Possible Job Loss - Jump Ship or See it Out?

Hello, I was hoping to maybe get some advice on an issue I am facing. I will try to be succinct.

In November, I took a new position at the company I have been with for the last three years. I received very little training and right from the get go struggled. In hindsight I should have asked for help, but we are past that option. I hate to assume, but from my interactions between my supervisor and myself, they have not been a big fan of me. I get the feeling they regret bringing me in to the department. Honestly, I hate the job and regret taking it. This week in a meeting with them I was flat out told that they did not believe I was a good fit and was put on an improvement plan. As a former manager I have had to create improvement plans and am familiar with the guidelines. This one did not sit well with me at all (not that an IP would). I genuinely believe this is my first step out.

I am also currently taking graduate courses. This semester has been extra tough and I have no doubt being overloaded affected my work performance. I believe that after this semester ends things should be easier in that front.

I did interview for a job today with an organization that I am fairly embedded with through volunteering and part-time work. I made it known I was taking courses and they said they would be happy to work with my schedule. I believe the job could be challenging yet fun and I could work with some great people. I feel optimistic. The issue is that it would mean about a 40% paycut.

I have done a budget and if I am offered the salary I think they may offer it would just barely cover my living costs. When I say barely I mean Ramen and Netflix for the foreseeable future. I should graduate within 18 months and this program has 100% placement rate so I am optimistic of that opportunity. I do have savings that could cover the mortgage during that time, but by graduation that would be empty. I also have the option of student loans which could help, but I was trying to avoid.

What advice is there? As I see it there are two options.

1. Stay with the job and see if I can turn things around and stick it out until I graduate. That would mean giving up the other opportunity, and if let go likely result in unemployment and struggling to find another job that would be flexible for school.

2. If offered the new job, take it and adjust my living expenses, use savings and student loans.

I apologize for the length of the message. I have not eaten in two days and am sleeping about 3 hours a night. I genuinely any thoughts or insight that could be shared. Thank you.

Forget about the money for a minute. Which situation would make you happy? I think the answer to that is pretty clear. Plus you say you think that 40% less is what they will offer. Nothing is set in stone, right?

So if they offer you the job at a low rate, you can always give them a counter offer. And explain why - it isn't greed. Its about survival.

Or - take their offer and get a student loan.

But bottom line -

Loans can be paid off. And we have all lived on ramen at one point or another. This job is most likely a stepping stone to whatever comes after you graduate. It wont be forever. And the next job may pay you double (who knows?) But it is never a good idea to stay in a job that gives you nothing but stress and grief