College is expensive. No doubt about that. Bankrate.com did a recent study to find which degrees prove to be most lucrative when taking into account how long it will take to pay off student loans. Here's what they found:
--Advertising/marketing/promotions specialist. The median annual salary for this group is over $100,000 and graduate degrees are not usually required. A high salary and a lower schooling cost means that advertising/marketing/promotions specialists should be able to pay off their student loans in under six years.
--Economists should also be able to pay off their student loans quickly (7.1 years, according to the Bankrate.com estimate). Their median salary is almost $92,000 and they have a below-average degree cost of about $53,000.
--Civil engineer. With a below-average degree cost and a healthy median annual salary of approximately $80,000, civil engineers should achieve student loan freedom in about 8.5 years.
Advanced degrees mean more time spent paying off student loans:
-- Although doctors earn a comfortable salary ($172,020), the extra years in school will cost them. According to Bankrate.com’s analysis, it should take almost 11 years for a doctor to pay off his/her student loans.
--Lawyers face an even steeper climb: Bankrate.com estimates that the typical lawyer will battle his/her student loans for over 13 years.
--Journalists and teachers could take even longer to dig out from under their student loans. With median annual salaries of about $37,000 and $43,000, respectively, these groups don’t have much extra money to put towards their debt. If 10% of each year’s salary goes towards student loans, it would take journalists almost 32 years to pay them off, and teachers almost 22 years.
Here's more information from Bankrate.com
Chart: What is the return on investment of a college degree in various fields?
Calculator: How long will it take to pay off your student loans?
8 high-paying, non-traditional college degrees