17 Worst Bachelor’s Degrees for Student Loan Debt
In this article, we will be taking a look at the 17 worst bachelor's degrees for student loan debt. If you do not want to learn about the future of global education market, head straight to the 5 Worst Bachelor's Degrees for Student Loan Debt.
Navigating the labyrinth of higher education can be daunting, especially when considering the financial implications. Choosing the right path becomes crucial with student loan debt reaching staggering heights. In this exploration, we delve into Bachelor's degrees, uncovering those programs notorious for burdening graduates with substantial debt. From fields where job prospects are scarce to disciplines yielding low returns on investment, understanding the landscape of the worst Bachelor's degrees for student loan debt like Psychology, Arts, Human and behavioral sciences, among others, is essential for informed decision-making in today's academic landscape.
Unprecedented Growth and Innovation: The Future of the Global Education Market
The global education market is experiencing significant growth and transformation driven by population growth, technological advancements, and the increasing demand for education and training. By 2030, the global education and training expenditure will reach at least $10 trillion. This growth is fueled by the expansion of secondary and post-secondary education, with an additional 350 million post-secondary graduates and nearly 800 million more K12 graduates expected in the next decade. Asia and Africa are key drivers of this expansion, highlighting the importance of emerging markets in shaping the future of education.
Financial statistics indicate a positive trajectory for the education sector. The worldwide education market is forecasted to grow by 10.49% from 2022 to 2027, reaching a market volume of US$10.71 billion in 2027. Similarly, the global education market is expected to reach $8 trillion by 2030, presenting significant opportunities for investment in companies that can provide innovative solutions and improve accessibility and affordability. The global higher education market is set to achieve a compound annual growth rate (CAGR) of approximately 10.4%, reaching $210.06 billion by 2030.
Regional insights further underscore the dynamic nature of the education market. The APAC region, particularly China, is expected to witness significant educational market growth due to population growth and increasing disposable income. Meanwhile, countries like the U.S., the U.K., Australia, and Germany are attracting a substantial number of international students, contributing to the growth of the higher education market.
Technology plays a crucial role in shaping the future of education by democratizing learning, improving quality, and increasing accessibility. Edtech (education technology) is expected to grow significantly, from $250 billion in spending in 2022 to $620 billion in 2030, supported by increased internet access and technology adoption. This growth in tech is anticipated to lower costs for global education and break physical barriers to learning.
Education in the Digital Age: Navigating Student Debt, E-Learning Impact, and Tech Innovations
Student loan debt significantly impacts labor market outcomes and economic mobility, particularly affecting low-wealth individuals. High debt levels influence career decisions, changing labor market preferences and potentially altering long-term career trajectories. Financial statistics highlight the burden, with households earning below $33,769 carrying an average debt of $32,518. Economic distress is common among debt-laden households, impacting wealth-building and upward mobility. Student debt also influences job choices, with most college seniors believing it will affect their post-graduation career decisions.
Many students plan to work additional jobs to cover expenses, contributing to burnout issues. Total student loan debt in the U.S. exceeds $1.77 trillion, with federal loans accounting for over 92%. Policy proposals include debt relief plans, such as President Biden's proposal to forgive up to $20,000 in student debt for Pell Grant recipients, alongside systemic reforms advocating for targeted relief and increased public funding for tuition-free education.
E-learning drives engagement and retention, with corporate environments seeing up to an 18% increase in engagement and 25-67% higher retention rates, which leads to a 218% increase in revenue per employee and an average 24% profit margin increase for organizations. Employees spend 40-60% less time learning compared to traditional methods. Universities are embracing online courses, with a projected market volume of $103.8 billion in 2023. Business courses are the most popular, with corporate eLearning expected to grow by over 250% by 2026, reaching a global market of $49.87 billion.
2U, Inc. (NASDAQ:TWOU) is a prominent educational technology company known for its online learning platform, edX, which offers over 4,500 digital courses in partnership with leading universities and industry experts. In 2022, the company reported a revenue of US$963 million and plans to launch 50 new degree programs with six university partners in 2024.
Recent partnerships include collaborations with the University of Surrey for online master's degrees and professional certificate programs. 2U, Inc. (NASDAQ:TWOU) prioritizes compelling learning experiences through its Learning Experience Framework (LXF), emphasizing active engagement and learner-centered approaches. With a focus on expanding educational access and fostering skills-based learning, 2U, Inc. (NASDAQ:TWOU) continues to innovate in the e-learning space, making quality education accessible worldwide.
Udemy, Inc. (NASDAQ:UDMY), a leading e-learning platform, facilitates learning for individuals and organizations across various fields. It offers a wide array of courses catering to millions of learners worldwide. Through Udemy Business, the enterprise arm, it helps upskill workforces with on-demand learning solutions tailored to business needs. Financially, Udemy, Inc. (NASDAQ:UDMY) reported $629 million in revenue in 2022, with significant contributions from its Consumer and Business segments, despite a $154 million loss. Udemy, Inc. (NASDAQ:UDMY)aims to expand its offerings and deepen customer relationships to grow its Business segment revenue. With over 70,000 instructors and a diverse course catalog, Udemy remains a key player in online education.
Coursera, Inc. (NYSE:COUR), founded in 2012, is a global leader in online education, with 129 million registered learners and partnerships with 300+ institutions worldwide. Offering courses, certificates, and degrees in collaboration with universities and industry partners, it focuses on high-demand fields like data science and technology. Coursera, Inc. (NYSE:COUR) utilizes innovative approaches, including VR courses and generative AI platforms, to enhance personalized learning. Recent expansions include new degrees and AI-driven content. CEO Jeff Maggioncalda emphasizes AI's role in evolving online learning. Coursera, Inc. (NYSE:COUR) aims to grow its learner base and partnerships while enhancing accessibility through personalized learning experiences. With a strategic focus on innovation, it remains a forefront player in online education.
