If you can do it, do it. I knew guys in their 50s, and even one in their 60s that were in the license program at cal maritime when I went there. I was in my mid 20s when I started at cal.
You’ll have to cadet ship over the summers…that will eat up some time, but the rest of the summer I’m sure you could find something. When you go for commercial cruise you could try to pick a company that offers higher pay to their cadets. On summers when you’re on the training ship, if memory serves me correctly those cruises are only 2 months, then you have another 2 months off for summer where you could find some gig. Maybe even a 30-45 day relief job off the board SIU or SUP to help pay the bills.