There are many good reasons to go to college. Some students primarily think in terms of dollars and cents, pursuing degrees for careers that have big financial rewards. Others choose professions such as teaching, public service, or other fields that are not traditionally high paying, but provide a profound sense of personal fulfillment and rewards that go beyond a paycheck. Whatever your reason for seeking a higher education, if you take out student loans to pay college costs, you will eventually need to repay them.
To help make paying your student loan payment easier on yourself after graduation, it's important to consider the balance between what you’ll owe, and how much you’re likely to earn post-graduation, when it's time to pay back your loans. We encourage students to start paying them before graduation. Knowing what kind of income to expect from your chosen career will help you gauge the amount you can borrow and remain reasonably confident of your ability to repay.
A planned career path can also help you decide what kind of school you'll want to attend. For example, if your likely earning potential is relatively low, it may be wise to choose a less expensive in-state public school rather than a pricey private or out-of-state school, and borrow less. On the other hand, if your career path offers significant earning potential, you may find it worthwhile to invest more in your education. You can find relative pay scales for various careers by checking out our Salary Tools.
Hot jobs today – and in the foreseeable future
At any given time, some jobs are more in demand than others. According to government economists, the fastest growing occupations for today's college graduates are network systems and data communications analysts, software engineers in applications and systems software, network and computer systems administrators and database administrators. What's more, the experts expect these jobs to remain hot all the way through 2014. Physician assistants, dental hygienists, physical therapists and forensic science technicians are also professions to watch. Find out more about the United States Bureau of Labor Statistics predictions through 2014.