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Originally Posted by SydneyK
I work in higher ed (currently as faculty, previously in administrative roles) and the answer I would give you is that it depends on the school.
Some schools offer their faculty/staff discounted tuition (some undergrad only, others offer tuition discounts for graduate level work). If you could work on a Masters while you're working for the school, that would probably be ideal.
Like Senusret said, you'll need at least a Masters to be considered for many administrative positions, so if it's a field you're actually considering, going right to graduate school might be the best thing. Especially if you can find a school that offers graduate assistantships in that field.
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Both Senusret I and SydneyK make some great points! The reason I say this is because I would like to eventually go back and get a doctorate. Many schools (the ones I've looked into) have tuition reimbursement. If my one alma mater hired me to be an academic advisor--I would take it in a heartbeat. I would take it partly because I really want to do advising but, also because once you get into some of these schools to work, you have an easier time getting a job internally. My one school, where I would like to advise and someday teach, is great for movement internally which is why one of my friends started working as a custodian so when a job opens up that needs his education, he has a better chance at getting the job as an insider. If you can go for the less paying job at the university (which most likely has some decent benefits), then I say take the job at your school. Good luck!