Which college degrees offer the best chance of paying off the thousands of dollars in loans that many graduates will face after graduation?
A new Bankrate.com study says if you chose a career in advertising or marketing, you have a good chance of making big strides in paying down your debt. If, however, you chose a career in marriage and family therapy, paying off your debt may take a while – a looong while.
Bankrate ranked 20 popular majors and related careers, using median compensation to determine how much time it would take to repay average loan amounts for each discipline. For example, after six years of study, it would take a political science major eight and a half years to pay off $68,010 in loans, assuming 10 percent of his median $102,000 pay goes toward the loan each year, or $10, 200.
On the other hand, it would take a full-time teacher nearly 22 years to pay off $52,596 in loans after four years of education and assuming 10 percent of a median salary of $43,400, or $4,340, goes toward the loan.
According to Fidelity, the average debt for the Class of 2013 $35,200.