
Continuing to study something that really interests me
Potentially getting a higher salary if entering an academic role
I'm about to finish paying off my car so the monthly payments could maybe go towards study instead and no worse off
DH is supportive
Cons:
I work full time, earning £35,000 a year. DH earns about the same. I cannot afford to give up this salary to do a full time PhD as we have mortgage and bills to pay
I have no savings nor would I be eligible for any loans/grants - the new £25k loan is not applicable in Scotland it seems
I could do the OU and pay instalments but it's still over 2 thou a year, going up each year
It would be 6 years of study and take up most of my free time
We want to start putting some money away for our DD's future and I also want a new kitchen!
I'm disabled which could make travelling for interview etc difficult
My DM says spend the money on my house, holidays, and DD's future and further study is not needed.
Would I even get into academia and would it be better paid/benefits etc than the public sector which I'm currently in?
So my questions is basically WWYD?