Choosing the right college major is a crucial decision that can have a significant impact on your financial future.
College Majors That Might Keep You In Debt For A Long Time
While there’s more to life than just a high-paying career, it’s essential to consider the potential earnings associated with your chosen major, especially given the rising costs of education and the impending reinstatement of student loan payments.
GoBankingRates reported that a recent study by The HEA Group sheds light on several college majors that tend to yield less than $50,000 per year upon graduation. These majors have the potential to leave graduates burdened with significant debt for an extended period. It is crucial to be aware of these majors before making your educational and career choices.
One such major is Criminal Justice and Corrections. While it may seem like an appealing path for those interested in law enforcement, the average starting pay for graduates is only $47,000. Considering the cost of living, especially in urban areas, this income may not stretch far enough, particularly when combined with student loan repayments.
Similarly, a General Psychology degree may not provide the financial stability one might expect. Without pursuing advanced degrees, individuals with a four-year degree in psychology typically earn around $43,000. Pairing this income with high student loan bills can make financial survival challenging.
Communication and Media Studies is another major that may not guarantee a well-paid job straight out of college. While media offers potential for high-paying careers, the average starting salary for graduates in this field is around $49,000. Competition in journalism, public relations, and television writing can make it difficult to secure higher-paying positions early on in one’s career.
Other College Majors
A degree in Biology may also present challenges in terms of job prospects and starting pay. Entry-level positions in biotech or medical research facilities may be available, but better-paying jobs often require advanced degrees. The average starting salary for graduates with a Biology degree is approximately $48,000, which may not be commensurate with the investment made in education.
Additionally, a Health and Physical Education degree, while valuable for those interested in teaching, may not provide substantial financial returns. Starting jobs in this field, such as physical education teachers or athletic coaches, average around $47,000 per year. Considering the debt load and living expenses, it may be necessary to explore additional income streams to make significant progress in paying off student loans.
It’s crucial to carefully evaluate the potential return on investment for your chosen major. Researching high-paying jobs that align with your interests and skills can help guide your decision-making process. By selecting a major that offers a promising career path and competitive salaries, you can avoid the financial burden associated with less lucrative degrees.