Learn how much you will earn after graduating from college in the USA.
Paying for college is not an easy financial task. Students must weigh in advance how much it will cost, how long it will take to study, and how much per year they will be able to earn approximately after graduation. Until recently, finding this information was not easy.
“We know a lot about investments,” said CNBC Make It John Marcus, editor of the higher education section of The Hechinger Report. “But we don’t always know what students get from this.”
In 2013, the Obama administration took steps to make a difference, and announced the creation of college scorecardswhich could be used as a “report to consumers”. In the college grading card, it was necessary to indicate information on graduation statistics, tuition fees and graduate income.
Now, after many years of collecting data, students can use this system to see graduate income by school and program.
“Each student is unique,” says Betsy Devos, head of the education department. “What he studies, as well as when, where, and how he chooses to get an education, affects his future.”
As a rule, there is a wide range of how much graduates earn depending on what they study and in what areas they pursue a career, so college scorecards can help make an informed decision about what to choose.
Similar comparisons of salaries may be offered by special sites, but for the first time such detailed information was compiled, verified and published by a government organization.
“The choice of profession may seem inconsequential, but this is one of the few choices that you have been making in the 19-20 years and which can have a huge impact on your career - and, possibly, your whole life,” said Chris Colmar, co-founder of Zippia Career Planning. “If you want to get a well-paid job after college, ideally you should look for a subject that is not indifferent to you, but also consider the hiring market.”
Students can now use the college scorecard to view the average earnings and average debt of high school graduates depending on their chosen field of study.
Search by school
The “Name Search” section of the College Scorecard allows students to enter the name of their school to see how much graduates with varying degrees earn.
For example, a student plans to attend the University of Michigan at Ann Arbor. The average annual salary one year after graduating from a university varies from 19 200 to 86 900 dollars, depending on the field of study.
To learn more about how much graduates of the University of Michigan earn on various programs, students should go to the “Fields of Study” section, where they can evaluate each of the 313 study areas of the school by size, earnings and level of debt.
Another way students can use the new tool is through the use of the Custom Search function, which allows you to enter information about where students want to study, in what area and what degree they want to get.
Students can also filter educational institutions by graduation statistics and average annual cost. This can help students exclude programs that are not able to complete a significant portion of their students on time, or programs that are outside the desired price range.
How to use this information
After students collect information about the educational institutions in which they are interested, about how much the tuition will cost and how much graduates will earn, they will be able to make a more informed decision about what debts they can incur and pay them relatively painlessly after graduation.
According to Michael Horne, co-founder of the Clayton Christensen Institute, students should think about how much they will have to pay per month for a loan after graduation - ideally, this amount should not exceed 10-15% of their salary after graduation. Otherwise, the student “will have problems in the long run,” the expert says.
On the subject: 10 Top American Colleges with Free Tuition
Horn also emphasized that it is important to pay attention to graduation statistics, which are often overlooked in the college search process.
“The hardest duty is when you don't get a diploma,” he explained. “If a student does not graduate, he will not be able to get more for having a diploma, so he will earn about the same as someone with a high school diploma - but at the same time he will have 10 000 dollars of debt.”
According to the National Center for Education Statistics, only 41% of new full-time students receive a bachelor's degree in 4 years, and only 59% receive a bachelor's degree in 6 years. Economists point out several reasons why the 4-year college graduation rate in the US is so low, including under-preparedness of students, financial barriers and limited school resources, especially in government offices.
Nevertheless, the best colleges in the country consistently graduate more than 90% of students after an 6-year course of study.
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