A new report from Georgetown University’s Center on Education and the Workforce published this week details the earning potential of over 170 majors across the United States. It shows with data the obvious fact that not all majors are created equal when it comes to how much money one can make. The study uses census data to look at the median salary per year for full-time, full-year holders of Bachelor’s degrees with different majors.
Over its lengthy history, Northeastern has made a name for itself both as a premier university and as an exceptional source for several majors, becoming renowned for its pharmacy, criminal justice and international business programs. These seem like solid investments for prospective students; a pharmacy major can expect a median salary of $105,000, second only to a petroleum engineer, who can expect to earn $120,000. A criminal justice major can expect $50,000 per year, while an international business major nets $55,000.
Unfortunately, the study also highlights the sparse earnings some majors can look forward to. Anthropology majors make a median salary of $45,000; studio arts majors net $40,000 per year; human services, $38,000.
Nobody is questioning the value of a Bachelor’s degree. The same report found that those who graduate with a Bachelor’s degree earn 84% more over their lifetime than those who only earn a high school diploma. No matter what career one settles in, a Bachelor’s will more than make up for its cost eventually.
But considering the lessened salaries that future graduates can expect, one might question the value of Northeastern’s education. A year of just tuition at Northeastern costs $37,840, almost as much as the median salary for human services majors. Add in room and board and student fees, and the cost rises to over $51,000, trumping even a year of salary for criminal justice majors.
Student loan debt is one of the most difficult debts to forgive, and cannot usually be discharged, even in bankruptcy proceedings. Generally, a student loan is only settled when it is fully paid off or 25 years have elapsed, potentially leaving students saddled with debt for decades after receiving their degree.
While education is almost always a good investment in one’s future, entering the professional world with tens of thousands of dollars in student loan debt is most assuredly not. Students can ill afford spending a year’s future salary for every year of education they receive. Despite all of Northeastern’s benefits, it is becoming increasingly hard to justify its cost.
– Michael Denham is a senior sociology major and the editorial page editor of the Huntington News. He can be contacted at [email protected].