University and college degrees have become really expensive over the last few years. As a result, many students are more interested in getting a degree in an area that is more lucrative in terms of returns and not within one that actually interests them. Given that many of them rely on loans to pay for the education, which may actually be a smart strategy.
A new research by Bankrate has found which higher education degrees offer the best ROI (return on investment) and which are less lucrative. The study uses costs of undergraduate degrees basing them on things like room and board, tuition and additional fees for a four-year period of education.
According to the study, you will need less than 6 years to repay your education costs if you have a degree in marketing, advertising or promotions. This program usually continues for about 4 years and the costs connected to it amount to an average of $52,596.
Cost of economist and civil engineer degrees are similar to that for advertising, however, it will take you 7.1 and 8.5 years, respectively, to pay them back.
The fourth higher education degree with best ROI is political scientist. The median pay for this degree amounts to $68,010 and it annual repayment is $10,200. That means that these professionals will need 8.9 years to replay their education costs.
In contrast, family and marriage therapists study for about six years to get a degree. Their education cost is estimated at an average of $65,000. To repay this sum, they will need about 35 years. That is because they earn less than $47,000 a year.
A little less depressing is the situation with news analysts, reporters and correspondents who give $52,596 for their education and work nearly 32 years to win their money back.
Other higher education degrees with bad ROI include veterinarians (27.9 years), fulltime teachers (21.8 years), as well as librarians (22.3 years).
It is true that investing in your education is investing in your future. However, some investments take more time to return than others. The conclusion is that students need to pick wisely.
Higher education degrees with best return on investment:
- Advertising, marketing, promotions
- Economist
- Civil engineer
- Political scientist
- Pharmacist
Higher education degrees with worst return of investment:
- Librarian
- Full-time teacher
- Veterinarian
- News analyst, reporter, correspondent
- Family and marriage therapist
