Hi My Wife Is 7 Days Overdue And 2 Home

Hi my wife is 7 days overdue and 2 home pregnancy test have come positive, we are thinking not to keep the child this time as her studies are going on and she wishes to have a career too also we have a 1.5 year kid (my brother son) who is too much effort to take care hence handling 2 kids at the same time is not possible (we have a joint family of my parents and my brother his wife and child).

I am 32 and my wife is 22 please advice if we can avoid baby this time without much risk.