‘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?

Now, they’re weighing the decision to leave a stable, well-paying job to pursue three years of schooling to become a certified registered nurse anesthetist (CRNA).

“This would essentially double (if not triple) my income,” the user shared on Reddit.

According to a CivicScience survey from 2022, 11% of U.S. adults are thinking about going back to school to switch careers, while 8% have already taken the plunge.

While the potential payoff is significant, the decision comes with considerable trade-offs. Taking on student loans, losing years of steady income and pausing investment growth weigh heavily against their aspirations of homeownership and building generational wealth for the family they hope to create one day.

Is the promise of a potential higher paycheck worth the short-term financial sacrifices, or could it take decades for the decision to truly pay off?

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.

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.