The cost per single college credit is higher for Electrical Engineering than it is for Elementary Education. "Someone who’s pursuing a career in technology or engineering or science is going to have a higher income than someone studying in humanities of elementary education" says Mark Kantrowitz, with Savingforcollege.com, "The higher income means that they can pay more debt is good because they will have a higher monthly payment to make." Depending upon the major, college loan debt can range from $20,000 to over $100,000. Monthly loan payments over $500 are for courses in the scientific and technical fields.
.Most students don't borrow for their entire college experience, and the average monthly loan payment is around $250 - about half of that engineer's payment. Lower payments usually go to public school teachers and retail business specialists. Kantrowitz gives his rule number 1 for setting up a student loan. "It’s not just at the front end of how much you are borrowing. It’s the back-end --- how much can you pay back?” He says whether you are the student or their parent - never borrow more than their projected year's salary.
Kantrowitz reminds you: saving is the antidote to student loan. Start saving as soon as possible. He says, "I started saving even before my kids were born!"