When would be an appropriate time to ask for a raise?

Context: I'm three years into professional career, B.S information systems, getting M.S. in Management next month. Huntsville, AL, background in business operations & finance within government contractors.

I am roughly two months into a new position at a new company, of which I accepted an $80k salary. My taxable income for the previous two years of my career has been $80k as well. I was hesitant to accept the salary as I felt I should aim higher, but I accepted because I wanted to get in at this specific company and I was having a very hard time landing interviews. I accept the consequences, and I am really not trying to sound entitled to a raise for adding a degree to my resume that wasn't required for the job. I work with salary data in this position, and I am currently underpaid as per the Economic Research Institute. Roughly 15%.

They hired me knowing I will be getting an M.S. soon, but I am thinking that it may be too soon to ask for a significant raise.

I have tried to get input on this and it seems that there are two areas of thought:

1. Ask once i receive the degree, and shoot for a market adjusted salary.

2. Wait until about a year in, catalog achievements, then make a case. If they do not accept it, then I'll at least have another year of experience to search elsewhere for a new position.