Writer: Mike Senecal
Editor: Lillian Guevara-Castro
Reviewer: Jon McDonald
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 on average 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 is $123,536, according to 2023 data from the National Center for Education Statistics (NCES). That number dips to $89,556 at the average public college or university but rises to $211,392 at the average nonprofit private institution.2
Student loans can pay those costs, but differences in earning potential make choosing a degree a crucial step. Some degrees are more likely to result in student loan debt than others.
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 $35,550 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 $22,040.3
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 a combined average of $80,550.
Debt for doctoral students varies widely according to course of study, but the average amount a doctoral student in a research field borrows is $84,540. The average for a doctoral student in a professional field is $208,310.4
Those figures combine public, private nonprofit, and private for-profit institutions. The following table shows significant differences according to degree level attained at each type of institution.
| Degree/School Type | Total Student Loan Debt |
|---|---|
| Associate Degree | $22,040 |
| Bachelor’s Degree | $35,550 |
| Master’s/Public | $68,240 |
| Research doctorate/Private nonprofit | $73,130 |
| Master’s/Private for-profit | $79,910 |
| Research doctorate/Public | $83,320 |
| Masters/Private nonprofit | $90,000 |
| Research doctorate/Private for-profit | $144,150 |
| Professional doctorate/Public | $187,030 |
| Professional doctorate/Private for-profit | $193,350 |
| Professional doctorate/Private nonprofit | $247,500 |
Pharmacy, Veterinary Science, and Dentistry Are the Majors With the Most Student Loan Borrowers
We’ve already established that student loan investments tend to increase with degree level attained. We see that borne out in data from the U.S. Bureau of Labor Statistics, which pegs annual mean wages for all types of management occupations at $141,760 and at $139,860 for top executives.5
While all advanced courses of study carry the obligation to invest significantly, pharmacy stood out as the major with the highest percentage of student loan borrowers. A shade behind were veterinary medicine and dentistry.
The following table shows approximate percentages of student loan borrowers in selected undergraduate and graduate majors.6
| Bachelor’s Degree | Percentage With Student Loans |
|---|---|
| Pharmacy | 82.2% |
| Veterinary Medicine | 82% |
| Dentistry | 82% |
| Law | 74% |
| Nursing | 70% |
The Associate Degree With the Largest Debt Is Alternative and Complementary Medicine at $38,533
Associate degree programs can lead to fulfilling, high-paying employment and lower student debt. The median weekly earnings for associate degree earners was $1,099 in 2024, which extrapolates to $57,148 over a 52-week year.7
But higher levels of student debt are a reality for many associate degree graduates. Students majoring in alternative and complementary medicine and medical systems owed a median of $38,533, the highest at the associate level.
Other fields popular with associate degree candidates include another medical field, public health, at $27,135 in median debt, while data processing stood at $22,194 and marketing at $16,628. The associate major with the lowest debt was biological and physical sciences at $7,591.8
The following table lists selected associate majors with total median student loan debt above $20,000.
| Associate Degree | Total Median Student Loan Debt |
|---|---|
| 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 Degree Earners Is More Than $33,000
The median weekly earnings for bachelor’s degree earners was $1,543 in 2024, which extrapolates to $80,236 over a 52-week year.7
Salaries vary widely according to major. The median annual wage for mid-career aerospace engineering majors was $125,000, according to 2025 data, while computer engineering majors earned $122,000 and electrical engineering graduates earned $120,000.
Other high-paying bachelor’s degrees include chemical engineering, mechanical engineering, computer science, finance, economics, industrial engineering, and physics.9
A major in one of these fields 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 was behavioral sciences at $42,822. Other high-debt majors included engineering-related technologies at $39,702, and alternative and complementary medicine and medical systems at $38,946.
Interestingly, degree earners in theology and religious vocations also accumulated high totals, at $37,216 on average.
Majors with relatively low totals included 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 $33,293.8
The following table lists total median student loan debt for selected bachelor’s degree majors.
| Bachelor’s Degree | Total Median Student Loan Debt |
|---|---|
| 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 median weekly earnings for master’s degree earners was $1,849 in 2024, which extrapolates to $96,148 over a 52-week year.7
The average starting salary for all master’s degree graduates was about $77,590. But salaries vary widely according to major.
The highest-paying degree discipline was computer and information sciences, with a median starting salary of $105,890. Engineering followed at $98,040, with engineering technologies and related fields placing third at $90,610.
Other high-paying degree disciplines include business management, transportation, mathematics and statistics, legal professions and studies, liberal arts and sciences, and health professions.10
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.
The advanced/graduate dentistry and oral sciences was the master’s major with the largest median debt at $158,155. In addition to other health fields, majors with totals nearly as high included dance at $110,125, general sales at $104,650, and drafting/design engineering technologies at $100,165.
Low-debt majors included mechanical engineering at $26,775, civil engineering at $26,180, and international agriculture at $23,275. With romance languages, literatures, and linguistics bringing up the rear in terms of total median debt at $13,664, the difference between the highest and lowest median debt was $144,491.8
The following table lists median student loan debt for selected master’s majors.
| Master’s Degree | Total Median Student Loan Debt |
|---|---|
| Advanced/Graduate Dentistry and Oral Sciences | $158,155 |
| Allied Health and Medical Assisting Services | $154,632 |
| Allied Health Diagnostic, Intervention, and Treatment Professions | $115,251 |
| Alternative and Complementary Medicine and Medical Systems | $113,716 |
| Dance | $110,125 |
| General Sales, Merchandising, and Related Marketing Operations | $104,650 |
| Drafting/Design Engineering Technologies/Technicians | $100,165 |
| Real Estate Development | $97,023 |
| Film/Video and Photographic Arts | $95,878 |
| Visual and Performing Arts, Other | $91,216 |
The Difference Between the Highest and Lowest Debt Totals Among Doctoral Degrees Is More Than $280,000
The median weekly earnings for doctoral degree earners was $2,278 in 2024, which extrapolates to $118,456 over a 52-week year.7
But salaries of doctoral degree recipients vary widely. The highest-paying doctoral degree 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 $145,370.11
As with master’s degrees, the cost of doctoral degrees justifies the student loan debt required to earn them. But the relationship between salary and debt isn’t exact.
Pharmacy, pharmaceutical sciences, and administration were the doctoral majors with the largest median debt at $310,330. Mental and social health services and allied professions followed at $207,407, with psychology placing third at $187,804.
Majors with relatively lower median debt totals included computer and information sciences at $112,777, criminal justice and corrections at $104,384, and music at $55,342.
With area studies bringing up the rear in terms of total median debt at $29,644, the difference between the highest and lowest median debt was $280,686.8
The following table lists the median student loan debt of selected doctoral majors.
| Doctoral Degree | Total Median Student Loan Debt |
|---|---|
| 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/d23/tables/dt23_332.45.asp
5 https://www.bls.gov/oes/tables.htm
6 https://www.sofi.com/learn/content/student-debt-by-majors
7 https://www.bls.gov/emp/tables/unemployment-earnings-education.htm
8 https://educationdata.org/student-loan-debt-by-major
9 https://www.bestcolleges.com/online-schools/highest-paid-degrees
10 https://www.bestcolleges.com/online-schools/masters/highest-paying
11 https://www.bestcolleges.com/online-schools/doctorate/highest-paying
