How much should a student borrow to finance a degree? While college graduates typically earn more than high school graduates, not all college graduates earn the same. Students often struggle with finding the right balance between following their hearts into lesser paying careers on the one hand, and building a stable financial future on the other.
To help address this issue, TG is pleased to provide Major Choices, an online calculator that students can use to get an estimate of median debt-to-income ratios for particular majors at many public college and proprietary institutions within Texas. This ratio can help students estimate the amount of their first year earnings that will go toward student loan payments.
The calculator can be viewed from any type of electronic device, including mobile phones, tablets, and personal computers; provides pop-up help in understanding postsecondary education terminology; and includes links to essential information specific to a student's needs, including:
- Scholarship searches tailored to a chosen major
- Institutional net price calculators
- Money management tips and student loan repayment options
The online calculator allows students the opportunity to compare information for different majors at the same institution, or compare the same major at different schools. With more than 400 majors listed, students can see how their decisions about college may affect their ability to repay student loans based on potential income during the first year after graduation.
It's never too soon for students to think about how they will repay their debts, given their likely salaries. Armed with this knowledge, students can make academic decisions that allow them to pursue their passions without ignoring financial realities.
Students and parents can find the online calculator and other college planning resources at www.AIE.org/MajorChoices
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