As discussed in the blog The “Most Alarming” College Statistic, almost 50% of college graduates are “underemployed” because they are unable to get a job that requires a college degree.  Instead, they are forced to take lower paying support-type jobs.  In addition, it typically takes 6 years for them to graduate because the change majors 2 or 3 times.

There is a large dollar impact to the nearly half of graduates who are underemployed.  For example:

  1. The added costs, lost income and added student loan debt during an added 1 or 2 years of college can be about $100,000 to $200,000.
  2. Lost wages during a 40-year career will range between $1.2 and more than $2.5 million, depending upon the level of management reached by the graduate immediately hired into a job related to their major.

Also, the graduates will obtain additional Student Loan Debt of $25,000 to $75,000.

These costs and lost incomes are obviously very large and life-changing.  In his study of the impact of college major selection, Dr. John Krumboltz, Professor Emeritus at Stanford University stated:

“This is a big problem in society — and it’s overlooked and unrecognized. Here is a decision that affects everything in our future — not just how we spend eight hours a day, 50 weeks a year — but probably who we’re going to marry, the neighborhood in which we live, who our friends are, and how much money we have to spend.

A decision with such profound consequences deserves careful study. How much time do young people spend planning it and considering options? Many give more thought to choosing a new pair of shoes. For many people, it’s a decision they never knew they made — it was made by default.”

I could not agree more.  And the real shame is that this is a massive unintended result from parents’ or students’ misunderstanding that choosing the right major is critically important for any student entering or already attending college. This is a primary reason we developed PATH2HappiSuccess to provide an affordable and straight forward procedure to determine the Best Major for you.

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