Why not go for both?
Okay, tough love this morning, because I just woke up:
If your dream job is to teach English at a university, find a grad school that will pay you an assistantship and go get your M.A. and your Ph.D. But beware that there are way more bodies with PhDs than there are teaching gigs, and the pay is pretty low. So even if you did go $30,000 into debt, and even if you did find a teaching gig afterwards, it would still cramp your style, and you would still have trouble paying off your loans and doing all the other things adults want to do, like buy a house or a car or have a family. Also: teaching ain’t just sitting around reading books. The work load is pretty intense: lesson plans, paper grading, publishing, navigating academia. If you didn’t soak yourself in debt to get there, you can always hit the eject button, and all you’ve lost is time.
If you don’t know what your dream job is, don’t go into debt trying to figure it out. Go get a job in a factory or in a cubicle or at Starbucks or wherever the hell else you can find one. I worked in a bonafide cubicle for about four years. If you have a cubicle that’s about five feet high and you have a computer with an internet connection, it can be pretty sweet. They give you health insurance and a paycheck and a lunchbreak where you can read whatever you want, and go home and read some more.
As far as I know, there are no jobs that pay you to be a professional reader. Well, except mine, that is.