Please please please do NOT go to grad school for the sake of getting more degrees. The increasing (opportunity) costs and decreasing rewards mean one should think hard before starting such an undertaking. I am in a field that pretty much requires a PhD, but there are so many PhDs being produced that new ones are being hired for jobs that used to be given to BS level employees. This means the work isn't immediately intellectually or financially rewarding (and may never be).
A PhD in engineering is hardly ever required unless one wants to go into academia. An MS or MEng would be better, but it has to be from the right program.
My suggestion is to walk into college with your eyes open: have a goal, a realistic plan to achieve that goal, and work your hardest to implement that plan. You already know the cost of going astray. Good luck!
