As a college student, you are bound to wonder, “Is college worth it?” Your earning potential will improve dramatically, but some majors will leave you with more debt than others. According to the U.S. Census Bureau, college graduates earn seven times as much as non-graduates, but some majors will have you go further into debt. In the list below, you’ll find 14 majors that have the greatest earnings-to-debt ratio. These majors are all more costly than the average student, but they will also get you an advanced degree, which is another benefit.
Considering that more people are earning less than half of the salaries earned by computer science majors, it’s important to consider these statistics when deciding what to study. Computer science majors borrow an average of $24,000, but social science majors borrow almost double as much. While both majors have similar earnings, the difference in student loan debt between the two is staggering. The average debt for a social science major is over $40,000, while the expected salary is one-third lower than for students in other fields. In addition to the cost of tuition, students who study a major in social sciences spend nearly twice as much time out of the workforce than students in other majors. These factors reduce the value of these degrees over their lifetimes.
The average student borrows about $24,000, while the average student in computer science goes deeper into debt – $32,000. A similar amount of money is owed in social science, which is nearly double the amount of the average student borrowing. A third of those students who study a social science major spend more than double the time out of the labor force than the rest of the student body. Thus, while some of these majors may be more financially rewarding than others, the extra costs associated with a degree are not worth it.