If you want to get into aviation, then keep building your time and skills. Don't go into debt as you do it. When the industry turns around, you'll be ready.

I wouldn't get a masters just to get one. If you want to get into a field that requires one, then by all means, do it. It just won't help at the airline interview.

Your aviation degree will help a bit at the airline interview, but will be far less value to other employers. Education seldoms hurts.

Aviation employment is like a wave. It goes up and down. To many in the industry, we down play the effect the economy has on others. Everything is down. We will look back on this time as one of the worst downturns since the depression. Individual sucess in aviation is based on were in the cycle you get on and pure luck. Call me in 23 years and I'll tell you if I made the correct choices. The second issue is that aviation has many paths and unless your hell bent on an airline career, then keep your eyes open. There are many ways to make a living off aviation.