It’s almost
that time again…the school year is just around the corner. As students head off to college either for
the first time or to continue work on their degree, many may be still wondering
exactly what major is right for them.
Being an obviously high dollar investment, the decision of what to major
is a big one. Thinking long term may
help make that decision a little easier.
Here are the top three Bachelor degrees by major that will return the
investment*:
Engineering
– the highest rated return on investment, engineering is estimated to give a
21% return a year.
Math &
Computers – coming in second, majoring in a study related to math or computers
pays out an average 18% per year.
Business –
perhaps one of the most popular majors based on the wide variety of options
that are available with a Business degree, it is no surprise that this degree
ranks in the top three with an average 17% return.
If your student is heading off to college this fall, what are they majoring in and
where are they headed? Let us know on
twitter @honorcu using #askhonorcu! We
wish them luck!
Listen to 97.5 Y-Country's Wild Bill and Honor's Scott's conversation about degrees that pay you back in last week's Mason Jar Monday!
As Youth
Month continues and the school year approaches an end, many students (and
parents) are already looking ahead to next fall and the tuition that comes with
it. If you or your student is headed to
college, here are a couple tips on paying for it:
Scholarships –
This sounds like a no brainer, but make sure you look at all the scholarship
options available that you may qualify for!
Your high school counselor is often a great first resource for a list of
local scholarships, like Honor’s Community Commitment Scholarship for
example. Every spring Honor awards ten
$1,000 scholarships to graduating seniors (we’ll be announcing winners soon!),
and many other businesses or organizations may be listed at your high school
with scholarship options, too! Websites
like scholarships.com or finaid.org/scholarships are also great resources. You will be surprised what a little bit of
effort and research can get you as far as scholarship options!
Student Loans –
There is approximately one TRILLION dollars of outstanding student loan debt in
the United States. $864 billion of that
is federal student loans - that means it is backed by the government. The other $150 billion is privately funded
student loans - not backed by the government1. Federal student loans typically provide more
benefits than private loans, such as fixed interest rates, no payments until
the student is no longer attending class full time, and in many situations no
required co-signer. The Federal Student Aid website is a great resource when comparing federal loans to private and can
save you time and confusion when determining the best option for you.
Other Loan Options – Home Equity loans or personal loans through your local credit union may
be another solution to assist with school expenses. If you just need that little extra to help
with your child’s textbooks, for example, a personal loan or home equity may be
a good option. Honor can help you with all of these options, and more information on which route will work for you is at our website. You wouldn’t have the
option to defer payments until your student graduates like the federal student
loan, but you may qualify for a lower interest rate than another student loan
option saving you money in the long run.
Hear Wild Bill and Honor's Scott McFarland discuss paying for college in this week's Mason Jar Monday here!
Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!
