I think this is a great time to continue doing what you are now doing as it is money coming in and investigating other opportunities in the field that you can use your degree in. I'm not so sure that asking for more money when they are now cutting hours would be prudent...and telling them of your degree....they may just let you go thinking that you are going to leave anyway.
If you like working in the field you are in now....I would imagine there could be other possibilities to use your degree within the same realm...maybe not doing what you are now doing, but somewhere in the system
Whatever you do peg...I wish you well!

sabby