So, will the fact that I have a MS is in chemical engineering from UT really matter? Or will the employers only be concerned with the BS in chemistry? I know without a PhD in chem/bio you can't do much.
Hi. Thesis or non-thesis?
What follows may be waaay out of date, since I did my ChE back in the early 90's. But back then, an MS in ChE was more or less regarded as a consolation prize for someone who needed to drop out of a PhD program. More so for non-thesis MS. This mindset may also have been limited to the Midwestern ChE programs (Minnesota, Illinois, Wisconsin, Michigan etc.). But note UT is certainly as well thought of as these programs, so that's to your benefit. Okay, let's assume arguendo that this bias no longer exists, except amongst crusty Midwestern old farts, and move on.
Other considerations. Did you have a particular focus for your BS Chem? And what was involved in your MS ChE? Did you pick up the P-Chem (thermo and quantum mechanics) that many BS Chem programs do not cover? What about heat & mass transport/transfer? Unit operations? And were there any other classes you had to satisfy as foundational additional pre-reqs to enter an MS ChE program as a chemist?
I am asking all these questions because I've never worked with someone who made your transition (MS in ChE from BS Chem) and I'm trying to think like someone who may want to hire someone who thinks like a ChE. For me, there'd be the concern that your MS ChE is just a gloss atop the pure chemistry, and that there are fundamentals missing. If that is untrue, a good focused resume and cover letter could help calm those qualms. So depending on how the answers to questions like the above come out, I think the MS ChE can help, and it certainly helps that it's from a very good ChE school.
Finally, echoing some of the others above. "Only" $60K in debt can be a crushing load for a young family, particularly given the uncertain economy. Some toss-outs (aka "unsolicited advice") to consider. One thing is, take a careful look at the amount of debt the financial aid office folks are kindly willing to let you take on, in relation to how much you actually need to take. You may find there's a considerable gap that can be filled with current income vs. taking on quite so much debt and all its evil concomitants. Please skim these boards for "debt" and see how many posters in the last few years have a lot of regret about the amount of debt taken on.
Also, it seems from your earlier posts that you are already employed. Have you considered entering the evening section of your chosen schools (assuming they have such) and continuing to work? The trade-off might be something like an extra year of law school but no debt, assuming your income atop your husbands can swing it. Are you working as a chemist or a ChE? Or other? If working as a scientist/engineer, does your company have a patent department? If so, I'd guess you could wangle some informational interviews from its members, get their thoughts on all the questions you're asking above in addition to the research you're doing here.
Good luck to you.