Going to college and earning a four year degree will cost you around $71,335. To reduce this amount you should always apply for grants and scholarships. It is of the utmost importance that you reduce your student loan debt as much as possible because it can become overwhelming once you graduate. Fortunately, there are many types of degrees that you can earn that are worth the money invested. Let’s take a quick look at eight of these degrees.
1) Computer Science
Having a degree in computer science can lead to a very lucrative career. And best of all, you will have the ability to pursue a wide range of careers. Organizations and companies all across the world have a need for employees with experience and knowledge in computer science and this field is expected to grow by at least 12% during the next several years; this is a growth rate that far exceeds many other industries. The entry-level salary for a degree in this field is a whopping $61,321. With this type of income, you can pay back your student debt easily in less than 10 years.
2) Biomedical Engineering
You will need a bachelor’s or master’s degree to enter into the field of biomedical engineering, and you can expect a growth rate of 27% within the industry, making it the perfect area of study to focus on during your college endeavors. The median salary for those working in biomedical engineering is close to $100,000 annually, with the top 10% of those employed in the field earning upward of $143,000. Even the bottom 10% of earners make more than $50,000 a year. There are three primary industries that paid the most to biomedical engineers in the year 2013; they are as follows:
- Offices of Physicians
- Specialized Design Services
- Scientific Research and Development Services
3) Petroleum Engineering
Extracting oil has become a complex issue over the past decade, making it all the more valuable to have a degree in petroleum engineering. Those working in this field tend to earn an extremely lucrative salary and are well-rewarded for their work. Those working in petroleum engineering have a median salary of $132,320, with the top 10% of earners bringing home nearly $200,000 a year. Keep in mind that the three top-paying states for petroleum engineers are Alaska ($160,340), Kansas ($155,160), and Texas ($159,340).
Also in high demand are workers with a degree in economics. Through the year 2024 this field is expected to grow by 6%. However, in order to establish a good career in economics you will likely need a master’s degree. Going to graduate school will of course cost you a hefty penny, but the money you will be earning with this degree once you graduate is well worth it. The starting salary for a person with a degree in economics is a cool $52,100. You can expect to earn more than $75,000 a year once you have several years of experience under your belt.
5) Financial Planning
There is no denying that people like to have their money well-managed, and this is exactly why financial planners earn a good salary. The better they can manage money for their clients, the more money they tend to make for themselves. You will need a bachelor’s degree to excel in this line of work, but your average starting salary will likely cover your student loan debt within the first year of working. Starting out, financial planners usually make about $75,320. The three states that pay the highest for workers in this field are New York ($133,110), Connecticut ($136,680), and Massachusetts ($130,400).
6) Math and Sciences
If you enjoy math and science, then earning a general degree in math sciences is a great career choice to make. With this type of degree you can enter into many lines of work, allowing you to pursue your passion. From an operations researcher to a marketing analyst to a project manager, companies all across the globe are looking for people with degrees in math and sciences. Starting out, you can expect to make upward of $55,000 a year, and with 20+ years of experience you can probably top out at close to $100,000 a year.
7) Health Care Administration
Another field of study that makes for an excellent choice to go into is health care administration. The health care industry is absolutely booming and it is expected to grow by 23% through the year 2022. With a degree in this field you can pursue several types of careers at a variety of health care institutions ranging from small doctor’s offices to large hospitals and even health care universities. Starting out you can will make about $90,000 a year. The top 10% of earners in health care administration earn more than $155,000 a year.
8) Civil Engineering
The construction industry is also growing at a rapid rate and this had led to an increase in the need for civil engineers. You will need to earn a bachelor’s or master’s degree to earn a good wage as a civil engineer and even if you fall within the bottom 10% of earners, you will make more than $50,000 a year. The median annual salary for those working in this field is $80,770, with the top 10% of earners making more than $126,000 a year.
Choosing a degree wisely is one of the most important things you will ever do. Make sure you keep in mind the eight career fields listed above that are well worth the student loan debt.