NO WAY!!! I went back to school when I was 33. I worked two jobs and took a full class load (I was an English major, so there was lots of reading and some major writing-intensive classes). It was hard, but I graduated with honors- it is the accomplishment that I am proudest . (And, belive me, job interviewers are very impressed with the dedication it takes to get a degree when you do it later in life.)
I'm now a proposal manager in a Fortune 500 company (it took a while to get there- hey, even after you get your degree, you'll still have dues to pay, but the door of opportunity opens a little wider because of it). Even if my job wasn't that great, what I learned from going back to school was priceless...about the subjects I studied and about myself. I think there's an advantage to going to school when you're older; you're doing it because you REALLY want to (and, if you're like me, you really appreciate it more when you're paying for it yourself and it's taking up your very precious time!)
I remember a Dear Abby letter once, where someone said something like, "But if I go to school now, I won't get my degree until I'm 50." Abby replied, "And how old will you be if you don't get your degree?"
Go for it, give it your best, and get your degree in something you love, not necessarily what you think will get you a job. And always remember that it's never a waste of money to learn and better yourself !!!
Good luck!!!!