Should I take a lower salary for a happier life?

I’m currently working full time at a job that I used to love, unfortunately corporate changes have made me uncertain about my future as goals keep getting raised and jobs are being threatened. I have an opportunity to return to a position with another company that I left years ago. It’s my favorite job I’ve had to this day but it comes with a pay cut. I’m currently working on my college degree and would likely only be there for a couple years. From what I’ve mapped out my budget would be tighter but it would be doable. Any external insight?

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