It's a smart move, especially if you can land yourself a stipend and get your education without adding to the loans much.

I've actually looked into going back for my PhD or another master's even though I got my last master's over 12 years ago. The job market sucks right now, and pay is dropping fast in those jobs that are available. I might be just too old to get a stipend from any school though....bleh.

Honestly I really enjoyed graduate school and thought it really helped me understand my field a lot better....so if you can do it I recommend it - regardless of the economy.