This “Choosing College Degree from a Financial Perspective” post discusses the various implications that earning a college degree has on your pocketbook, most especially when it comes to choosing a major. The post is contributed by Anica Oaks. This post contains affiliate links/ads. See disclosure policy.
These days most parents advise their children to follow their passion when it comes to choosing a major or career, but too often students leave school unable to find a job, or find one that pays enough to cover the bills. The key is finding a balance between doing something you love while remaining practical about career opportunities in various fields.
Choosing College Degree from a Financial Perspective
When choosing a college major, you can’t overlook the financial implications of your decision. While you should also consider your skills and interests, the financial considerations are simply too important to ignore or downplay. The following are four reasons why your choice of a major should be primarily a financial one.
Your Choice of Major Affects Your Employment Prospects
The major you choose can have a serious impact on your future employment prospects. While it’s sometimes possible to find a job unrelated to your major, in most cases employers are looking for applicants with a background relevant to the position. Certain majors make it especially difficult to find a high-paying job. For example, 62.3 percent of fine arts graduates end up taking jobs that don’t even require a college degree. That’s why you have to carefully consider your future job prospects when choosing a major.
The Cost of Education is Rising
The cost of higher education has been increasing steadily over the years. For most people, investing in a college degree is a major financial decision. If you are thinking of going to college for the sole purpose of studying subjects that interest you, it might be more sensible to do independent study by obtaining free or low-cost study materials. When it comes to a degree program, however, you simply must look at education as an investment that will yield worthwhile returns.
Read more at Get Graduate Degree Fast and Debt Free
Pursuing a Degree is a Significant Investment of Time
You will have to devote many hours into earning a degree. In addition to investing money in your degree, you’re also investing time. This is time that you might otherwise spend working and earning money. That’s why you have to be sure that you’re pursuing a degree that will allow you to earn a good living in the future.
One way to cut down on the amount of time you have to spend studying is by getting your degree online. That way you don’t have to commute to classes. Online MBA degree programs give you the freedom to study according to your own schedule, making time management easier.
Read more at The Financial Costs of Procrastination
Student Loans Often Take Decades to Pay Off
Many people are saddled with debt from student loans years or even decades after they graduate from college. If you have chosen your degree wisely and find a good job, paying off a student loan is manageable. You may also be fortunate enough to find alternatives to borrowing money, such as scholarships or working your way through college. However, for most students, it’s essential to choose a major that will make it feasible to pay off their loans in a reasonable amount of time.
Read more at Is Refinancing Student Loans A Good Idea?
Choosing a college major requires a great deal of thought and research. You want to find a field that interests and stimulates you. At the same time, the high cost of education and the consequences for your career make choosing a major largely a financial decision.
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