It will be ok. You will both be better off, and have a better relationship, as a result of this. Calm down.
I was with my now-ex (i'll explain in a minute) girlfriend for 3and a half years... then, after living together for 3 months, we decided we needed a break.
It was the first time living with someone else like that for either of us, and we were not totally prepared for it.
Like in your scenario, the timing of events was poor, (my job/money issues were killing me) and lead to problems which helped cause and perpetuate depression, fights, etc.
We decided to break up because our stresses of work, money, etc., were tearing us apart. We got back together about 2 months later, and things were better than ever... and we were a great, happy couple before.
Several months later, when we finally split up- the reason we split up was my own, and was totally unrelated from the first time. I've since seen my mistake.
Long story short- I've done it, it works fine, sometimes it's just what you need.
Also you might note to yourself that you're not doing it simply because you "need time apart" or "it isn't working", but it isn't working BECAUSE you have these SPECIFIC ISSUES (your money and her school) that are in the way.
Ask yourself simply, and I know you'll be fine, "Without these specific issues, aren't things fine?"
And in a few months, when you are issue-free, all will be golden.
