How Much a Bachelor’s Degree Cost After You Repay Student Loans?

The cost of a four year degree keeps going up as states continue to underfund their public two and four year colleges and universities, though the funding level inched up just enough to avoid significant tuition increases. Funding has been drastically cut since the onset of the recession, and with most states spending less per student than they did in 2007. Students are footing the bill more than ever with federal and private student loans, grants, and scant savings as they try to move up the socioeconomic ladder and ending up with an average graduating debt of $30,000. That’s just the debt for public colleges, for a degree from a private for-profit college, you could be looking at three times as much, depending on your field of study.

Simply put, having that degree makes it less likely that you’ll be unemployed and that you will earn more than the median weekly wage. The value of the degree versus the cost is apparent when you look at the average earnings of the bachelor’s degree holder versus the associate degree, or the person who went to a four year college but did not finish their college education. Naturally, higher degrees mean a higher level of specific knowledge, and a commensurately higher rate of pay. It’s easy to say that the median earnings for a professional or doctoral degree are $100,000 plus per year with an unemployment rate of just over 1 percent, but applying that to paying off a student loan is another thing. Even with a baccalaureate, you will have hundreds of dollars a week to apply to your routine expenses, and paying down your student loans balance.

Yes, it puts a dent in the wallet, but not as big a dent in lifetime earnings as not completing college.

While leaving school with your bachelor’s degree in one hand and five figures of debt in the other can be enough to make some people consider dropping out, I am here to tell you not to do it if you can possibly avoid it. Getting your degree is worth the cost, and it’s worth the work to secure your future. Now, if you’ve been in a private for-profit program, you may be able to move your credits to a public college, this can help reduce your costs and the overall amount that you’ll have to pay. If you had to discontinue your studies, but now want to go back to school, you may be able to put your loans into forbearance or into deferment. If you were the victim of a fraudulent school or deceptive lending practices, you may be able to get those loans discharged and make a fresh start.

We can help you with sound legal and financial advice, get you back on track with your education, and help you tame the student loans that made it possible. Call us for a free initial consultation at our West Palm Beach or Fort Lauderdale office and let’s get started.