I've recently been accepted to a masters program through a not-for-profit that partners with a university. I'm attempting to measure the value of the cost against my expected increase in earnings (and temporary decrease).
Since I will be working for a state agency in either situation my future earnings are very predictable.
I currently make 49.3k with a max of 54.3k in four years. Salary Schedule
During the first year of the program I'll receive a stipend of 20k. The Second year I'll work as a first-year uncredentialed teacher at 36k. And from there I'll start at 50k with a max of 72k over the next 12 years. Salary Schedule
If I complete the first year of the program I'll receive a 6.5k grant. If I sign-up for and work in a low-income school for another 2 years after my program I can receive another 8k grant. The cost of the program is 40k and my interest rate is 6%.
Cost of living adjustment is 0.0%-2.5% per year for both jobs at equivalent rates depending on the state of the economy.
I'd like to know what the equation would look like to measure the length of time before my new earnings exceed the cost of transition away from my current.