Are you thinking about going back to school, but are concerned with the amount of debt you could rack up while earning your degree? You might have reason to worry.
Roughly two-thirds of college seniors who graduated in 2011 had student loan debt, according to the study, “Student Debt and the Class of 2011,” by the Institute for College Access & Success, a nonprofit organization working to make higher education more accessible and affordable.
So how much did these students owe? According to the study, a whopping $26,600 was the average. That means if you’re considering heading to school anytime soon, you may do well to start envisioning a career path that will pay you well – so you can reduce that student loan debt faster.
Below we break down high-paying careers with a median annual wage that is more than the national average, which in August 2013 was $43,145 for employees on private payrolls, according to the U.S. Department of Labor. Some of these careers even report earnings of double that amount. Talk about real loan-paying power!
Personal Financial Advisor
Median Annual Income:
- $67,520
- Highest 10 Percent of Earners:
- $187,199+
- Lowest 10 Percent of Earners:
- $32,280
You’re a pro at numbers and your friends may look to you when they need to balance their checkbook or find out what’s going on in the stock market. Pursuing a career as a personal financial advisor could put you lead you toward a high-paying career that will, in turn, get your loan finances in tip-top shape.
In the most basic sense, personal financial advisors give financial advice to people. The U.S. Department of Labor says they do that by discussing financial goals with clients, recommending investments, monitoring client accounts and researching investment opportunities.
Loan-Paying Power: A career as a personal financial advisor can be very lucrative once you have the right pieces in place, according to Rick Scott, assistant professor of finance at Saint Leo University. And that first piece is honing your sales skills, since all good personal financial advisors must start as salespeople first in order to identify clients before making the big bucks.
Maclyn Clouse, professor of finance at the University of Denver’s Daniels College of Business, elaborates further and says the real loan-paying power comes in when you’ve spent time and creative effort building your book of business. “That’s when this person will lose the salary and be paid solely on commission, thus the phrase ‘you eat what you kill,’ he adds. “The level of the income – and thus how quickly you can pay back your loans – will depend on the success of building the book of clients.”