Choose A Major
If you’re thinking about college, recently enrolled, or attending, you’ve probably thought a lot about majors. University small talk frequently begins with, “What are you studying?” Your parents probably pressure you to find and/or settle on a major; graduate in four years, they stress. From advisers to counselors to friends to acquaintances, the onslaught for selecting a major can be daunting. Unfortunately, it’s not the most important question to prevent and tackle student loan debt.
The Secret To Less Debt
How do you prevent or lessen student loan debt if you’re footing the bill?
The secret is simple: Project your future income.
More and more students are entering into college – oblivious of the financial ramifications. As Congress finds “solutions” to our $1.2 trillion student loan debt crisis, students are floundering. Now more than ever, it’s important to know how to stem the tide and beat the debt. But the key is knowing what your major is worth.
Frankly, it sucks to think about majors from a financial, future-income perspective. It’s not sexy. Universities often depict a wealth of opportunities and encouragement for any field of study. They’re selling studies irrespective of salary. This can be dangerous.
The reality is that universities are selling a degree – charging thousands – without telling you the whole picture. Do your homework before settling on your dream degree.
Thinking about a degree in philosophy? Starting median salary is $39,900.
How about psychology? Prepare for an abysmal $35,900.
What about financially-oriented degrees like economics? An impressive $50,100.
And the major that takes the top spot: Chemical Engineering. Right out of college, you can expect to make about $63,200.
Next time someone says, “Follow your dreams!” Ask yourself, “How much will this cost me and what will be my future salary?” If you graduate with $80,000 in student loan debt, it’s best to have a good job lined up. My recommendation: You could find part-time and full-time jobs on job search sites. Otherwise, the crushing, choking student loan debt will ruin those idyllic dreams.