Written by: Mike Senecal
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
Knowledge is valuable. Higher education is an investment intended to reap rewards. Data proves that investing in college is worth it. On average, bachelor’s degree recipients earn $1 million more over their careers than those with a high school diploma.1
But college is costly. Including tuition, fees, room, and board, the average cost of a four-year degree was $123,536 in 2022-23. That number dipped to $89,556 at the average public college or university but rose to $211,392 at the average nonprofit private institution.2
Student loans can pay those costs, but differences in earning potential makes choosing which degree to pursue important. Some degrees are more likely to result in student loan debt than others. It turns out that majors matter.
Student Loan Debt Rises with Level of Degree Attainment
Student loan debt varies among different population segments, but the average four-year bachelor’s degree recipient owes $33,440 at graduation.
Even though many earn highly competitive salaries, associate degree recipients borrow significantly lower amounts and make lower monthly payments. The average debt for associate degree earners is $20,740.3
Master’s and doctoral degree recipients tend to earn more than undergraduates, although that’s not always the case. Master’s degree graduates at public, private nonprofit, and private for-profit institutions borrow an average of $53,920.
Debt for doctoral students varies widely according to the course of study, but the average amount a doctoral student in a research field borrows is $73,510. The average for a doctoral student in a professional field is $169,730.4
Those figures combine public, private nonprofit, and private for-profit institutions. The following table shows significant differences according to institution type. Average monthly payment figures use Federal Student Aid’s FAFSA® loan simulator to calculate payments according to the lowest total paid over time.
| Degree/School type | Total student loan debt | Average monthly payment |
|---|---|---|
| Associate Degree | $20,740 | $225 |
| Bachelor’s Degree | $33,440 | $363 |
| Masters/Private nonprofit | $44,410 | $540 |
| Master’s/Private for-profit | $53,690 | $653 |
| Master’s/Public | $63,850 | $776 |
| Research doctorate/Public | $66,580 | $810 |
| Research doctorate/ Private nonprofit | $75,990 | $924 |
| Research doctorate/ Private for-profit | $109,720 | $1,334 |
| Professional doctorate/Public | $150,470 | $1,830 |
| Professional doctorate/ Private for-profit | $158,010 | $1,921 |
| Professional doctorate/ Private nonprofit | $204,570 | $2,487 |
Nursing, Business Administration, and Psychology Are the Bachelor’s Degrees with the Most Student Loan Borrowers
Nursing is a career-oriented, in-demand profession that generates impressive earnings. The average mean wage for registered nurses was $89,010 in 2022.5
However, nursing students pursuing bachelor’s degrees are also the most likely to take out student loans as a percentage of the total undergraduate population. Business students are a shade behind, and psychology students follow.6
| Bachelor’s degree | Total student loan borrowers |
|---|---|
| Nursing | 4.2% |
| Business Administration | 4.1% |
| Psychology | 3.3% |
The Associate Degree with the Largest Debt Is Alternative and Complementary Medicine at $38,533
Among the 2.02 million college graduates in 2022, almost half (49.1%) earned bachelor’s degrees and 24.5% earned associate degrees. The rest earned some form of graduate-level certification.7
Associate programs can lead to fulfilling, high-paying employment and lower student debt. Associate students majoring in alternative and complementary medicine and medical systems owed a median of $38,533 in 2022, the highest at the associate level.
The major with the next-highest debt was also a medical field, public health, with $27,135. The associate majors with the lowest debt in 2022 were natural sciences at 9,880, physical sciences at $9,816, and science technologies/technicians at $9,520.6
The following table lists associate majors with total median student loan debt above $20,000 in 2022.
| Associate degree | Total median student loan debt in 2022 |
|---|---|
| Alternative and Complementary Medicine and Medical Systems | $38,533 |
| Public Health | $27,135 |
| Music | $22,649 |
| Management Information Systems and Services | $22,541 |
| Data Processing | $22,194 |
| Arts, Entertainment, and Media Management | $21,460 |
| Film/Video and Photographic Arts | $21,175 |
| Visual and Performing Arts, General | $20,400 |
| Criminology | $20,708 |
| Accounting | $20,045 |
The Difference Between the Highest and Lowest Debt Totals Among Bachelor’s Degrees Is Almost $30,000
The median annual salary for bachelor’s degree earners was $68,000 in 2020. Salaries vary widely according to major. The highest-paying bachelor’s degrees in 2020 were petroleum engineering with a median annual salary of $137,330. The median annual salary in 2020 for aeronautics and astronautics degree earners was $118,610, and actuarial mathematics majors earned a median annual salary of $111,030.
Other high-paying bachelor’s degrees included computer science, business computing, electrical engineering, industrial engineering, operations research, applied economics and management, and public accounting.8
A major in engineering, applied sciences, or business will likely justify the student loan debt required to earn it. But that doesn’t mean students in those majors take out the most loans.
The bachelor’s major with the largest median debt in 2022 was behavioral sciences at $42,822. The only other major with debt above $30,000 was religious education at $31,984.
