Graduate School in the Humanities: Just Don't Go
Just Don't Go, Part 2
And, on a related subject: What to Advise Unemployed Graduates
My advice: Go for it, if you love it because you love it*, but stay out of debt if you can possibly avoid it--especially if you are entering a field where there may not be jobs at the other end.
*It refers to study in your field, not the dream of teaching.
My sense is that in Biblical Studies the number of graduates with newly minted Ph.D.'s is out of all proportion to the number of academic jobs available. Maybe I don't know where to look (since I'm not on the market), and now is not the job-posting time of year, but the SBL Career Center currently has 0 (that's zero) jobs posted.
Of course, a graduate degree in Religious Studies may lead to a
Finally, trust God and be thankful. Who you are matters more than what you do. (I'm aware the advice is easier to give when one has a job than to live when one doesn't.)