Great Debate

I'm not sure if I really want to be applying for the MSM Contemporary Music Masters Degree. Not that it doesn't sound like an amazing program, or that I don't want to study with Fred Sherry, but because its a 2nd Masters Degree. In one year, I will already have a masters degree...and right now, I'm not feeling like I need to be going to school for another two years to get a degree I already have...also since I will most likely need to pay for said 2nd masters degree and try to make a living in NYC at the same time. Not to mention making a pre-screening tape including 2 movements of a concerto and several of Bach and some other stuff...none of which overlaps with the music I am preparing for my recital (and would be audition). And a $100 application fee plus the cost of auditioning...hmmm...it just doesn't seem like its all worth it for something that I don't really want to do that much. I think a certificate or diploma program would be perfect...I looked at the USC grad diploma...its only lessons and ensemble...thats something I could deal with...only problem there is, who knows who the cello teacher is?!?!? And then there are these fellowship programs like Carnegie Hall and New World...but I'm not that excited about those either...maybe I just need to take a year off of school/institutions? Sigh...any suggestions from anybody?