Not every college major costs the same and some degree programs cost more than others. As multiple professions require a post-undergraduate degree to begin earning a salary, many students with professional training need help to help make the monthly student loan payment more affordable after graduation. These are the top 10 majors that are ideal for student loan refinancing.
Going to dental school can be more expensive than attending traditional medical school. According to the American Dental Education Association, the average student loan balance for the class of 2016 was $261,149. Although, it can be as high as $520,000 for some students. With the average salary for dentists ranging between $75,000 and $229,000, the dental field is one of the higher paying career fields and people will always need cleanings, fillings, and crowns. But, that’s still a lot of money to earn a degree.
#2: Medical Degrees
Doctors and nurses also have sky-high student loan balances. The total cost of school can cost vary depending on the school and specialization. For example, being a pediatrician might be cheaper than becoming an anesthesiologist. Med school is also cheaper than dental school because there are more scholarships available.
While there are several medical schools that cost less than $50,000 per year to attend, a 4-year M.D. degree from the Virginia Commonwealth University School of Medicine will cost approximately $268,000 for an in-state resident and $336,000 for an out-of-state student.
While learning to care for fellow mankind is expensive, it isn’t much cheaper to become a veterinarian to care for our furry friends. With only 28 accredited veterinary schools in the nation, this career field is somewhat selective and a partial reason for the high education costs. Aspiring veterinarian students can expect to pay anywhere from $10,000 to $40,000 per year ($40,000 to $160,000 total) just for their vet school training. This figure doesn’t include the cost for an undergraduate degree or post-college internships.
A favorite degree among the liberal arts majors is going to law school and eventually practicing law. The average cost for three years of law school from the top-20 school is approximately $137,000 plus the cost of the undergraduate bachelor’s degree. To make matters worse, many law school grads have struggled to find a career within the law field due to an influx of law school enrollment in recent years.
Another popular field of study is becoming a clinical psychologist or a therapist. You may need to get a Master’s Degree or a Doctorate. A master’s degree in psychology can cost anywhere from $24,552 (cognitive) to $100,225 (clinical). If you decide to pursue a doctorate to improve your chances of employment, it can cost an additional $10,000 to $33,000 per year.
Earning a Master’s Degree in Aviation will cost approximately $63,000 for three years of school including room & board. A Doctorate in Aviation can cost an additional $41,000 from Embry-Riddle Aeronautical University. Students with military experience can receive a tuition discount.
Earning a two-year Master of Music degree can cost $112,000 before receiving any financial aid. A degree in this field allows students to concentrate on a particular musical discipline such as Classical Studies, Orchestral Performance, Contemporary Performance, etc.
Undergraduate engineering degrees are some of the most expensive degree programs and earning a master’s in engineering can also be expensive. The top 5 engineering graduate schools had an average annual cost of approximately $44,000. Thankfully, a master’s degree isn’t a prerequisite to a land a job at most engineering firms immediately after earning a bachelor’s.
Pharmacy school is less expensive than dental, medical, and veterinarian school, but, it’s still a requirement to become a pharmacist. The cost of pharmacy school for four years can cost up to $160,000 at a private school. In-state schools that provide financial aid can only cost as little as $14,000.
More and more teachers are earning a Master’s in Education before they begin teaching in the classroom! It can take one or two years to earn this additional degree. If it takes two years to earn the graduate degree, it can cost $20,000 at an in-state public college and $70,000 at a private college. While these figures are at the low-end of the cost spectrum for this list, teachers do not make a high annual salary and cannot repay their loan balance as quickly as a doctor or engineer typically can.
Are these majors ideal for student loan refinancing?
The answer largely depends on your financial circumstances and your starting salary after earning a college degree. But for any student that has sixfigures in student loans to payback, it is going to take several years to pay it back. Private student loan refinancing allows people within the above career fields, or any career field, to (potentially) qualify for a lower interest rate or extend the number of payments to avoid missing a monthly payment or, even worse, defaulting.