Financial Company Ranks Majors Based On Student Loan Repayment
PHILADELPHIA (CBS) – The web's leading aggregator of financial rate information has compiled a list of how long it will take students to pay off loans depending on career and degree choice.
Tuition, room and board, books and possible graduate degrees add up pretty quickly and Bankrate.com is helping students find out the return on investment for their degree.
The organization used data from the National Center for Education Statistics, FinAid.org and the Bureau of Labor Statistics to compare the cost of education and salary information.
According to Bankrate.com, students who studied advertising, marketing and promotions and entered that career path upon graduation could pay off their loans in 5.83 years assuming that there is a six percent interest rate and 10 percent of the students check goes to repaying their loans.
Check out the table below to see where other occupations fell on the repayment scale. Do the results shock you? Sound off in the comments below!
What is the ROI of your college degree? |
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|---|---|---|---|---|---|
| Occupation | Minimum required years in college, graduate school and professional programs | Cost of degree (tuition, fees, room, board) | Median pay | Annual repayment (if 10 percent of salary goes to repaying school loans) | Years needed to repay education investment (assuming 6 percent student loan interest) |
| Advertising, marketing, promotions | 4 | $52,596 | $107,950 | $10,795 | 5.83 |
| Economist | 4 | $52,596 | $91,860 | $9,186 | 7.08 |
| Civil engineer | 4 | $52,596 | $79,340 | $7,934 | 8.50 |
| Political scientist | 6 | $68,010 | $102,000 | $10,200 | 8.58 |
| Pharmacist | 7 | $92,421 | $116,670 | $11,667 | 10.83 |
| Microbiologist | 4 | $52,596 | $66,260 | $6,626 | 10.83 |
| Physician: family or general practicioner | 8 | $136,861 | $172,020 | $17,202 | 10.92 |
| Accountant | 4 | $52,596 | $63,550 | $6,355 | 11.50 |
| Market research analyst | 4 | $52,596 | $60,300 | $6,030 | 12.42 |
| Lawyer | 7 | $103,677 | $113,530 | $11,353 | 13.33 |
| Dentist | 8 | $139,298 | $149,310 | $14,931 | 13.75 |
| Political science teacher: post-secondary | 6 | $68,010 | $72,170 | $7,217 | 14.00 |
| Public relations specialist | 4 | $52,596 | $54,170 | $5,417 | 14.67 |
| English language/literature teacher: post-secondary | 6 | $68,010 | $60,040 | $6,004 | 19.08 |
| Zoologist, wildlife biologist | 6 | $68,010 | $57,710 | $5,771 | 20.58 |
| Librarian | 6 | $68,010 | $55,370 | $5,537 | 22.33 |
| Teacher (full-time) | 4 | $52,596 | $43,400 | $4,340 | 21.75 |
| Veterinarian | 8 | $114,268 | $84,460 | $8,446 | 27.92 |
| News analyst, reporter, correspondent | 4 | $52,596 | $37,090 | $3,709 | 31.83 |
| Marriage and family therapist | 6 | $68,010 | $46,670 | $4,667 | 34.67 |
Sources: Bureau of Labor Statistics, National Center for Education Statistics, FinAid.org.
