With higher tuition prices and more student debt on the line, Point Loma Nazarene’s Reed says that it’s even more important for families to financially plan ahead. That means not only creating a college savings strategy early and taking advantage of compound interest, but also having a serious chat about how much debt the family can handle. “A lot of people tend to think ‘someday I’ll pay this back,’ but really should be thinking about ‘should I take out this much money,’ and seeing in my chosen career path what my starting salary is,” Reed says. “I know that’s a hard conversation to have with an 18-year-old traditionally coming into a college experience, but the more we can encourage students and families to think ahead, the better off they’ll be on the repayment side.” According to the National Association of Colleges and Employers, the average 2013 college graduate had a starting salary of $45,327, with humanities and social science majors ranking lowest with average salaries of $37,791 per year, while engineers bring home more than $62,000 annually. Students can find starting salary information for their majors at NACEweb.org.

Figure 1: Average Salaries by Discipline

Broad Category 2013 Average Salary 2012 Average Salary Percent Change
Business $55,144 $53,900 2.3%
Communications $44,552 $43,717 1.9%
Computer Science $59,084 $59,221 -0.2%
Education $40,590 $40,668 -0.2%
Engineering $62,564 $62,655 -0.1%
Humanities & Social Sciences $38,045 $36,988 2.9%
Math & Sciences $42,956 $42,471 1.1%
Overall $45,633 $44,482 2.6%
Source: January 2014 Salary Survey, National Association of Colleges and Employers

– See more at: http://naceweb.org/s01082014/salary-survey-class-of-2013.aspx?land-salres-lp-2-spot-salsv-02142014#sthash.Wc9z8wRt.dpuf

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611
(888) 547-1881
(813) 288-1881

 

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