It's a long-held cliche that parents want their children to study medicine, law, or engineering in college - or, more realistically, anything but art. They hope that these professions will make their child enough money to stay afloat amidst the painful college loan payments they face during their first few years of independence. The question is, are they right to worry?
According to a study conducted by the Hamilton Project, student debt doesn't vary significantly across majors; a student with a bachelor's degree in Chemistry will likely leave school carrying roughly the same amount of debt as a Communications student. The weight of that obligation is far from insignificant; StudentLoanHero reports that the average college graduate of the class of 2016 held just over $37,000 in debt.
But for recent grads, the overarching burden of debt isn't a pressing issue - the monthly payments are. Student loan payments are a given; they take a chunk out of an entry-level worker's income each month. Depending on the graduate's field of study, allocating those funds on top of bills and living costs can pose a difficulty. After all, a recently graduated art student working as a freelance graphic designer isn't making what a salaried engineer is during their first year out of college.
Read the rest of this blog at JasonSpencerStudentLoans.com!