‘My goal is to own a house’: This registered nurse making $115K a year is considering a career leap to triple their income — but is the debt worth it?

The cost of returning to school

Going back to school can be a smart way to level up your career, but it comes with a hefty price tag.

Expenses like tuition, housing, books and supplies can quickly add up and lead to years of debt.

In the U.S., 42.8 million people carry federal student loan debt, with the average borrower owing $37,853, according to data from the Education Data Initiative.

The CRNA program the Reddit user is considering takes 24 to 51 months to complete, and costs an average of $35,000 to $60,000 per year, according to CRNA Financial Planning, a partner of the American Association of Nurse Anesthetists.

To cover these expenses, they would likely need to take on substantial student debt — a burden that could complicate their other long-term financial aspirations.

“My goal is to own a house someday and be able to create wealth for my kids should I ever have them,” they wrote.

For anyone considering a similar path, creating a detailed plan is important. For example, you can start out by creating a budget to help you understand the cost of your essentials like tuition versus non-essential expenses, like eating out.

One way to lessen the financial impact of going back to school is by filling out the Free Application for Federal Student Aid (FAFSA). This opens the door to government grants, student loans and work-study programs that can significantly ease the financial burden.

If you’re working full time, you can check if your employer offers tuition assistance. Some companies provide tuition reimbursements or cover a portion of your tuition as part of their employee benefits package, helping you invest in your education without breaking the bank.

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Long-term goals

Higher education is seen as an investment in your future, but it can also feel like a gamble that postpones immediate financial stability. For a registered nurse already earning $115,000 a year, the path to becoming a CRNA promises a significant salary boost.

According to the U.S. Bureau of Labor Statistics (BLS), the median salary for a nurse anesthetist is $212,650.

While the salary boost is significant, the switch can cause strain not only from the cost of tuition, but the loss of income during that time, made worse by interest accruing on student loans.

While the returns may eventually outweigh the costs, they don’t come right away.

According to a survey from Pew Research Center, only 22% of U.S. adults believe the cost of college is worth it, even though they can take out a loan to pay it off over time.

The return on their investment would depend on a variety of factors, such as whether they take out loans, the interest rates they face and how quickly they can find a job after graduation. However, you can estimate their potential return with a simple calculation by comparing their expected annual salary after graduation to the total cost of their program.

If the program costs $120,000 for two years, and they expect their annual salary to increase from $115,000 to a median of $212,000 after graduation, their return on investment (ROI) can be roughly calculated as: the difference in their salary before and after graduation divided by the program cost, multiplied by 100.

This means they could potentially see an 80% return on their educational investment within just one year. Keep in mind, this calculation doesn’t include interest on any debt.

Although the long-term benefits of investing in education can be significant, it’s important to remember how a temporary loss of income can affect your daily life. You may need to rely on savings, take on additional debt or cut back on expenses to make it work.

Beyond finances, it’s important to consider how this new career path fits into your broader life goals. For example, this Reddit user mentioned plans to start a family, highlighting the importance of finding a path that offers both professional and personal fulfillment. While everyone’s situation is unique, planning for those sacrifices upfront can help ensure the payoff is worth it.