CivilTom,
It sounds like you are in the early stages of your career. I have some advice for you, and please, please take it to heart as soon as you can:
In any position other than government, you are not paid for who you are, or what you know, or what certificates you have on your wall, or what color hat you wear. You are paid for the profitable results you produce. Pure and simple. Period. Many young engineers, having spent most of their time so far around academics, tend to come into the real world still thinking like teachers, meaning "more degrees = more pay." Not so. More results = more pay. If the extra degree allows you to produce more vaulable work then you can demand more for your time (from your current or potential future employers), but its not because you have a degree. It is because you produce more valuable work.
But don't think I am not recommending further education. Far from it! Many years ago I knew a guy whose company had just purchased a 3D cad system. They wanted him to get trained on it and would pay for the training, but they would not pay for his time in training. Because of that he refused to get trained. How short-sighted can you get? Being self-employed at the time, I would have junped at the chance for someone else to pay for training me on 3D cad. Any education (almost) enhances your future potential. But expecting any immediate benefit from it, such as a pay raise, is usually not very realistic.
You and your employer have a business relationship. No profit, no pay.