I also have a Master's Degree, which I earned on scholarship, and I have to say, because of that degree, I got to skip over a lot of struggling and low-level jobs. While friends without degrees, or even with BA's were doing unpaid internships, I was salaried staff with my own office. I traveled all over the country, doing freelance jobs, pulling in good money, while many of my friends were still trying to get their feet in the door at their first paid position.
At the same time, I was very lucky: I went to a community college and a university in California, when tuition was $5/semester and $350/semester, respectively. I was able to take my time getting my BA, which allowed me to put together the stellar portfolio that got me my grad school scholarship. I'm pretty sure that if I had to do it all now, I wouldn't have been able to complete my BA at all, because costs have gone up so much.