Should there be an Extended pay scale for Enlisted Personnel who have completed College Degrees (Bachelors, Masters, Etc.)?

I've had this discussion with some of my office mates and wanted to pose it to the community at large. There are a lot of Enlisted personnel who want to pursue higher education or already have a degree but don't want to commission. Some younger Service Members are very Reward Motivated so they look at it as why should they further their education if they don't plan on Commissioning or going Warrant if there aren't any incentives for them if they stay enlisted. When looking at the Pay Scales a newly minted 2LT will make what an E7 with 8 years experience makes (Exact numbers unknown at this time, will research later). On the other hand you have Enlisted who obtain Degrees to further their Civilian careers while in the Guard or for when they leave Active Duty service but still feel shorted by the Service for putting in the extra effort to earn a Degree.

What are your thoughts? If there were an extended pay scale would it motivate you to obtain a degree or do you think it would help overall morale and retention?