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PayScale’s Best-Paying College Majors

by Alexis Mattera

According to a study by the National Center for Education Statistics, it costs approximately $80,000 in tuition plus expenses to earn a bachelor’s degree from a public four-year college and about $140,000 to gain the same credentials from a private nonprofit four-year institution. There are certainly ways to find this kind of fundinggrants, student loans and, hello, scholarships! – but will your major of choice be worth the money? If you select one of the fields included on PayScale’s list of best-paying college majors, it is decidedly so.

The annual list is dominated by engineering, with seven of the top 10 in branches of the field, while the other top-earning degrees include physics, applied mathematics and computer science:

Petroleum Engineering

  • Starting Median Pay: $97,900
  • Mid-Career Median Pay: $155,000

Chemical Engineering

  • Staring Median Pay: $64,500
  • Mid-Career Median Pay: $109,000

Electrical Engineering

  • Staring Median Pay: $61,300
  • Mid-Career Median Pay: $103,000

Materials Science and Engineering

  • Starting Median Pay: $60,400
  • Mid-Career Median Pay: $103,000

Aerospace Engineering

  • Starting Median Pay: $60,700
  • Mid-Career Median Pay: $102,000

Computer Engineering

  • Starting Median Pay: $61,800
  • Mid-Career Median Pay: $101,000

Physics

  • Starting Median Pay: $49,800
  • Mid-Career Median Pay: $101,000

Applied Mathematics

  • Starting Median Pay: $52,600
  • Mid-Career Median Pay: $98,600

Computer Science

  • Starting Median Pay: $56,600
  • Mid-Career Median Pay: $97,900

Nuclear Engineering

  • Starting Median Pay: $65,100
  • Mid-Career Median Pay: $97,800

Does this list have you reconsidering your college path or will you stick to your intended major?


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College Costs Continue to Outpace Savings

by Alexis Mattera

There are lots of ways students and their parents can pay for college – at Scholarships.com, we’re familiar with nearly 3 million options – and many begin socking away funds early on. As admirable as this timely planning is, a new study shows it won’t come close to covering the ever-rising cost of higher education.

Boston-based Fidelity Investments has revealed that while 67 percent of parents surveyed have put money into some sort of college fund this year, current and expected savings project the typical American family will only be able to pay for 16 percent of college costs when the time comes. Why? Many factors contribute, like the less-than-stellar economy and existing student loan payments (more than half of parents with children under five still have outstanding balances) but perhaps the hardest-hitting element is the colleges' steep price tags: Over the past five years alone, college costs have jumped 26 percent.

This news may sound bleak but families are still finding ways to afford school without going into debt...or having their children graduate with a mountain of it. More parents are asking their kids to work part-time, commute to save on room and board, opt for state schools over private ones and take additional credits - all to keep costs in check. These are all excellent options to defray ballooning education costs but don’t forget scholarships and grants – aka free money for college! Just like saving, it’s important to start searching for scholarships early and often. No time’s better than the present – complete a free scholarship search today!


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What National University is the Best Value?

U.S. News Reveals Sneak Peek at Latest List

September 8, 2011

What National University is the Best Value?

by Alexis Mattera

With college costs at an all-time high, the likelihood of college applicants and their parents selecting the school offering the most financial assistance is pretty high. But what national schools provide the highest quality education for the lowest price? Just ask the experts at U.S. News.

Though the official ordered list will not be revealed until next week, U.S. News published a sneak peek of its top 10 best value schools in the National Universities category today. (Keep in mind the schools are only listed in alphabetical order at this point.)

Is your dream school represented? Excellent! What school do you think will be named the best value and why?


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The Fight Against Federal Student Aid Fraud

by Alexis Mattera

Firefighters. Police. Ghostbusters. Your mom. There are certain people you instinctively contact when you need assistance and the same holds true for the federal government. When the Department of Education noticed there was something strange in the neighborhood regarding federal student aid, they knew just who to call.

Less than a month after releasing a report detailing how organized fraud rings were exploiting distance education programs, the ED contacted colleges across the country urging them to develop additional ways of identifying threats to federal funding. Schools were encouraged to combat potential fraud rings by monitoring groups of students using the same IP or email addresses to apply and participate in online programs, paying closer attention to students living outside the schools' normal coverage areas and delaying the disbursement of federal funds or releasing said funds in multiple disbursements. In addition to the steps colleges are taking internally, Secretary of Education Arne Duncan said the department will be working with Congress and schools "to ensure we have all the tools we need to prevent criminal elements from defrauding federal student aid dollars."

Do you think colleges are doing enough to prevent federal student aid fraud?


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Berkeley Announces Aid Increase for Middle-Class Students

by Alexis Mattera

Not-so-breaking news: College is expensive and the costs associated with it show no sign of stopping their steady climb. What’s a college hopeful to do? Consider a school that’s finding ways to bridge the financial gap, like UC Berkeley.

Beginning next fall, Berkeley will amp up its financial aid contributions for middle-class students. School officials reported that while the number of low-income and wealthy students has increased over the last several years, the number from middle-class families has remained flat. Berkeley hopes to regain the interest of middle-class applicants by becoming the first public university to promise families earning between $80,000 and $140,000 a year will contribute no more than 15 percent of their annual incomes toward tuition.

This news – released just one day after Gov. Jerry Brown announced a $2.2 billion budget shortfall and another severe round of cuts to state colleges and universities – has already been dubbed a game changer by Terry W. Hartle: The senior vice president of the American Council on Education also believes other colleges will channel their competitive spirits and do whatever they can to offer similar programs. Learn more about Berkeley’s plan here then tell us what you think.


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Pell Maximum Maintained, Eligibility Tightened

by Alexis Mattera

The Federal Pell Grant program as we know it has been in jeopardy in recent years but an agreement reached last night will keep its funding intact. While college students will still receive the maximum award amount per year, the number of eligible recipients is a quite different (and unfortunate) story.

