College students, listen up and everyone else, take heed. If you want to be debt-free after you graduate, you may want to avoid pursuing a few occupations which rank among the worst for debt. You know, like journalism.
We cringe with disappointment as we share this grim news. That is, Bankrate released numbers which reflect occupations related to debt by comparing median salaries and how long it would take to pay off student loans.
Jessica Patel, personal finance analyst for the site, advised MarketWatch, “If you know that you’re going to take student loans it may be good to see what the salary might be and what the consequences of taking on that debt might be.”
The site examined various majors and figured out how long it would take to pay off debt when putting 10 percent of one’s salary toward paying off student loans at the average interest rate of six percent.
Although the perfect scenario of course is nabbing a high paying job to pay off loans sooner rather than later, some career paths result in paying off loans for years upon years. As in decades. Among the worst three? Reporter, veterinarian and marriage/family therapist. Let’s focus on the first one, shall we? Le sigh…
Per the numbers, reporters could eventually pay off their student loans after working for 32 years! This estimated number takes into account the median salary of $37,090 which is equivalent to about one-third of the pay earned by colleagues in marketing.
On the bright side, the top three careers were advertising, economist and civil engineer. By comparison, grads who pursue careers in advertising and marketing typically earn a median salary of $107,950 and become debt-free by their late twenties, per Bankrate.