NEW YORK (MainStreet)A career in advertising or one as an economist or civil engineer is the best for repaying student debt while being a veterinarian, reporter and therapist are the worst, according to a new study.
For someone with a median salary of $107,950, student loans can be repaid in six years when working in advertising compared to 32 years when working as a reporter with a median salary of $37,090, according to Bankrate.
"The numbers depict a worrying future for graduates, demonstrating that traditionally high-paying jobs are accompanied by significant student loan debt for many years post-qualification," said Sam Malka, spokesperson for LoansForPoorCredit.net. "This is largely due to the fact that these jobs necessitate graduate degrees and years of long training, leading to a higher debt-to-income ratio for the first few years."
The salary estimates in the study were calculated at a rate of 10% of annual salary if the full cost for tuition and living expenses was borrowed at a rate of 6% loan interest per year.
"We have reproduced this list of the best and worst careers for paying off student debt as a helpful guide to students choosing their majors," Malka said. "As such, we share this list to help students weigh up their options and make an informed choice about their future career."
Unusual jobs that pay well include being a New York City hot dog vendor, fishing on an Alaskan boat and personal shopping, according to a Forbes list of 10 Unusual Jobs that Pay Surprisingly Well. "A higher wage and a fun, rewarding job can transform a consumer's finances and morale to boot," Malka said. "Individuals with higher earnings are much more likely to be granted mortgages and better loan terms in the future." According to the study, the best and worst careers for repaying student debt are: