MBA for about 10K?

I have been working for my current employer for over 5 years. They have a great education assistance program. Had I started my MBA 4 years ago, I would have an MBA mostly paid by my employer and I would not owe them much if I chose to leave.

I have an opportunity to start the MBA program at UC Redlands this month or next and see it as an opportunity to do it and also making a committment to stay with my current employer for another 3 years at least. That is not a bad thing but it is a committment.

I started filling out the application online but I stopped where I had to write an essay about my work experience, education and goals. I know about my work experience and education but my professional goals? Ultimately I want an MBA so I can teach at a college and do that in the evenings or just do that in my retirement. Crazy huh?

The program costs $38,000 and my company will pay for a good chunk of it but I have to put the money in first and then be a diligent student get an A so I get 100% reimbursement. My MBA could potentially only cost me $ 10,000. However, I am still paying my student loans for my BA and it seems silly to incur more debt for my education or does it?

I don't expect a big pay increase with an MBA it is more of a personal goal. So give me your insights help me think of some new goals that maybe I just have not thought of on my own.