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Our Methodology
We have ranked the worst Bachelor's degrees for student loan debt based on their median debts in 2022. We have relied on Nasdaq for data accuracy.
17. Natural sciences
Median Debt 2022: $26,912
Natural Sciences, one of the degrees with most student loan debt, majors face moderate to high levels of student debt, with median debts ranging from $26,600 to $26,912. Repaying these loans can be challenging, emphasizing the importance of securing high-paying jobs post-graduation. Despite falling within the mid-range of student debt compared to other majors, Natural Sciences graduates encounter similar difficulties in managing and repaying loans. The field's earning potential post-graduation significantly influences debt repayment effectiveness.
16. Literature
Median Debt 2022: $26,987
Literature stands among one of the worst bachelor's degrees for student loan debt, facing significant student loan debt, with an average of $42,830 for a master's degree. Women tend to take out higher loans, averaging $31,276, compared to men, who borrow an average of $29,270.
15. Education
Median Debt 2022: $28,001
Education majors face significant financial burdens due to student loan debt. Associate's degree holders owe an average of $19,270, while Bachelor's degree holders accumulate around $28,001 in federal student loans. Graduate degree holders face even higher debt, averaging up to $106,850. Repayment challenges are evident, with 37% of associate's degree holders and 21% of Bachelor's degree holders experiencing delinquency in payments.
14. Human Services
Median Debt 2022: $28,586
Bachelor's degrees in Human Services often result in significant student loan debt, with social work graduates facing average debts of $28,586 for Bachelor's degrees and $46,591 for master's degrees. Despite modest median salaries of around $51,760, graduates can find relief through programs like Public Service Loan Forgiveness (PSLF) and income-driven repayment plans, which adjust earnings-based payments. Some states offer additional loan forgiveness options for social workers, alleviating the financial strain of pursuing a degree in Human Services.
13. Culinary Arts and Related Services
Median Debt 2022: $28,586
Pursuing a Culinary Arts degree one of the worst bachelor's degrees for student loan debt, with Bachelor's degree holders facing a median debt of $28,586. Private culinary schools impose higher costs than public universities, exacerbating this burden. Culinary education is vital for aspiring chefs to acquire essential skills despite financial challenges. However, graduates need help to repay loans due to accruing interest and limited high-paying job opportunities in the culinary industry.
12. Religious Education
Median Debt 2022: $31,984
A degree in religious education, especially from divinity schools and seminaries, presents significant challenges with student loan debt despite its importance for religious leadership roles. Graduates face substantial financial burdens, with average debt for master of divinity rising from $11,000 in 1991 to $38,700 in 2011. Limited earning potential adds to the struggle to repay loans, highlighting the need for financial literacy and support programs.
11. Behavioral Sciences
Median Debt 2022: $42,822
Behavioral Sciences stands out as one of the worst Bachelor's degrees for student loan debt, with graduates facing a median debt of $42,822, notably higher than other fields like Science Technologies/Technicians at $9,529. Despite its significance in counseling and psychology, pursuing this degree poses substantial financial challenges. Graduates often struggle with debt repayment, impacting their financial stability and delaying milestones like homeownership.
10. Philosophy
Median Debt 2022: $54,260
A philosophy degree is often viewed unfavorably for student loan debt due to limited job prospects. Despite fostering critical thinking skills, the financial burden raises concerns. Graduates acquire versatile skills but face challenges with rising tuition costs and employability. They may resort to income-driven repayment plans or higher-paying roles to manage debt. Pursuing advanced degrees can improve career prospects but may increase debt.
9. Social Sciences
Median Debt 2022: $54,554
A Bachelor's degree in Social Sciences is often burdensome regarding student loan debt, with an average debt of $54,554. Despite providing critical skills for careers in sociology, psychology, economics, and political science, this financial burden can deter students from pursuing their passion. Many graduates need help repaying their loans, leading to financial strain and limiting their career choices.
8. Radio, Television, and Digital Communication
Median Debt 2022: $55,554
Student loan debt poses a significant concern for college graduates, particularly in majors like Radio, Television, and Digital Communication, one of the degrees with most student loan debt. Despite the degree's importance for careers in media and journalism, graduates need help with debt repayment due to its high median debt of $55,554. This significant accounts for a substantial portion of the country's total student loan debt. Many graduates struggle to repay loans, impacting their financial stability.
7. Visual and Performing Arts
Median Debt 2022: $63,830
Student loan debt significantly affects college graduates, particularly those in the visual and performing arts, influencing their career choices. Research indicates that financial constraints often push arts graduates to work outside their field, with over 75% citing pay as a reason for not pursuing related jobs. The median student loan debt for Visual and Performing Arts majors is around $63,830, with studies showing a bleak outlook for retirement savings among these graduates.
6. Dentistry and Oral Sciences (Research-Oriented Degrees)
Median Debt 2022: $158,155
Dentistry and oral sciences degrees, one of the worst bachelor's degrees for student loan debt crucial for healthcare, present significant financial challenges due to high education costs. The average dental school graduate owes around $286,200 in student loan debt, with trends showing a notable increase over the years and annual tuition hikes of 5% to 10% from 2004 to 2011. Federal student loans are typical, with repayment periods extending to 25 or 30 years. Graduates utilize strategies like income-based repayment plans, focusing on practice ownership and disciplined financial planning to manage debt.
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Disclosure. None: The 17 Worst Bachelor's Degrees for Student Loan Debt is originally published on Insider Monkey.
