This is a very personal decision on your part, but I can help you with listing the pros and cons of each plan to make it easier for you to decide. If there is a 2 year waiting list for the ultrasound course, and the schooling is about 1 year, you will not be finished with school for 3 years. If you are planning on having another child soon, and will need to be home with the kids, that might work out well for you, as your older child will just about be ready to start Kindergarten, or be in preschool at that time. I'm surprised there's a 2 year waiting list for the ultrasound course, as there are usually many online schools that offer the course,
Getting your Masters online is also a good idea, as it will afford you the time to study/proceed at your own pace and be home with the kids, but think about what type of job you will get, using that Masters Degree and work toward seeing what will be available when you graduate and put out 'feelers' for some specific positions, while you're still in school. If you will need to leave the house for a few hours to do the 'hands on' part of the ultrasound course, and your husband or someone else can watch the kids, that would be a good plan.
In my opinion, waiting 2 years to even begin the ultrasound course is a very long time, but as I mentioned, if that will suit your schedule better, considering you would like to have a second child, soon, and if that's what you'd really enjoy doing, it's a good field to go into and a skill that will alway be needed in doctor's offices and hospitals.
I wish you much good luck!
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Edited by Cher on 6/26/2010 at 7:23 PM EST