REPORT SHOWS BEST AND WORST CAREERS TO PAYOFF STUDENT DEBT
Jun. 21, 2013
Source: LoansForPoorCredit.net news release
LoansForPoorCredit.net has produced a fact sheet on the best and worst careers for student loan debt.
The site has sourced the information from research collated by consumer finance site Bankrate.com and reported by MarketWatch.com. The figures show that selecting particular majors increases student loan repayment time.
The Bankrate statistics depict a worrying future for graduates, demonstrating that traditionally high-paying jobs are accompanied by significant student loan debt for many years post-qualification.
This is largely due to the fact that these jobs necessitate graduate degrees and years of long training, leading to a higher debt-to-income ratio for the first few years.
Sam Malka, spokesperson for LoansForPoorCredit.net, addressed the figures in the following statement:
"LoansForPoorCredit.net helps many consumers that are struggling with bad credit and debt. For a number of these, a substantial proportion of that debt remains as residual from their college days. We have reproduced this list of the best and worst careers for paying off student debt as a helpful guide to students choosing their majors. As such, we share this list to help students weigh up their options and make an informed choice about their future career."
Bankrate assessed popular majors and made an estimate of how long it would take people to repay their student debt at a rate of 10% of their annual salary if they had borrowed the full cost for tuition and living expenses at a rate of 6% loan interest per year.
According to the figures, the best and worst careers for repaying student debt are:
Advertising: With a median salary of $107,950, student loans can be repaid in 6 years.
Economist: With a median salary of $91,860, student loans can be repaid in 7 years.
Civil Engineer: With a median salary of $79,340, student loans can be repaid within 8.5 years.
Veterinarian: With a median salary of $84,460, student loans can be repaid in 28 years.
Reporter: With a median salary of $37,090, student loans can be repaid in 32 years.
Marriage and family therapist: With a median salary of $46,670, student loans can be repaid in 35 years.
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