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It isn't just your job that you will be affecting: it is your whole life!

Evaluate the cost versus the rewards involved. Monetarily, it probably wouldn't be worth going into debt for--hopefully your organization has reimbursement available for applicable schooling. Then, it comes to time--how you want to spend your time in the second half of your life. School in addition to work takes a lot of time and mental energy. If you have a significant other, children, etc. make sure you discuss their willingness to have less of your involvement for a period of time.

Finally, are you sure you want to take on that other job? Personally, I am your same age, have the degrees, and am reducing my work description so that I can do more of the other stuff. However, that is me, and you get to figure out where you are in the continuum.

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Q: Should I go back to school to obtain a college degree I am 55 years old and want to transfer to another department within my organization. All positions within my grade level require a college degree?
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