How much will college cost? Considering student debt by major

In 2020, college undergraduates left school with an average of $28,400 in student loans. Depending on the major chosen, your child could have a lot more. Let’s take a look at the median debt owed by college graduates based on major and degree from the Education Data Initiative (educationdata.org). Prices shown are for full-time students. Subject to change.

Bachelor’s degree median debt*

Advanced degrees can be a lot more expensive; for example, the average debt owed by a law school graduate is $130,000; for a medical school graduate, it’s $203,062; and for dental school grads, it’s a whopping $304,824.

Master’s degree median debt*

Doctoral degree median debt*

Steps to take

What can you do to help minimize your child’s student loan debt?

• Look into scholarships and grants—There are thousands of opportunities for undergrads and graduates available through universities, vocational organizations, family foundations, and businesses. Be sure to do your homework.
• Think local—If you live in an area that’s close to one or more higher learning institutions, your child could live at home, saving thousands in room and board. Also consider community colleges for the first two years of school, where tuition is typically much lower than at four-year universities.
• If your child is working, see if the employer will pay—Many companies offer to reimburse at least part of tuition expenses to help their employees get a degree, and some will even help pay down student loans.
• Meet with your financial professional—A financial professional can help you determine the costs of your child’s education and recommend strategies to help you meet your goals.