
It has been a well known fact that earning a college degree sets you up for a successful future. But did you know that this is only true for some programs, but not all? A report that was published by Third Way found that almost two-thirds of bachelor’s degree programs allowed their graduates to pay back their student debt in under 10 years (https://www.nytimes.com/2021/08/13/your-money/college-degree-investment-return.html?referringSource=articleShare) .
Certain fields, such as engineering or health care, allow their students to pay back their student debt quicker than other fields, like the arts, religion, or biology. This discrepancy is disheartening and suggests that the economic return in certain fields may be limited due to unstable career opportunities or that available jobs pay too little (https://www.nytimes.com/2021/08/13/your-money/college-degree-investment-return.html?referringSource=articleShare). When choosing what college program to pursue it is important to take a look at the potential salary of the career so you can determine how much debt is realistic.

Not only do certain fields allow students to pay back their debt quicker but the type of college a student attends makes a difference in how quickly a student can pay back their debt. Programs that are offered at for-profit colleges are the least likely to offer a good return on investment. Only 40% of for-profit programs show graduates paying off their debt within 10 years, compared to 73% for public programs and 56% for private, nonprofit programs (https://www.nytimes.com/2021/08/13/your-money/college-degree-investment-return.html?referringSource=articleShare).
You may be wondering, “what is the average cost of a four-year degree?” The College Board indicates the average cost at a four-year public university is about $22,000 a year - this includes in-state tuition, fees, and room and board. In order to get this cost down it is important to look into scholarships, grants, and work study opportunities.

Even though finances play a large role in decision making, it is equally, if not more important to choose a program that you are interested in. Getting up everyday to go to a job you enjoy is the best feeling in the world. If you would like help in navigating your future feel free to reach out to me at info@atozconsulting.com or 612.735.1261.
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