As my Soror AKAtude said, I am a journalist.
I've been in the field for more than 10 years and have a bachelor's degree, not a masters. Finances were tight.
I would say that writing experience is the key. As has been suggested, you need to start writing for your newspaper.
When you get on the college paper, you build up a body of writing that will lead you to an internship. I interned in the mid-1980s at the Arizona Republic and the Los Angeles Times, and wouldn't have gotten that exposure without a college body of work.
I also agree with the advice of sisterfriend OhSoVeryLadylike about learning all aspects of journalism. Before I started writing, I was planning to be a copy editor and had my first internship in that discipline.
NABJ is a wonderful resource (I need to renew

). They have reduced rates for students to join.
If you want to write, consider business journalism. Business journalism has been my discipline for the last 10 years or so, and it's a fascinating field. Another advantage is that the business desk has regular hours -- you're not likely to work nights or weekends, unlike the cityside.
If you'd like to know more, please send me a PM or e-mail. Gotta run and start reporting a story.