Majors with the smallest total debt were international/global studies at $19,895, business operations support and assistant services at $19,147, cognitive science at $18,131, and international and comparative education at $12,969. The difference between the highest and lowest totals was $29,853.6
The following table lists the total median student loan debt of selected bachelor’s degree majors in 2022.
| Bachelor’s degree | Total median student loan debt in 2022 |
|---|---|
| Education, General | $28,001 |
| Literature | $26,987 |
| Architecture | $26,468 |
| Communication, Journalism, and Related Programs, Other | $25,925 |
| Biological and Physical Sciences | $25,199 |
| Mechanical Engineering | $24,504 |
| Journalism | $23,427 |
| History | $22,763 |
| Environmental Design | $21,224 |
| Statistics | $20,645 |
The Master’s Degree with the Largest Debt Is Advanced/
Graduate Dentistry and Oral Sciences at $158,155
The average starting salary for all master’s degree graduates in 2022 was about $77,590. Salaries vary widely according to major. The highest-paying degree disciplines in 2022 were computer and information sciences with a median starting salary of $105,890, engineering with a median starting salary of $98,040, and engineering technologies and related fields with a median starting salary of $90,610.
Other high-paying degree disciplines included business management, marketing, and related services; transportation and materials moving; mathematics and statistics; legal professions and studies; liberal arts and sciences, general studies, humanities; multi/interdisciplinary studies; and health professions and related programs.9
The cost of most master’s degrees justifies the student loan debt required to earn them. But the relationship between salary and debt isn’t exact.
In 2022, advanced/graduate dentistry and oral sciences was the master’s major with the largest median debt at $158,155. No other major generated median debt above $100,000. The discipline with the next highest median debt was visual and performing arts at $63,830.
Majors with the smallest median debt were mechanical engineering at $26,775, civil engineering at $26,180, and international agriculture at $23,275. The difference between the highest and lowest median debt was $134,880.6
The following table lists the median student loan debt of selected master’s majors in 2022.
| Master’s degree | Total median student loan debt in 2022 |
|---|---|
| Radio, Television, and Digital Communication | $55,554 |
| Philosophy | $54,260 |
| Public Relations, Advertising, and Applied Communication | $48,366 |
| Sociology | $46,871 |
| English Language and Literature, General | $44,301 |
| Economics | $43,053 |
| History | $40,948 |
| Zoology/Animal Biology | $37,056 |
| Education, General | $29,434 |
| Accounting | $28,212 |
The Difference Between the Highest and Lowest Debt Totals Among Doctoral Degrees Is More Than $260,000
The salaries of doctoral degree recipients vary widely. The highest-paying doctoral degree in 2022 was systems engineering, with a median salary of $195,600. Other high-paying degrees were economics at $187,290; electrical, electronics, communications engineering at $149,170; and information science and studies at $145,370.10
As with master’s degrees, the cost of doctoral degrees justify the student loan debt required to earn them. But the relationship between salary and debt isn’t exact.
Pharmacy, pharmaceutical sciences, and administration was the doctoral major with the largest median debt in 2022 at $310,330. No other major generated median debt above $200,000. The next highest median debt was for clinical, counseling, and applied psychology at $174,623.
Majors with the smallest median debt were registered nursing, nursing administration, nursing research, and clinical nursing at $69,890, and health and physical education/fitness at $46,004. The difference between the highest and lowest totals was $264,326.6
The following table lists the median student loan debt of selected doctoral majors in 2022.
| Doctoral degree | Total median student loan debt in 2022 |
|---|---|
| Public Administration | $146,194 |
| Communication and Media Studies | $133,942 |
| Juris Doctorate, Doctorate in Law | $128,289 |
| Computer and Information Sciences, General | $112,777 |
| Psychology, General | $112,529 |
| Public Health | $103,953 |
| Business Administration, Management, and Operations | $85,038 |
| Education, General | $82,131 |
| English Language and Literature, General | $73,551 |
In Conclusion
Although college is an investment, the relationship between investment and return isn’t always direct. Students may prioritize non-financial considerations when choosing a major. The majors associated with the highest levels of student loan debt aren’t necessarily the highest earning.
Factors relating to majors and debt are complex. Family history, sociology, demography, and economics influence higher education choices and patterns.
The data here shows that majors matter. Understanding which majors are associated with large amounts of student loan debt is helpful for decision-making, especially when considering earning potential.
More Student Loan Debt Statistics
Average Student Loan Debt Per Month
Average Student Loan Debt by Age
Average Student Loan Debt by Year
Average Student Loan Debt by Generation
Average Student Loan Debt by State
Average Student Loan Debt by Race
Data Sources:
1 https://research.collegeboard.org/media/pdf/education-pays-2023.pdf
2 https://nces.ed.gov/programs/digest/d23/tables/dt23_330.10.asp
3 https://nces.ed.gov/programs/digest/d23/tables/dt23_331.95.asp
4 https://nces.ed.gov/programs/digest/d21/tables/dt21_332.45.asp
5 https://nursinglicensemap.com/resources/nurse-salary/
6 https://educationdata.org/student-loan-debt-by-major
7 https://educationdata.org/number-of-college-graduates
8 https://www.bestcolleges.com/online-schools/highest-paid-degrees/
9 https://www.bestcolleges.com/online-schools/masters/highest-paying/
10 https://www.bestcolleges.com/online-schools/doctorate/highest-paying/
