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What you study in college could cost or save you tens of thousands in student loans. For example, the major with the highest median student loan debt was behavioral sciences at $42,822. In contrast, the major with the lowest median student loan debt was biological and physical science at $7,591. That’s a difference of $35,231.
Key Takeaways
- Student loan debt varies significantly by major due to factors like tuition costs and prospective earnings.
- Bachelor’s degrees can have a wide range of debt levels, whereas associate degrees may result in a smaller amount of debt.
- Having more student debt can influence where you decide to work or whether you delay certain life milestones.
Fast Fact
In an academic context, the term “major” refers to a specific area of study that an undergraduate student focuses on, with an “undergraduate” student being one pursuing an associate or bachelor’s degree.
Understanding Student Loan Debt by Major
For nearly one in six American adults, federal student debt is a significant financial burden. However, the size of each student’s debt generally varies by field of study. This is because different majors have different expenses, program lengths, and earning potentials associated with them—all of which affect how much you’ll need to borrow.
Student Loan Debt for Bachelor’s Degrees
In 2022, at the bachelor’s degree level, the median student loan debt at graduation was $23,796. The major with the highest median student loan debt was behavioral sciences at $42,822. Meanwhile, the degree with the lowest median debt balance was science technologies/technicians, general, at $9,529.
Student Loan Debt for Associate Degrees
Students pursuing associate degrees tend to accrue less education debt, with the median student loan balance at graduation for this level being $14,160. The major with the highest median student loan debt was alternative and complementary medicine and medical systems at $38,533, while biological and physical science had the least amount at $7,591.
Implications of Student Loan Debt by Major
A college degree can improve your earning potential, career flexibility, and provide financial stability for years or even decades. However, student loan debt can result in a significant monthly payment that may impact your ability to afford future purchases and achieve your financial goals.
For example, you may need to delay major life milestones, such as buying a house, starting a family, or investing for retirement, in order to afford your monthly debt payments. Or you may feel pressured to work in a field you’re not passionate about or in a location you dislike because your earning potential is better.
By understanding the full implications of how student debt varies by major, you can make more informed and strategic decisions about which area of study is best for you.
The Bottom Line
Ultimately, what you study matters as much as where and how you study. The majors with higher earning potential don’t always carry the most debt, while some fields with modest salaries come with significant borrowing costs. Carefully weigh the cost of your education against expected earnings, career goals, and long-term financial implications before you make a decision.
