Scholarship on adult education throughout the life course focuses on the relationship between education and upward mobility. Scholars rarely examine how adults' educational aspirations or trajectories are affected by downward mobility or an increasingly precarious labor market. Drawing on in-depth qualitative interviews with 21 job seekers in the post-Great Recession labor market in the United States, this article advances the concept of "educational downgrading": returning to school in pursuit of a credential lower than the highest level of education one previously sought or attained. We explore three pathways to downgrading connected to downward mobility: occupational dead ends, career reversals, and educational inflation. In the process, we highlight how individuals adjust their practical educational aspirations as they navigate a contemporary economy in which careers are unstable and credentials are needed for many kinds of jobs across the occupational hierarchy.