Student loan debt has consistently been in the news for the last several years, primarily for two reasons. Firstly, many of those saddled with loan debt were pressing the Biden administration for debt relief; second, because the Trump administration’s recent Big, Beautiful Bill (BBB) is reshaping how those loans are now being repaid.
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Per Investopedia, the Biden administration ultimately forgave over $180 billion in loan debt for more than five million borrowers (which was still far less than forgiving student loans entirely); now, the BBB is setting new borrowing limits and offering fewer repayment plan options for borrowers.
In short: Student loan debt is here to stay, and is something most college graduates will be forced to contend with as they exit higher education and enter the work force.
With that in mind, it’s worth investigating which college majors are set to pay off their student loans the fastest, and which are unfortunately the slowest.
The College Majors Set To Pay Off Student Loans The Fastest
According to FinanceBuzz, STEM (science, technology, engineering and mathematics) majors tend to be the most well-positioned to pay off their college loan debts early, thanks to low unemployment numbers in those fields coupled with very high salaries.
Consider This: 6 Ways To Lower Your Student Loan Debt Interest Rate
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Electrical Engineering: Electrical engineering is the development, testing and manufacture of electrical and equipment and systems — essentially, a necessity in modern living. Those with a major in the field tend to knock out their college debt rather quickly, thanks to a median income of approximately $115,000 per year. Assuming 10% of that salary ($11,500) is used annually to pay down their debt, a very comfortable $103,500 is left over yearly.
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Computer Engineering: How could this field not be on the list? Computers are now part of daily life for children to adults. Those who majored in the design and development of computers typically make $112,000 annually — that’s $100,800 per year after paying off 10% ($11,200) in yearly student loan debt.
- Petroleum Engineering: College majors in this field go on to work in the crucial energy fields of gas and oil production, especially in the refinement and improvement of those systems. Those who graduate with this major can usually pay off their college debts quickly and with relative ease, by spending just 10% ($10,000) of their annual salary ($100,000) per year.
The College Majors Set To Pay Off Student Loans The Slowest
Conversely, there are a number of fields that generate a vast amount of student loan debt, yet also do not offer an income significant enough to pay that off that debt quickly. Per Coinlaw, the following majors tend to result in the longest loan-repayment timelines due to the high level of debt they incur coupled with low starting salaries.
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Dentistry: Those with dentistry (DDS/DMD) as a college major can expect to incur nearly $290,000 in overall debt, often with salaries that require 15 to 20 years of payoff time.
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Veterinary Medicine: While a noble profession that keeps our furry friends healthy, veterinary medicine majors can amass approximately $188,000 in student loan debts which, like dentistry majors, can take 15 to 20 years to pay down completely.
- Law: A law major (specifically in the field of Juris Doctorate) can rack up roughly $145,000 in student loan fees and debts, with post-graduation income being such that it can take 10 to 20 years to pay off.
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This article originally appeared on GOBankingRates.com: Which College Majors Are Set To Pay Off Their Student Loans Fastest (and Slowest)
