These Are Disturbing Numbers,' Says Dave Ramsey To A 59-Year-Old Caller With Three Degrees Who Still Owes $258,000 In Student Loans

A recent call to “The Dave Ramsey Show” featured a 59-year-old man facing a financial mountain: $258,000 in student loan debt, despite holding three college degrees and decades of life experience. His story is one of educational ambition clashing with financial reality.

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The caller explained that he took out Parent PLUS loans to put his son through a four-year university, while also pursuing his own academic goals. “I have three degrees,” he told Dave Ramsey. “The first degree was in multidisciplinary studies, criminal justice, and religion. The second was a master’s in accounting and then a master of divinity in theology and homiletics.”

Despite his academic background, his income sits at a modest level. “My regular job is like $60,000 a year,” he said. He also revealed that he currently works in logistics, not in a field related to any of his multiple degrees. Ramsey was clearly shocked.

He stressed that the caller is underutilizing his education and urged him to look seriously at switching careers to raise his income. “You have not monetized your knowledge base very well,” Ramsey said.

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He continued, “Most people with a master’s in accounting make a hundred, a hundred and a quarter a year, starting just to get going. You should be able to pass your CPA with a master’s in accounting, and you should move into that field and get up into the six figures. That’s going to be mandatory.”

A Call for Change

Ramsey made it clear that the caller's current income won't be enough to get out from under such a massive loan burden. “We need to move your income way up. The math on this is really, really not going to go well,” he said.

He likened the situation to trying to dig out of a massive hole with a tiny tool. “That's called a small shovel and a very large hole,” he said. “You've got to change the shovel-to-hole ratio.”

He wrapped up with a harsh reality check: “These are not going away. They’re not going away.”

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Parents Taking On Too Much

The call highlighted a growing issue: parents taking on massive debt to fund their children’s education while still managing their own student loans. Parent PLUS loans, in particular, have become a financial trap for many middle-aged Americans who want to help their kids but end up jeopardizing their own financial future. 

Ramsey has warned about this kind of situation for years. He says when parents take on big loans to cover their kids' college costs, it can mess up their own finances, especially at a time when they should be focusing on saving for retirement, not piling on more debt.

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