What Jobs Have the Highest Student Loan Debt (And Are They Worth It?)

Most students understand that student loan debt can harm their financial futures. However, deciding whether the amount of student debt that comes with a particular major is worthwhile isn’t always easy to ascertain.

Some degree plans come with higher-than-average debt loads but bring in enough income to make it worthwhile. Others may have slightly below-average debts but lead to lower salaries, making the repayment harder to afford.

If your student wants to avoid student loan debt, scholarships can make any major affordable. If you and your student want to learn about scholarships, sign up for our free college scholarship webinar! Take a quick trip over to http://thescholarshipsystem.com/webinar to reserve a spot today.

Ultimately, by looking at certain student loan debt statistics – particularly the student loan debt by major – it’s easier to estimate whether a particular degree is worthwhile. If you and your student are curious about those figures, here’s a look at the overall average student loan debt and student loan debt by degree level and major.

Average Student Loan Debt

One of the starkest student loan debt statistics is simply the amount of debt the typical student carries after attending college. As of May 2022, the average federal student loan debt balance hit $37,014. If you add in private loan debt, the average could reach as high as $40,904.

However, that only tells part of the story. If a student has a Bachelor’s degree, the average amount owed in federal loans is slightly lower, coming in at $31,790. However, if a student goes on to get a Master’s degree – which is required for many jobs – the amount owed in federal student loans on average reaches $70,070. For those with doctoral degrees, the average amount owed is a starting $118,360.

Student Loan Debt by Major

The Education Data Initiative collects information relevant to education in the United States, including the average student loan debt by major. The most recent statistics show the averages as of December 2021, which provides a reasonably accurate picture of the current landscape. Here’s a breakdown of what the data shows, broken up into degree levels.

Associate’s Degrees

While many would assume all two-year degrees are cost-effective, that isn’t universally the case. Student loan debt at the Associate’s level can vary greatly. Some majors come with average student loan debts that rival Bachelor’s degrees, while others don’t even reach the five-figure territory.

Here’s a quick overview of the average student loan debt associated with popular Associate’s degrees:

• Alternative and Complementary Medicine and Medical Systems – $35,750
• Legal Professions and Studies, Other – $30,500
• Public Health – $26,464
• Music – $21,353
• Management Information Systems and Services – $21,288
• Arts, Entertainment, and Media Management – $20,151
• Film/Video and Photographic Arts – $19,702
• Criminology – $19,409
• Data Processing – $19,133
• Computer & Information Sciences, General – $19,032
• Accounting – $18,928
• Human Services, General – $18,810
• Culinary Arts and Related Services – $18,171
• Mental and Social Health Services and Allied Professions – $17,643
• Business Administration, Management and Operations – $17,569
• Marketing – $17,499
• Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing – $16,559
• Health and Physical Education/Fitness – $15,567
• Computer Science – $15,337
• Civil Engineering Technologies/ Technicians – $15,250
• Hospitality Administration/ Management – $14,637
• Psychology, General – $14,060
• Design and Applied Arts – $14,013
• Clinical, Counseling, and Applied Psychology – $13,418
• Finance and Financial Management Services – $13,125
• Information Science/ Studies – $12,382
• Radio, Television, and Digital Communication – $12,172
• Library and Archives Assisting – $12,049
• Animal Sciences – $12,000
• Public Relations, Advertising, and Applied Communication – $11,540
• Visual and Performing Arts, General – $11,373
• Communication and Media Studies – $10,929
• Social Sciences, General – $10,906
• Education, General – $10,806
• Engineering Science – $10,500
• Physical Sciences – $10,422
• Multi-/Interdisciplinary Studies, General – $10,300
• Political Science and Government – $10,284
• Liberal Arts and Sciences, General Studies and Humanities – $10,000
• Agriculture, General – $9,765
• Biology, General – $9,599
• Natural Sciences – $9,467
• Biotechnology – $9,437
• Sociology – $8,944
• Science Technologies/Technicians, Other – $8,909
• Public Administration and Social Service Professions, Other – $8,900
• Mechatronics, Robotics, and Automation Engineering – $6,500

Bachelor’s Degrees

When students prepare to go to college, it isn’t uncommon for them to have their sights set on a Bachelor’s degree. The total cost can vary dramatically depending on the school selected and whether a student has to pay out-of-state tuition rates. However, the average student debt by major shows that a student’s degree is also a factor.