The Chronicle reported congressional leaders agreed on a spending bill for the remainder of the current fiscal year that would increase funds for the National Institutes of Health by 1 percent, thereby maintaining the maximum Pell Grant amount of $5,550. To make this $300 million increase possible, however, eligibility for the award has been restricted. Under the bill, Pell Grant funding will only be available to each student for six years instead of nine, high school diplomas or GEDs will be required (no more ability-to-benefit tests) and the income cap for receiving an "automatic zero" expected family contribution will be lowered from $30,000 to $23,000. The interest subsidy on undergraduate student loans during the six-month grace period after a student graduates would also temporarily end.

Yes, the changes are significant but they are far less severe than an earlier bill which would have lowered the income cap to $15,000 and reduced the amount of income working students could exclude when applying for financial aid – changes that would have negatively impacted thousands of college students, especially those attending community colleges. We want to know what you think about the news. Is there a way to maintain federal funding without decreasing eligibility or do you think this bill is the best option?


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And the Least Indebted Graduates Are...

U.S. News Lists Schools with Lowest Average Debt for 2010 Grads

December 28, 2011

And the Least Indebted Graduates Are...

by Alexis Mattera

If you are a recent college graduate, those student loans you haven’t thought about in four or more years are about to come calling...and collecting. While some students’ debt tallies are quite large, the amounts owed by others are much more manageable.

U.S. News & World Report has reported that the average amount of student loan debt (defined as money loaned to students from colleges, financial institutions and the government, not including parent loans) for a 2010 college graduate was about $25,000 but this number truly varies depending on what school a student calls his or her alma mater: For example, 2010 graduates of Alice Lloyd College have an average total indebtedness of only $3,108 and those from Princeton owe just $4,385, due in large part to more grants, scholarships and work study that do not require repayment. Here are all of the schools that made the top 10 and the average amount of student loan debt 2010 graduates incurred:

Does this information have you reevaluating your college plans or financial aid choices?


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Head Out of State for an In-State Price

by Alexis Mattera

Scenario: Your dream school is beyond state boundaries but your college fund is more suited to a college closer to home. Don't fret: If you know what and where you want to study, you could score an impressive tuition break through a regional discount program. Here's the breakdown:

New England Regional Student Program: Students living in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island or Vermont could be eligible for average savings of $7,000 per year through this program if they enroll in a degree program not available at public schools in their home state. One drawback – if majors are changed, recipients may no longer be eligible for the tuition break.

Academic Common Market: Southerners (aka those living in Alabama, Arkansas, Delaware, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Virginia or West Virginia) follow the same guidelines as the NERSP but with some additional restrictions. For example, schools in Florida, North Carolina, and Texas only offer tuition reductions at the graduate level.

Western Undergraduate Exchange: Do you live in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington or Wyoming and want $7,500 per year in average college savings? WUE requirements vary from state to state and campus to campus but more than 26,000 residents took advantage of the program last year...so, interested students, apply early to ensure funding.

Midwest Student Exchange Program: Students from Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota or Wisconsin can save an average of $4,274 per year on tuition without being restricted by majors. The catch is that schools (public and private this time) can limit what degree programs qualify for this discount.


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The President on Education

Obama Talks Higher Ed in State of the Union Address

January 25, 2012

The President on Education

by Alexis Mattera

In addition to talk of the economy and spilled milk, President Obama shared his thoughts on higher education during his third State of the Union address last night. On his to-do list: reduce student loan interest rates, extend a tax credit and continue supporting community colleges.

Ideally, the president would prevent the interest rate increase on federal student loans currently set for July, double the amount of federal work-study jobs in the next five years (moves that would cost $5 billion and $1 billion per year, respectively) and make the American Opportunity Tax Credit permanent. Obama praised community colleges as he has in the past for their links to job training and their contributions to keeping college affordable but had some harsher words for other institutions: Colleges that continued to hike tuition were put "on notice" and a document accompanying the speech said the president would propose to shift some federal aid away from colleges that don’t provide good value. "It’s not enough for us to increase student aid," Obama said. "We can’t just keep subsidizing skyrocketing tuition; we’ll run out of money. States also need to do their part, by making higher education a higher priority in their budgets. And colleges and universities have to do their part by working to keep costs down."

Did you watch the State of the Union? What did you think of what President Obama had to say?


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Colleges Worry About End of Federal Aid-Based Ability Benefit

by Alexis Mattera

It may feel like we’ve skipped winter but federal aid is about to be put on ice for college hopefuls lacking high school diplomas or GEDs.

As of July 1st, newly-enrolled students will no longer be allowed to take an "ability to benefit" test or complete a set amount of credits without aid; instead, college students will be required to have high school diplomas or GEDs in order to receive federal financial aid. How will these students – many of whom are older, seeking training to find a new job, immigrants and students in states like California where the basic adult education budget has been cut – pay for school? College administrators anticipate they will turn to private loans...or give up on their degrees entirely.

David Baime, vice president for government relations at the American Association of Community Colleges, says the change “runs counter to the missions of many of our colleges,” as these schools view enrolling students without high school credentials as a key part of providing access to higher education: There are currently about 836,000 students without high school diplomas or GEDs enrolled at two-year public colleges nationwide and according to a limited 2006-2007 Education Department study, students without high school diplomas and GEDs were ultimately more successful in college and had higher GPAs than their classmates with high school diplomas, even if they failed the "ability to benefit" test. If would-be students have to get a GED before going to college and receive zero financial assistance while they prepare, Baime says many will opt out altogether.

What do you think of the new rule regarding federal aid? Do you think a high school diploma or GED is necessary to succeed in college?


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