PrivateStudentLoan.org, the leading information resource for students interested in applying for private student loans, has released the results of research today about the twenty most popular college majors, and how long it will take students majoring in each of these subjects to pay back their loans.
Grandville, MI, May 20, 2011 — PrivateStudentLoan.org, the leading information resource for students interested in applying for private student loans, has released the results of research today about the twenty most popular college majors, and how long it will take students majoring in each of these subjects to pay back their loans.
A few highlights from the research:
– Education majors suffer the most, with some of the lowest starting salaries, and the highest debt loads, of any major.
– Economists, not surprisingly, do the best, with one of the highest average starting salaries.
– Nearly all students are better off going to a state school: state school students could repay their loans within a few years on average, while for students at private schools, it could take decades.
“Many students are one bad major choice away from twenty years of indentured servitude to student loan companies,” says Evan Jerkunica, head of student outreach for PrivateStudentLoan.org. “It pains me to see students going $120,000 into debt, when they come out only earning $40,000 per year.”
Amid rising concerns about the cost of college and the need for a degree in today’s working world, students and their parents want to know: will a college education really give them the best bang for their buck? The Web is full of conflicting information on the subject, but the answer actually depends on what field students want to study. Although some majors are clearly more profitable than others, it’s just as important that students choose a field in which they are genuinely interested, as it is to choose a field that will allow them to pay their debts.
The new report published on www.PrivateStudentLoan.org, entitled “Does Your Major Suck?”, will help prospective students get a sense of what their major holds for them. For those still early in their college education, it will help them narrow down which majors to consider.
“The economy has changed,” says Jerkunica. “The idea that ‘we’ll worry about the debt later’ is only a good strategy for career paths with strong employment outlooks and high income-to-debt ratios.”
The report also highlights some good news: college is, on average, more affordable than people believe. On average, each student in the U.S. receives $6,000 a year in grants. And for students who choose state colleges, the average tuition is just $7,500 per year. In spite of media hype to the contrary, a college education can still be affordable.
In short, college is great…it’s just your major that might suck.
The full report can be found here: http://privatestudentloan.org/does-your-major-suck-how-long-itll-take-to-pay-off-your-student-loans/
About PrivateStudentLoan.org
Founded in 2008, PrivateStudentLoan.org’s mission is to give students and parents the whole story on college finance. We fight predatory lending practices so students aren’t forced into indentured servitude for federal or private student loan companies.
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Contact:
Evan Jerkunica
PrivateStudentLoan.org
Grandville, MI
(231) 629-4381
[email protected]
http://www.privatestudentloan.org
