Been there, done that, albeit as SAHD. We didn't have the horrendous student loans because I went to a low ranked school for free (and wife hit med school in the 80's, rather than today), which makes my experience less than definitive for you, but FWIW, it worked out great for us. Yeah, we are past 50 and still working for several more years, but I kind-of-sorta was "retired" for the 15 years I was home with the kids and teaching as an adjunct. No way that I'm aware of to do truly part-time work as a commercial litigator, if that is what you are doing (guessing based on hints in your post).
I assume, like us, that daycare doesn't work for you because of state and/or facility limits on hour many hours a day/week one can keep the kids in even a 24/7 day care. Plus, having 24/7 oncall nanny is basically needed if one of you is in a medical field that requires periodic middle of the night runs to hospital and the other travels in erratic manner for work. Because of this, child care is real expensive and most of it is after-tax dollars.
We found that there wasn't really that much of a net income hit once we dumped the nanny, got rid of the extra car that she drove, erased work-related expenses of one lawyer, and had the SAHD/M can take on many tasks that we formerly had to hire out.
To avoid going all complainy pants on the associated costs of having two full-time professionals with young kids (I agree, it was a choice we quite willingly made!), I'll stop here. :-)
Oh, one other thing--it is much easier to schedule family driving trips or other vacations when you only have one work schedule to juggle.
Shoot me a PM if you'd like to discuss by email or chat.
Steve