In addition to planning out beforehand how you are going to find sufficient money to pay for college, you should also consider what you are going to do after college in order to pay back loans, etc. if you have any.
In doing this one thing you should consider is your major in college. While you should pursue what you love, you should also remember that it isn't necessarily wise to pursue a major that pays poorly after graduation (art or history, for example) if you are paying tens of thousands of dollars every year in order to attend your school.
If you expect to have student debt after college, you should look into what the average salary is of a person for various majors. For this reason, pursuing a major such as engineering is wise, as your salary after graduation will easily be between $50,000 and $100,000 per year...or even more if you are very lucky!
Business majors will typically start out at around $50,000 per year with a Bachelor's degree. However, if you attended a reputable school and have a bit of luck (as well as some connections), landing a job at a hedge fund could see you starting out at $100,000 to $200,000 per year...plus bonuses!
So...when considering your major in college, keep in mind how valuable it will be in helping you pay off student debt after graduation.
May 13, 2009
