In this article, we will be taking a look at the 5 worst bachelor’s degrees for student loan debt. If you wish to learn about more, head straight to the 17 Worst Bachelor’s Degrees for Student Loan Debt.
5. Juris Doctorate (law)
Median Debt 2022: $128,289
Com A Juris Doctorate (J.D.) degree, crucial for legal careers, often results in significant student loan debt, creating financial challenges. Graduates face average debt of $111,000 to $130,000, leading to significant life milestones like homeownership delays. Many need help to repay loans, with about 90% of early-career attorneys borrowing money and 25% unable to contribute to retirement accounts due to debt. Debt burdens influence career choices, with some opting for higher-paying jobs. Experts recommend saving before law school, seeking scholarships, and exploring loan repayment assistance or refinancing options.
4. Communication and Media Studies
Median Debt 2022: $133,942
A Communication and Media Studies degree is one of the worst bachelor’s degrees for student loan debt, with a median debt of $133,942. Despite this, graduates have diverse marketing and public relations career opportunities, earning a median of $39,700 three years after graduation. However, challenges in repaying loans persist, especially for students entering lower-paying careers.
3. Public Administration
Median Debt 2022: $146,194
A Bachelor’s degree in Public Administration, one of the degrees with most student loan debt, often results in significant student loan debt, posing challenges for graduates in repayment. Despite this, the degree offers diverse career opportunities in human resources and policy analysis. Graduates may qualify for loan forgiveness programs like Public Service Loan Forgiveness, but the high cost of an MPA program can lead to substantial debt. Difficulties with loan repayment vary by institution type, with for-profit institutions showing higher delinquency rates.
2. Clinical, Counseling, Applied Psychology
Median Debt 2022: $174,623
Clinical, counseling, and applied psychology degrees often lead to substantial student loan debt, with median debts of $200,000 for PsyD students and $75,000 for PhDs. While these degrees offer promising careers, debt should align with post-graduation salaries. Financial planning is crucial, including allocating 10% of income to debt repayment. Options for repayment include loan forgiveness programs like PSLF, though private practitioners may not qualify. Refinancing is possible but may mean losing federal protections.
1. Pharmacy/Pharmaceutical Sciences
Median Debt 2022: $310,330
Pharmacy or pharmaceutical sciences degrees, stand first among the worst bachelor’s degrees for student loan debt that promise lucrative career paths but can result in substantial student loan debt, averaging $310,330. This debt burden stems from tuition, fees, and other education-related expenses. Graduates often rely on federal loans, with repayment terms ranging from 10 to 30 years. Options like student loan refinancing offer potential relief, but debt persists as a challenge, particularly with rising educational costs and stagnant income growth.
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