How do I get an item in my drop down menu? I know with .value I can get the value of the item selected, but what I need is the name of the selected item. For example, I have this drop down menu with contains two items: Class 1 and Class 2. The value of Class 1 is 50 and the value of Class 2 is 60. If I use DMT5.value (Class 1's value) I get 50, but what I need is the name itself which is "Class 1".

Ive used this code:

var classRate = document.getElementById("DMT5")
var selectedClassRate = classRate.options[classRate.selectedIndex].text

However, I get error: Unabled to get property 'text' of undefined or null reference

I'm not sure if this is what you seek for. But here's a way to do it somehow:
assuming we have the following SELECT element with a class of "parent".

        // This will return the text instead of its value

my bad i didnt read the entire post.