You know, about babies and school, I have been thinking about that one alot because it is pretty clear I am going to be in school until I am 30 or so, and my husband will be in school until he is at least in his early 30's; who knows if he decides to continue into graduate school. At first I decided that I was going to wait, for sure, until I graduated from law school, mostly because of money. However, people who have had children in law school (such as my dad) have told me that it is easier to have children while in school than if I wait and have them as a new employee of a law firm. You have so much control over your schedule as a student, it makes life easier. I don't know how it would be with working a "real" job and school though. I have always just assumed I would make my way through college with your average college student job (think coffee shop and bookstore), and those sorts of jobs have flexible hours.
I would hesitate on waiting to go back, though. My mother was going for her PhD in art history when I was born, and had finished all of the requirements except her dissertation (isn't that what it is called? I always get thesis and dissertation mixed up). She kept saying she was going to go back, but then my brother arrived, and she continued to put it off. Then credits she had towards her PhD went bad because it was more than 7 years, and it made her hesitate even more before going back. She has her MFA and has a good job in graphics design, but regrets not going back to finish very much so.