Here is a look at the average student load debt by degree for those who go for a Bachelor’s:

• Curriculum and Instruction – $44,125
• Behavioral Sciences – $39,890
• Culinary Arts and Related Services – $37,178
• Religious Education – $31,582
• Physical Sciences – $27,365
• Education, General – $27,000
• Natural Sciences – $27,000
• Human Services, General – $26,986
• Architecture – $26,086
• Biological and Physical Sciences – $25,717
• Music – $25,206
• Arts, Entertainment, and Media Management – $25,000
• Clinical, Counseling and Applied Psychology – $25,000
• Drama/ Theatre Arts and Stagecraft – $25,000
• Film/Video and Photographic Arts – $25,000
• Health Professions and Related Clinical Sciences, Other – $25,000
• Engineering, General – $24,999
• Visual and Performing Arts, General – $24,859
• Biochemical Engineering – $24,709
• Information Science/Studies – $24,500
• Social Work – $24,356
• Communication, Journalism, and Related Programs, Other – $24,233
• Civil Engineering – $24,035
• Multi-/Interdisciplinary Studies, General – $23,933
• Literature – $23,883
• Aerospace, Aeronautical, and Astronautical Engineering – $23,875
• Foods, Nutrition, and Related Services – $23,821
• Criminal Justice and Corrections – $23,632
• Business Administration, Management and Operations – $23,250
• Health and Physical Education/ Fitness – $23,250
• Public Relations, Advertising, and Applied Communication – $23,250
• Radio, Television, and Digital Communication – $23,250
• Zoology/Animal Biology – $23,250
• Journalism – $23,132
• Chemical Engineering – $23,106
• Chemistry – $23,096
• Accounting – $23,000
• Mechanical Engineering – $23,000
• Computer & Information Sciences, General – $22,941
• Biology – $22,891
• Liberal Arts and Sciences, General Studies and Humanities – $22,752
• Psychology, General – $22,750
• Public Health – $22,678
• Communication and Media Studies – $22,500
• Marine Sciences – $22,414
• History – $22,215
• Social Sciences, General – $21,989
• Physics – $21,816
• Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing – $21,679
• Criminology – $21,500
• English Language and Literature, General – $21,500
• Hospitality Administration/Management – $21,500
• Mathematics – $21,500
• Political Science and Government – $21,500
• Sociology – $21,500
• Geography and Cartography – $21,432
• Anthropology – $21,271
• Science, Technology and Society – $21,210
• Botany/Plant Biology – $21,198
• Computer Science – $21,000
• Public Administration – $20,901
• Environmental Design – $20,784
• Archeology – $20,723
• Agricultural, General – $20,500
• Animal Sciences – $20,499
• Philosophy – $20,447
• City/Urban, Community and Regional Planning – $19,925
• Economics – $19,849
• International/Global Studies – $18,982
• Astronomy and Astrophysics – $18,723
• Cultural Studies/ Critical Theory and Analysis – $18,500
• Statistics – $17,558
• Cognitive Science – $17,052
• Business Operations Support and Assistant Services – $16,200
• International and Comparative Education – $10,000

Master’s Degrees

Most students understand that going for a Master’s degree means spending far more on education than those who opt for a Bachelor’s. However, many don’t realize just how dramatic of a difference there is in many cases.

Plus, the major a student chooses for their Master’s matters. Here’s a look at the average student loan debt by major for Master’s degree programs:

• Advanced/Graduate Dentistry and Oral Sciences – $138,857
• Visual and Performing Arts, General – $61,188
• Social Sciences, General – $60,070
• Philosophy – $56,582
• Literature – $52,181
• Clinical, Counseling and Applied Psychology – $51,489
• Statistics – $51,360
• Radio, Television, and Digital Communication – $49,889
• Journalism – $49,311
• Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing – $45,006
• Public Relations, Advertising, and Applied Communication – $41,640
• Economics – $41,551
• Liberal Arts and Sciences, General Studies and Humanities – $41,323
• Architecture – $41,000
• Finance and Financial Management Services – $41,000
• Political Science and Government – $41,000
• Psychology, General – $41,000
• Business Administration, Management and Operations – $40,855
• Public Administration – $40,621
• English Language and Literature, General – $40,603
• Computer & Information Sciences, General – $40,533
• Arts, Entertainment, and Media Management – $40,326
• Multi/Interdisciplinary Studies, General – $40,252
• History – $39,753
• Computer Engineering – $38,967
• Communication and Media Studies – $38,882
• Computer Science – $37,477
• Sociology – $36,185
• Anthropology – $35,935
• Marketing – $35,762
• Biology, General – $35,199
• Health Professions and Related Clinical Sciences, Other – $34,742
• Hospitality Administration/Management – $34,676
• Criminology – $34,008
• International/Global Studies – $33,632
• Chemistry – $31,446
• Engineering, General – $30,663
• Health and Physical Education/Fitness – $30,217
• Education, General – $28,351
• Accounting – $28,341
• Civil Engineering – $27,931
• Zoology/Animal Biology – $26,934
• Geography and Cartography – $24,969
• Mechanical Engineering – $23,302
• Agriculture, General – $21,360
• International Agriculture – $15,317

Doctoral Degrees

When it comes to student loan debt statistics, most people aren’t surprised that doctoral degrees usually lead to a substantial amount of debt. However, just how large those balances can get might catch some students off-guard.

Here’s a look at the average student loan debt for doctoral degrees:

• Pharmacy, Pharmaceutical Sciences, and Administration – $271,378
• Liberal Arts and Sciences, General Studies and Humanities – $199,115
• Public Administration – $137,560
• Juris Doctorate, Doctorate in Law – $120,034
• Information Science/ Studies – $118,106
• Clinical, Counseling and Applied Psychology – $114,372
• Computer & Information Sciences, General – $101,573
• Communication and Media Studies – $101,392
• Public Health – $79,842
• Education, General – $78,283
• Computer Science – $77,269
• Business Administration, Management and Operations – $77,239
• Psychology, General – $73,830
• Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing – $68,120
• English Language and Literature, General – $62,757
• Health and Physical Education/Fitness – $51,816
• Anthropology – $21,219

What Profession Has the Highest Student Loan Debt?

Based on the data above, pharmacist – and other high-level roles in pharmaceutical sciences that require a doctorate – has the highest student loan debt. However, that role comes with a median salary of $128,570 annually. As a result, it isn’t necessarily the worst ratio of debt to income-earning potential.

For example, doctorates in humanities come with the second-highest average debt but don’t have near the earnings potential. On average, those with humanities doctorates earn just $77,000 per year, far below the average amount earned for other doctorates, including behavioral sciences, business, education, engineering, and more.

How to Determine If a Degree Is Affordable

There’s a bit of debt when it comes to student loan affordability. The Department of Education generally considers student debt-to-income ratios of 20 percent of a student’s discretionary income or less as reasonable. Similarly, a student debt payment of 8 percent or less of a student’s monthly income is viewed as suitable by the Department of Education. That gives students a baseline to determine if the amount of debt they’d take on is potentially affordable based on what they could earn.

However, whether any particular major is or isn’t worth pursuing (from a financial perspective) depends on the specifics. The amount a student needs to borrow, the interest rate, and the length of the repayment terms are all factors. As a result, students will need to do a little math to see if the job they want makes the debt financially manageable.

Deciding If the Job Is Worth the Debt

Whether a job is worth the debt is a personal choice. If your student is considering a major with a high amount of debt and a job with lower pay, they’ll need to decide if they can comfortably pay back what they owe. If they have doubts, then it’s possible the job isn’t worth the debt, as it could lead to significant financial hardship.

However, it’s critical to remember that student loan debt isn’t the only way to pay for college. With scholarships, your student can get the funds they need without having to repay the money. In that case, any job is financially viable, as there’s either less debt or no debt to deal with in the end.

Scholarships can make any major affordable, allowing students to avoid student loan debt that can harm their financial well-being. If you and your student want to learn about scholarships, sign up for our free college scholarship webinar! Take a quick trip over to http://thescholarshipsystem.com/webinar to reserve a spot today.