[MrMon]

I think you may need to look at this in a slightly different way. The real key is, what is the salary difference between someone with a bachelors and a masters? It can be quite substantial, I've often seen numbers in the $7-10k range, though I'm sure there are variables by district, etc. Let's say it takes you roughly the same time to get the two bachelor's vs. the bachelor's plus teacher cert just short of a masters. You will start at the same salary this way. The difference is, you lose grant money (and some should available at the grad level), and have to switch to loans. You can get nearly 20k per year at the grad level, but you don't necessarily need to take all that. In Missouri, if you become a teacher at a public school, you repay the loan at an interest rate of 0.75% per year, I suspect Illinois may have a similar program. So just figure you need to repay whatever it costs to go to school, vs. no repayment. Let's say it costs $20k in loans to go the just short of masters route vs. a free two bachelors route. How many years will it take you to get the masters, with increased pay, with the school paying the cost, i.e. for free?

So let's say you get the masters after 1 year vs. 4 years. That's three extra years at the higher rate. Does that cover the cost of the loans? That's the breakeven point. Adjust according to how much it will cost in loans, the time difference in degrees, and the salary difference. And you need to see if you'll be at the same salary level after you have masters in both options - e.g. will you earn more with 4 years experience, 3 at masters, vs. 4 years experience, new masters. A lot of variables, but that's how you have to approach it.

A couple of other things to think about. If you get your degree now, you might be able to get into some sort of accelerated program that will start this summer and get you teaching by Fall '08. That could make a big difference, and it may be possible in a master's program vs. two bachelor's. Two, why not go for those suburban jobs? If they pay more and they'll take you, go for it. Three, don't believe everything you hear from the Ed School about teaching jobs. They want you to go sacrifice yourself in some inner city school while they hang back in their cushy university job. The Ed. School is full of people who teach one theory but never live it themselves. Don't play that game, look out for yourself, everything they say may not be true. Three, consider teaching outside of Illinois, especially if it makes a big difference in pay, how long all this will take, and what it will cost you. If the system is that screwy, look out for yourself and go elsewhere. Teaching credentials can transfer pretty easily from state to state.