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My husband found himself in this position a decade or so ago. Although he was overqualified experientially, the requirement for a degree that he did not have, superceded his experience. To complicate the issue, he needed a higher degree from a top notch university.
If you need a degree only, without consideration of whether it's Harvard or not, I recommend that you look into the numerous opportunities for "offsite" education via the internet. You must make certain that you take this approach through a fully accredited institution, and look for any grants or student loans that you may qualify for.
Your bigger question is whether to stay at the top of your non-exempt position, or take the chance of working your way up the management ladder with this employer or another. The circumstances that you have described in your OP suggest to me that you would be wise to keep your current position, and work over time to gain the education credentials that may be useful to you in the future. My experience is that a management position isn't always a move forward, nor is there any guarantee of success in the long term. Two college graduates where cheaper than my husbands salary that had been earned through years of experience.
My 2 cents, but only you can decide what is best for your future. Good Luck!
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"You can't ignore politics, no matter how much you'd like to." Molly Ivins - 1944-2007
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