Pursuing my MS- Part time or Full?

[JKW333]

Mods, feel free to move this as I understand it may not fit, but I felt I would get the best answer here.

My situation: 24yo, $20k savings. I graduated last year (Biology BS) and have been working on contract the past 14 months at a Fortune 10 R&D facility. My contract is for 18 months and I should be hired permanent at completion pretty easily. Starting package is 54k + Tuition reimbursement of 9k/yr. While this job is not exactly what I want to be doing down the road, I find it to be great resume experience and very tolerable.
I want to start on my Biomedical Engineering M.S. in Fall 2008. I have to decide between part time school (almost free with reimbursement+gained work experience but length of 3yrs) or full time (1 yr program). The two main components of my decision are financial and career. Engineers at work with an M.S. make 73k starting.
School would cost $39,500 full vs. $14,000 part time not counting reimbursement. I seem to waver back and forth but my gut says that part time is a no brainer at this stage in my life, financially and experience wise. Any input on the situation is greatly appreciated.

Regards,
J