It sounds like your family is your priority, so talk to your wife to see how she feels about the mix of work, school and a newborn. Will she need you around more once the baby is born? Both of you have to work together to determine what is best for your family. Listen to her concerns, opinions and encouragement.
Also, talk to your academic advisor at school to see what he or she has recommended to students with similar situations.
You don’t have to go through this alone. Your family and your school’s counselors are there to support you.