In which majors do students go further into debt? According to the U.S. Census Bureau, the lowest-paid bachelor’s programs result in the most debt. In addition, the average student’s debt goes the highest at selective institutions. The highest-earning majors are pharmacy, computer science, and electrical engineering, but students in those fields are also more likely to go back to school and earn an advanced degree.
As far as earnings are concerned, medical graduates are the most heavily indebted. The number of graduates under the age of 25 with college degrees is on the rise, despite the fact that they earn seven times more. And the median debt is $12,500. This is far higher than the six to seven percent of income allocated to student loan payments by the average college graduate.
According to the U.S. Census Bureau, college graduates make seven times as much as their non-college peers. But despite the high earnings, the added student loan debt can reduce the value of a specialized degree. Law and pharmacy graduates, for example, borrowed nearly 40 percent more than their peers. While the average student borrows approximately $10,000, the top-earning majors include computer science, chemical engineering, and physical sciences.
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