I speak from my own experience. At 30, I gross more and have no student loans or debt as I invest in land(with mineral rights). My friend who was a PharmD had roommates with no assets and 120k worth of loans which cannot be written off in the event chapter 13, peonage basically, and he is always stressed. While I earn dividends and interests, his loans interests are compounding, not to mention loan origination fees. The long hours and poor work life balance is honorable mention. We are both in the 25% tax bracket so deduct an additional 25k.
NSBE: rock out with ya cock out. My friend with a BS in chemical engineering was able to pay off loans within 2 years as she banked 30k a year living modestly. When she obtained masters, the company provided tuition reimbursement and an increased salary 16k. Advanced degrees in engineering, unlike in the medical profession, are generally company backed. Again no debt. Cousin is coming out as a robotics engineer making 75K. Not to mention patents. 2-3 years living at home maybe and he can pay off his undergrad loan, hitting principle and interest, and buy a house before age 24 - not age 35. 10+ years extra of equity and investments vs the below:
https://www.aamc.org/download/152968/data/debtfactcard.pdf
OP it depends. As the others said as there are variables: dependents, illness, debt etc. My lectured to keep 3-6 months worth of expenses in personal savings as cushion in the event of an emergency, preferable in a credit union. As long as a flat tire doesnt send you to pawn shop or payday loans, you should be ok. My mom taught to put at least 10% away each period. Dont't ever judge yourself by others, some had generational head-starts, many are living off loans and credit cards. My dad retired at 51 with a HS diploma, 2 homes paid with cash, and holds the deeds, no mortgage. Also, dont be ashamed to cop your tennis and timbs from the outlets.
Hmm, well would you look at this, we're both speaking from experience and we both have different experiences.
Company backed tuition contracts generally require you to remain on staff for a certain number of years, or pay back the funds used to secure said degree. So of you get that degree and no slot opens up and you're at a glass ceiling, the time you spent studying could have been used elsewhere. And even then, there's no guarantee. There are numerous PE's and engineers with graduate degrees who report to Project Managers with just Bachelors degrees. At 28, I've seen the degree consideration get overlooked for experience time and time again. I was fortunate enough to obtain a Bs and Ms and come out with no loans due to working, while some people get full rides. I know about company backed degrees, that's how I got my Masters/Promotion, but people's results differ.
You can even pull outliers into the equation and look at students who roll thru Undergrad on full rides. That ME/ChemE student will come out at 55-65k at 22-23 while the continuing education candidate will come out years later cracking 100k. FVA calculations are a wash in your family scenario because we're talking about ideal's with NO losses and right tailed results($75k and patent income, as an entry level engineer?) . Your friend with the BS in Chem engineering paid off her loans in two years living modestly? My older brothers Dentist did the same. He's clearing north of 160k/year and will continue to do so for the foreseeable future, not even 35 yet. Will your friend ever see 120k+? Maybe, maybe not. When the loans are paid off one, will have usually still have a higher revenue stream than the other.
Just to be blunt with it, please don't have me start pulling public information salaries for Minority Physicians and Psy/Pediatric professionals in state institutions. They clock $200k+, $250k+, I've seen them clear $300k in their 50's. That EXTRA 200k made by a surgeon in ONE year can eat all that equity an eventual 80k engineer spent building in his/her 20's.
But still, your argument for debt isn't taking into consideration home ownership(because of the land owned by you, props to you for that), then you flip it around and use home ownership as an advantage? You're taking two sides in this argument, but that's a whole different thread by itself.
My contention was that PhD's generally make more than non PhD's, which by far and away, is true.
*sidebar*
And ive got to step out of the argument for a second and appreciate the fact that there's black excellence going on with all these examples being given because everybody I'm talking(and I'm assuming yours as well) about is black and they're on track to have families.
These are the kinds of arguments I like to have.
That's not even a lot to save. If it was $400, $500 a month 
What are you in school for?