My Mom is in Higher Ed admin...funny enough, she started as a nurse, then went into teaching nursing, and now is in Higher Ed admin.
Is there any other place you can work beside your current employer? Another college/university/community college nearby that might be able to offer you a different opportunity or some advancement? Or at least a different environment?
How would you feel about having another kid while going back to school to retrain for a new job? Or would you wait until both kids are in school?
I don't know about your university system but you really need to factor in benefits and vacation into your salary. So don't discount the whole I make less than other people around me. Do you pay out of pocket for health insurance than they do? Is your 401K contribution higher? Do you have more vacation days?
I don't think I could go back to the private sector because of what I listed above. Less than 25 vacation days a year, whut?
So much of higher ed is right place right time and htat is really frustrating. KOKO girl. I think we have talked before that the more lucrative salaries are in academic units, especially the big money makers like medicine, law, business etc. I think you said you are in an academic unit now. So maybe that isn't true in your area.
Also the flexibility of higher ed is really ideal especially when you are thinking of another baby. So consider that.
Can you adjunct teach at all? My husband, who actually has the higher ed degree, teaches a leadership class in addition to his full time gig. He makes like an extra 8K a year for one night a week of work.
Teaching in nursing would be crazy lucrative and in super high demand. But I assume you have to practice first?