More than 60% of all college freshmen do not graduate in four years. Why? Because approximately 75% of students change their major at least once resulting in…
- One to two more years of college
- Little to no experience via important internships
- Additional student loan debt
- Inability to get a good job
According to a recent CareerBuilder survey, nearly 1 in 4 high school students pick their career based on something they saw on TV or in a movie and 33 percent of full-time workers regret the college major they chose.
The results of not knowing your major?
Do not find
for 6 months
End up in careers
not needing a
Cost of College
Let’s not forget the cost implications of adding one to two extra years of college. For the 2014–15 school year, the average annual price for undergraduate tuition, fees, room and board was:
If a student selects the wrong career and college major, which results in them switching majors, they could add tens-of-thousands to their overall cost of college and potential debt. Based on a recent article, about one in five borrowers owe $50,000 or more in student loans according to a Federal Reserve Board Survey.
Mark Kantrowitz, a student financial aid expert, determined that student borrowers in the class of 2016 were set to have the highest level of debt yet, at $37,172, up from $35,000 in 2015. And this trend continues today.
Potential Added Costs and Lost Income Resulting from Selecting the Wrong Major
The potential financial impact of not knowing your best major early:
- Extends college experience by two years at a cost of $40 to $100K
- Resulting in two years of lost wages >$60 to $120K
- Lost ability to get a job related to your Masters in “Best Major” can result in substantially less salary potential (For example, 35 years of work at $25K less salary per year results in >$800K in career-long income)
- Lost opportunity to become be promoted to a management level earlier in career (For example, 30 years at an average of $50K less salary per year results in >$1.5 million in career-long income)
College, Stress and Your Student
Choosing the right college is a personal and stressful decision for students and their families, and how you go about choosing that college is extremely important.
Every parent wants their student to have the best college experience possible… academically, socially and emotionally; therefore, knowing their top career and best major choices starts the process of setting any student up to be successful and happy in their future career.
According to a study by the American Psychological Association, 64% of student graduates indicated they are constantly concerned about debt, which impacts functioning on an optimal basis.
Imagine the peace of mind for both parents and students knowing today what they’ll be best suited for tomorrow.