I agree with bewildered. But if you're still considering it, also factor into the financial calculations the 'opportunity cost' i.e. not only is there the financial cost from the tuition and your living expenses, you are also losing out on whatever salary you would be getting by doing something else instead.
Edited to add... you don't mention what your long term career plans are. If you want to be an academic engineer, then a PhD may be useful. If, however, you want to work in industry, check that a PhD would really enhance your career prospects - you may be better off without one.