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:
- 1. Advertising: With a median salary of $107,950, student loans can be repaid in 6 years.
- 2. Economist: With a median salary of $91,860, student loans can be repaid in 7 years.
- 3. Civil Engineer: With a median salary of $79,340, student loans can be repaid within 8.5 years.
- 1. Veterinarian: With a median salary of $84,460, student loans can be repaid in 28 years.
- 2. Reporter: With a median salary of $37,090, student loans can be repaid in 32 years.
- 3. Marriage and family therapist: With a median salary of $46,670, student loans can be repaid in 35 years.
Highlights of the Forbes list of unusual jobs that pay well include the following:
- 1. New York City Hot Dog Vendor: This position is reported to bring in up to $100,000 a year. Vendors in less busy locales can still do well, earning profits of $30,000 to $80,000 per year.
- 2. Fishing on an Alaskan Boat: Working on a fishing boat in Alaska can reap right rewards to the tune of$2,500 a week...or nothing, depending on how successful you are.
- 3. Personal Shopping: Full time personal shoppers can make over $100,000 a year.
- 4. Virtual Head hunting: Online head hunters can command fees up to $10,000 per employee referral.
"The Forbes job list may be welcome news to the many Americans stuck in job ruts, currently unemployed or feeling under-challenged or bored in their present roles," Malka said. "Additionally, those who are feeling the effects of pay freezes may choose to look elsewhere for an earnings boost."
--Written by Juliette Fairley for MainStreet