Matt's phone call to "The Ramsey Show" laid out a financial nightmare that's increasingly common for young graduates: six figures in student debt, a degree that doesn't pay enough to service it, and no clear way out.
The 23-year-old from Pittsburgh explained his situation to co-hosts Jade Warshaw and John Delony. He's working as a medical lab tech pulling in about $2,600 monthly, which translates to roughly $31,000 a year after taxes. The problem? That income can't support even basic living expenses while making meaningful progress on $157,000 in student loans.
How the Debt Piled Up
Matt started college studying engineering with a scholarship. Then he switched majors to biochemistry. That decision cost him his scholarship and, as it turns out, his earning power. He graduated with a degree that led to a career paying far less than he needed to dig himself out.
When Warshaw asked him to break down his monthly spending, the numbers told a stark story. He pays $550 for rent and utilities, has no car payment, spends about $200 on groceries and $250 on gas. Everything left over goes toward four private loans and one federal loan. There's essentially nothing remaining.
Delony put it bluntly: "Right now you can't eat, dude." A $31,000 income simply cannot support rent, food, and the minimum payments on that debt load.
The Only Way Out Is Up
Warshaw walked Matt through the math on what higher earnings would actually mean for his debt payoff timeline. If he doubled his income, he could potentially put $30,000 toward the loans each year. Triple it, and that number approaches $45,000 annually. She pointed out that his relatively low monthly expenses actually give him room to maneuver—he could take on different work without adding financial pressure.
Delony suggested that advanced degrees might be a long-term goal, but right now they're a luxury Matt can't afford. He recommended stacking extra hospital shifts or even pivoting entirely to retail, fast food, or warehouse work if those options raise his income faster. The focus needs to be purely on earning more money, not on career prestige or staying in his field.
Warshaw acknowledged the workload would be tough but emphasized it's temporary. Without a dramatic income increase, Matt could spend decades trapped in this cycle.
Reality Sets In
Matt told the hosts their advice was actually "relieving." He'd suspected his current job couldn't support both living expenses and debt payments but needed someone to confirm it. He'd felt trapped by the assumption that he needed another degree to advance in his field.
Warshaw said Matt's situation isn't unique. Many young workers face the same crushing disappointment when they realize their degree doesn't deliver the income they expected or were promised. She encouraged him to accept where he is right now and focus on the concrete actions he can take to move forward—even if those actions look nothing like the career path he imagined.
It's a harsh lesson in the economics of higher education: sometimes the degree you worked for becomes a financial anchor rather than a ladder up.