With rising tuition costs and the increasing uncertainty of entering today’s job market, many students fear whether investing in a bachelor’s degree is worth the return. The high cost of education that falls on many households and families every year is overwhelming, leaving many students stuck with no other option but to seek financial aid. Often, federal loan options do not cover the full expense of college, including housing, books, transportation, and tuition.
Therefore, students must pursue additional loan allowances through private student loan lenders. At the end of it all, it’s not surprising that student loan debt sits at $1.2 trillion, and millions of students are stuck under the weight of debt, having to postpone special milestones like marriage, children, and property ownership.
While negative news about college and debt may be discouraging, missing out on a college education and experience isn’t worth it—for some. College isn’t for everyone, and there are plenty of ways to live a successful life, but for those considering a college education, here are some bachelor’s degrees you could pay off long-term.
Engineering
A bachelor’s degree in engineering is rewarding for many. The field of engineering is broad and provides insight into the math, science, and technology disciplines. The top well-paying engineering degrees are in the following fields:
- Civil engineering is focused on city infrastructure and has an annual mean salary outlook of $94,360.
- Petroleum engineering is focused on the oil and gas industry and has an annual mean salary of $137,720 in 2019.
- Biomedical engineering bridges medicine, engineering, and biology, and has an annual mean salary of $91,410 in 2019.
- Computer engineering/science is focused on electrical hardware, software, and technology systems and has an annual mean salary outlook of $102,450.
Finance
A finance degree is worth considering since almost everything we do revolves around money. Many students begin their undergraduate studies in mathematics or finance, then go on to pursue a master’s or get certified as a financial planner (CFP). A career in finance pays an average between $68,000 to $136,890, depending on the level of education, experience, and location.
Actuarial Science
Insurance is a complex field. The role of an actuary is to evaluate risks and minimize financial consequences. Actuarial science involves examining past reports and current trends to predict future stakes. A degree in actuarial science is challenging; however, most students find it fairly interesting.
That’s why employment in this field is anticipated to grow 26% by 2022. And because the market demand for this career is competitive, you can expect to earn high wages. The median annual pay for actuaries in 2019 was $108,350, but pay tends to be greater in the legal, science, federal, and consulting sectors.
Marketing/Business
Business and marketing are everywhere. No matter what industry or role you pursue, you will need to understand the general concepts and strategies that come into play. Knowing how to appeal to certain audiences, sell products and services, and make business decisions requires strong leadership, analytical, communication, and research skills.
A career in marketing or business holds some of the largest employment opportunities, and job titles range from business strategist and marketing manager to human resources and digital marketing specialists. The beauty behind these fields is that you’ll never limit yourself to one career choice. The pay range depends on your specific position but typically starts around $50,000, and professionals have the potential to earn a six-figure income with experience.
Healthcare Administration
Given today’s world, a bachelor’s degree in healthcare administration is likely to pay off. The healthcare industry is never going away, and, after the year we’ve all had, the number of careers in healthcare is expected to rise exponentially. A degree in healthcare administration is designed to inform students of the intersections between technology, healthcare, business, and management, and prepares students to oversee operations in a hospital or health-related setting.
Careers for healthcare administrators, also called health or medical services supervisors, is projected to increase 23% as we approach 2022. The Bureau of Labor Statistics estimates that nearly 73,300 jobs will be in demand and considers this rate of growth much higher than the average. The median pay in 2019 was $100,980 annually, with top earners in California, New York, and the District of Columbia.
Learn How to Stay Debt-Free for the Long-Haul in Arizona
While choosing a financially sensible degree is a good starting point, it only goes so far. Student loan debt is an incredible burden, and when you have a family to care for and other bills to pay, your debt becomes less priority. Unfortunately, the longer it gets left unpaid, the more it grows. Putting it on the back burner only works for so long. Instead, work toward a debt-free life with the experienced debt settlement lawyers at McCarthy Law PLC.
At McCarthy Law, we help people in serious debt eliminate or dramatically lower the amount they owe on their loans by negotiating with their lenders. When you work with us, you have the advantage of our trustworthy negotiators, powerful defenders, and compassionate leaders. To learn more about debt settlement today, call (855) 976-5777 or fill out a contact form.