I'm seriously considering applying to a school for a part time PhD program that's an hour away from my job and an hour and a half away from home. Moving closer isn't an option now. My employer provides $5k/year in education reimbursement but tuition is ~$1300 a credit (out of state) and I'd have to take six credits per semester to keep those pesky student loans at bay. I have almost completed my Masters, which will reduce the total required credits for the PhD program by 30, but it will still mean a good 3ish years worth of additional loans totaling ~$50k added to my already $36k. The other PhD programs in my field don't have a part time option and going back full time isn't possible financially.
I'm concerned about a lack of job advancement if I don't have a PhD. My field is immunology and vaccine research and unless you want to be a tech the rest of your days, you need 15 post-masters experience, or you need that PhD. Of course, there are exceptions but they're hard to come by and many people won't take you seriously if you don't have that degree.
Is $50,000 more in debt worth significantly more career opportunity in the future (job still not guaranteed)? There is also a significant personal driver too. Earning a PhD would be a major accomplishment for my life goals.