The job market for college graduates is said to be at its best right now. However, the average salary isnt as promising if you fall within the majority of graduates, even with the vast amount of jobs available. And, if you had to take out student loans to pay for education, the amount of money you make at a new entry level job isnt comparable to what you owe student loan companies for your education.
In a recent article from USNews.com, "Americas Best Colleges 2007," at least fifty percent of college students in the U.S. receive a Bachelors degree in Liberal Arts. Some of the most popular majors fall under Liberal Arts: English, Public Relations, Political Science, Journalism, etc. But while choosing a Liberal Arts major may appeal to your interests, it doesnt show promising income for the future.
According to a NACE Salary Survey from Spring 2006, liberal arts and educational careers have the lowest average salary for entry level positions. Entry level positions for careers within a Liberal Arts major pay an average of $30,958 annually.
Thirty one thousand a year doesnt seem so bad, but if you paid for school with student loans and attended a private university, it may take about thirty years to pay back your student loans. According to an article in 1010 Wins, two out of three students in New York borrow money to attend college and some 460,000 college graduates in "the empire state" will carry more than $6.4 billion in debt (www.1010wins.com). No matter what university you choose to attend, the national average a college graduate owes in student loans is about twenty thousand dollars. The 20,000 as obtained from the National Center for Education, is reflective of federal loans. In other words, the five thousand borrowed per year towards tuition via Stafford. The total cost including private loans or parent "co-signer" loans is differing. The total cost per school year multiplied by four, is your personal total loan cost.
With everything in consideration, the cost of college and the salary most college grads will earn make career planning and financial projection seem less than promising. If you are using student loans to pay for education, and anticipate a career in liberal arts make sure to be attentive to your financial situation.
