A 59-year-old Virginia woman with 3 degrees and $258K in student debt got this advice from Dave Ramsey

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Millions of Americans continue to be saddled with student debt that can stay with them for decades, weighing down their ascent to a better life.

The latest government data shows that almost 43 million people have outstanding student loan debts. That amounts to one in six adult Americans (1).

Presently, the total sum for student loans stands in excess of $1.6 trillion.

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“I’m currently working two jobs to make ends meet,” Larhonda, 59, told host Dave Ramsey. “I owe $258,000 in student loans. Is there any way I can make that go away?”

That $258,000 in loans wasn’t just from one degree. Larhonda explained that not only did she pay for herself to obtain three degrees, but she also paid for her son’s tuition through Parent PLUS Loans.

Even after gaining those three degrees, Larhonda stated she’s working in logistics, making around $60,000 per year.

“These are disturbing numbers at 59 years old,” Ramsey said. “The answer to your question is, ‘We have to make more money.’ And we have not monetized your knowledge base very well.”

The Federal Reserve shows that approximately 10% of adults between the ages of 45-59 have outstanding student loan debt, while that percentage decreses to 2% after the age of 60 (2).

Ramsey’s advice

Ramsey suggested it’s time Larhonda found a new job. At the time, Ramsey claimed that most people in accounting make $100,000 to $125,000 starting salary. However, those figures might be off. ZipRecruiter shows an accountant would make on average $68,326 in the U.S. as of November 2025, while in Virginia, the average is $67,740 (3).

However, as Ramsey went on to explain, you can earn more if you become a certified public accountant (CPA). This would bump the average base salary to $96,543 according to Indeed (4).

While it’s easy to blame your areas of study or where you live for your financial troubles, Ramsey said, these aren’t usually the prime culprits when it comes to getting paid what you’re worth.

As for the student loans themselves, there’s no way for them to simply go away. And if Larhonda foots the bill for her son’s education, now that he’s older, it may be time to ask him to chip in.

If that’s not a solution that’s available, then Ramsey recommended throwing every single dime available toward the debt.

There are other ways you can help speed up the process. College Ave — a financial service helping both students and parents secure and manage student loans — can help you do this with more flexibility than federal student loans.

With College Ave you can both [refinance your student loans to secure a better rate and repayment term or take on a new private student loan altogether, depending on your financial needs.

With no hidden fees and extensive resources to help guide you through your loan management, College Ave makes it easy for you to navigate the murky waters of student loans. The application process is simple, so you can access affordable loan options in just a few minutes and start paying off your student debt as soon as possible.

“If you don’t get above this instead of laying under it, ‘this’ being your career, where the career problems are all happening to you and instead you start happening to the career … the math on this is really not going to go well,” Ramsey said, “That’s called a small shovel and a very large hole.

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Ways to save for college (and avoid debt)

While opting for new loans or refinancing your current loans are both solid options for managing student finances, for those in the planning stage, you can take advantage of other ways to save up for college that are accessible and simple.

While standard checking accounts aren’t typically known for their amazing rates, Wealthfront offers a high-yield cash account with 4.15% APY. That makes it a solid avenue to help grow that college fund.

Plus, you can open an account with as little as $1 and watch your savings grow, bringing you one step closer to securing your child’s future education.

Certificates of deposit (CDs) could be another option for building a college fund.

While they offer less flexibility than high-yield savings accounts, their higher interest rates can help your savings grow more efficiently, making them a solid option for long-term education planning. Beware: If you withdraw the funds before the term is up, you’ll face penalty fees.

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Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Congress.gov (1); The Federal Reserve (2); ZipRecruiter (3); indeed (4)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.