I’m 31 with $58K debt and eyeing an $80K degree for a $20K raise. Should I go back to school?
Key takeaways
- I’m 31 with $58K debt and eyeing an $80K degree for a $20K raise.
- Co-host George Kamel did the math out loud and reached an uncomfortable answer fast.
- A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality.
I’m 31 with $58K debt and eyeing an $80K degree for a $20K raise. Should I go back to school? pathdoc / Shutterstock.com Danielle Liverance Tue, June 2, 2026 at 10:16 PM GMT+7 5 min read On a recent episode of The Ramsey Show, a 31-year-old caller named Jason laid out a plan many mid-career workers are weighing: borrow heavily for a degree that promises a modest raise. "I m basically contemplating if it s a good decision to go back to school and accrue about $65,000 to $80,000 worth of debt," he said. He already owes $58,000 across a mobile home and two vehicles. The new debt would fund an online civil engineering degree from Oregon State and lift his salary from $62,000 to $82,000.
Co-host George Kamel did the math out loud and reached an uncomfortable answer fast.
The Ramsey Show demonstrated that Jason’s plan to borrow $65,000-$80,000 for an online civil engineering degree requires 7-8 years to break even after accounting for taxes and interest, despite a promised $20,000 annual salary increase from $62,000 to $82,000.