MarketWatch recently launched a report showing the three best and worst careers for student debt. It compares the amount of money a person can expect to earn with a certain job in comparison to the average student loans that person has likely accumulated in college.
Will it really pay off to be a doctor or a lawyer? Are you better off working as a bartender and saving the money? Let's check out the results…
Best College Majors for Student Debt
- Advertising: Average salary of almost $108,000 a year, resulting in a 6 year debt payoff for student loans.
- Economics: Average salary of almost $92,000, resulting in a 7 year debt payoff for student loans.
- Civil Engineering: Average salary of over $79,000 a year, resulting in an 8.5 year debt payoff for student loans.
Worst College Majors for Student Debt
- Veterinary Medicine: Average salary of about $84,500 a year, but high education expenses lead to more than 28 years of debt repayment.
- Journalism: Average salary of $37,090, resulting in a 32 year debt payoff for student loans.
- Marriage and Family Therapy: Average salary of $46,670, but the minimum 6 years of schooling can result in 35 years of repayment.
You may want to consider these factors if you are assessing your college options as they may determine when you can actually enjoy the fruits of your labor. If you're slaving away over student loan debt for years, you may regret your decision.