How Your Degree Could Help Determine Student Loan Payments

Your choice of college major can have a drastic impact on your college life as well as your future career life as most of your income will be burned by the student loan debt taken during college.

If you opt for a college degree without knowing its true earning potential, you will look back on your borrowing choices with greater anguish later in life.

Students with Education, Engineering, and Computer Science majors most likely will have no contrition about their student debts. This is because they can spend their hard-earned money on their ambitions and experiences instead of their student loan repayments.

5 College Majors That Has High Earnings-to-Debt Ratios

1. Physical Science

The US Department of Education report states that physical science graduates had an initial career median wage of $46,000/year. The average college loans taken by students was only $5,290 in 2017. This means physical science graduates will have the least student loan burden after college.

2. Computer Engineering

Computer engineering graduates earned at least $65,000/year during the initial stages of their careers, but they also had the most college loans. Overall, they normally earn around $114,600/year according to Bureau of Labor Statistics, third-highest among engineering majors.

3. Engineering

Engineering graduates can earn an initial salary of $60,000/year and has college loans outlay of $7,926. The Bureau of Labor Statistics (BLS) estimates that there will be 113,300 new jobs available in the Architecture and Engineering sector between 2018 to 2028, with the engineering sector seen the most growth.

4. Chemical Engineering

Chemical engineering graduates have the highest college loan outlay among the top 5 college majors ($9,004) and the highest initial annual salary is $68,000/year. They can earn at least $98,340 in median wages the BLS report says.

5. Computer Science

Computer science graduates usually earn $62,000/ year initially. Their employment prospect will grow by 16% between 2018 to 2028. This is more than 3 times faster than the average of all other occupations. These graduates will also have less regret from their occupation.

5 College Majors That Has Low Earnings-to Debt Ratios

1. Law

Lawyers had the highest college loans outlay on average in 2017: $39,982. However, their median wage reaches $120,910/year the BLS data says.

2. Pharmacy

Pharmacists also have high average college loan outlay: $39,685. However, their usual median wage is even higher than lawyers: $126,120.

3. International Relations & Affairs

These graduates have the average college loan outlay of $13,791 in 2017 and are one of most likely to have regrets from their choice of college majors. That’s mainly because the initial average salary of these graduates ($45,000) is not that high.

4. Architecture

Architecture graduates earn a usual median wage of $79,380. This means architecture graduates who are at their initial stages (average salary $45,000) and even after will likely to suffer heavily from the student loan debts.

5. Nursing Administration

Even though nurse administrators earn quite low compared to their student loan debt, they will see plenty of job growth in the future. Jobs like nurse practitioners, nurse midwives, and nurse anesthetists will grow 26% from 2018 to 2028.

How to Repay Your Student Loans

1. Refinance Student Loans

This is an excellent choice for those with strong credit and stable income. If you are eligible, then a lender will repay your student loans and issue a new loan at a lower interest rate.

You can also look for debt consolidation if you possess any federal loans. This can lower your monthly payments by expanding your loan term, but won’t save you any money.

2. Make Payments Twice Monthly

Making loan repayments twice every month you will pay one extra full payment every year. This will boost your repayment schedule and reduce the overall interest amount.

3. Prefer Highest-Interest Loans

Putting extra money to repay the loans that have the highest interest rates will save you a lot of money over time. This is called the Debt Avalanche method of loan reimbursement. You can also look to the Debt Snowball method by repaying your smaller loans first.

4. Seek Help If Required

If you can’t repay your loans, look for income-induced repayment options for federal loans. Also, ask your lender for any options that can reduce your interest rates or monthly reimbursement for a short duration.

5. Don’t Let Interest Rate to Increase

You may have to go to a graduate school to boost your future career prospects. Don’t stop repaying your loans, otherwise, the balance will increase when you restart paying the interest.


When selecting a college degree, you should not only think about repaying your student debts. Develop a clear strategy of how you will pay off your debts. This way you will be spending less energy on student loan repayment and focus more on building a career you love.

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