What's your college degree worth? Here’s how to find out
The Education Department is offering a way to calculate whether your college degree is worth the money
Does your college degree payout? FOX Business' Deirdre Bolton with more.
Student debt in the U.S. has officially reached more than $1 trillion. To tame the money monstrosity the Education Department relaunched collegescorecard.ed.gov to offer a “buyer beware.”
The site allows users to compare the value of different degrees.
“The best way to attack the ever-rising cost of college is to drive real transparency,” Education Secretary Betsy DeVos said in a statement.
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In order for students to make the best investment, both degree type and institution attended impact its payout.
The study shows that in most programs, graduates will earn more in their first year than what they owe in total. But 2 percent of program graduates actually owe double their annual salary.
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The data reflects some expected statistics, such as science and engineering students at elite schools having the highest return on investment. Computer science majors can make almost double for attending an elite university.
The lowest debt-to-income ratio lies with those who have bachelor’s degrees in mathematics. At the Massachusetts Institute of Technology, math majors earned a median of $120,300 after graduation while borrowing just $8,219, the study shows.
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Most students with degrees in the arts such as literature and drama see exponentially less of a return.
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A master’s degree in drama from the prestigious University of Southern California will earn $30,800 while owing $100,796; a bachelor’s degree in theater from the public University of Alabama will earn an average of $14,000 while owing $25,000.
But we shouldn’t discredit liberal arts education. FOX Business’ Deirdre Bolton said Americans with degrees in the arts tend to find higher-paying jobs later on.