Are Student Loans Worth It? Five Careers That Pay Off

Are Student Loans Worth It? Five Careers That Pay Off

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If you’ve been following the news, you’re well aware that student loans are one of the biggest hot-button issues to emerge from this latest election cycle. Many economists fear that America’s ballooning student loan debt will be the next big crisis to break our financial system. The result, these critics charge, is a large crop of graduates each year who are heavy on debt and scarce on legitimate job prospects. However, this depressing dichotomy certainly doesn’t apply to all careers or majors. Here are six careers that are known to pay off.

Healthcare

A registered nurse with a Bachelor of Science in Nursing earns a higher-than-average annual income right out of college with zero experience, and usually doesn’t have to wait long to find a job. Even better, a nursing career is portable. Nurses are rarely anchored to one city or region due to a dearth of job prospects elsewhere.

One thing people will never stop doing is having babies. This ensures an abiding demand for a specific specialization within the medical field, which is doctors who specialize in pregnancy. A high income potential and location opportunities make this field one worthy of strong consideration, says Dr. Gilbert Webb of St. Louis.

Obviously there are other medical fields worth considering, and jobs that require less education that support physicians and medical practices.  Whatever you choose to do in healthcare, it will not only likely be profitable, but you will also be caring for and helping other people.

Pharmacy

Just about every accredited pharmacy school has a six-month career placement rate in the upper nineties. This means that virtually all pharmacy school graduates are employed as pharmacists within just a few months of graduating. Salaries are handsome, too, often starting in the six figures.

Engineering

If you’re strong in math, consider a career in engineering. This field is known for its high pay and consistent demand for educated workers, in good economic times and bad.

Accounting

No matter what industry a business operates in, it always needs smart people who can make the numbers work. The unemployment rate for accounting majors is consistently much lower than the national rate. And, with financial laws and regulations seemingly changing every day depending on which direction the political winds are blowing, this ensures that accountants, tasked with keeping up and keeping in compliance with these laws, remain in high demand.

Teaching

Teaching certainly isn’t known as a high-salary profession, but it pays off in other ways. Job security is one. Our nationwide teacher shortage has been well-publicized, and earning tenure can provide reasonable assurance that you won’t be let go for petty reasons. Also, if you’re willing to teach in a high-risk area for a few years, you can even get your student loans forgiven.

Student loans can feel like an albatross around a recent graduate’s neck, but choosing the right career field can be the antidote that liberates you from this burden.

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Categories: Student Loans