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20 College Majors That Give You the Best Chance to Pay Off Your Student Loans

There are some degrees that may take the sting out of paying off your student loan debt.

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Updated Oct. 25, 2024
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Many students feel a calling to study fields like fine arts or literature when pursuing a college degree. Unfortunately, data indicates that those who pursue these majors have a hard time paying off student loans.

According to a study by Bankrate, STEM majors tend to have higher salaries and lower unemployment rates, often putting them in a better position to pay off student debt.

Assuming 10% of your median income goes to paying off student loans, these are the top 20 majors to pursue to get ahead financially and stay on top of debt.

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Electrical Engineering

puhimec/Adobe electrical technician working

Median Income: $115,000
Yearly Student Loan Repayment of 10%: $11,500
Gross Income Remaining: $103,500

Incoming college students probably don’t want to choose their major based on earning potential alone, but a degree in electrical engineering is a surefire way to crush your debt early on. These graduates have the highest median income on the list.

Computer Engineering

snowing12/Adobe Computer engineer working

Median Income: $112,000
Yearly Student Loan Repayment of 10%: $11,200
Gross Income Remaining: $100,800

It’s no surprise that computer engineering is next up on the list. This broad and highly in-demand STEM field positions graduates to earn well over six figures annually.

Petroleum Engineering

dgdimension/Adobe petroleum engineers with laptop and blueprint

Median Income: $100,000
Yearly Student Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

Petroleum engineering, which involves working to improve oil and gas production, is another subset under the engineering umbrella that sets graduates up to make great money.

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Aerospace Engineering

highwaystarz/Adobe Aerospace engineer working on plane

Median Income: $105,000
Yearly Student Loan Repayment of 10%: $10,500
Gross Income Remaining: $94,500

Aerospace engineers — who work with missiles, satellites, and even spacecraft — may have the coolest jobs on this list. However, nearly 50% pursue advanced degrees, which may increase their student loan burden.

Materials Science

Gorodenkoff/Adobe science engineer works on computer

Median Income: $100,000
Yearly Student Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

Materials science is another major, with many graduates (more than 60%) pursuing advanced degrees. So, despite the high earnings potential, the need for additional schooling should be factored in.

Mechanical Engineering

Montri/Adobe two professional engineers

Median Income: $100,000
Yearly Income Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

Another well-paying STEM gig, mechanical engineers help design and develop various machines, from medical devices to space shuttles.

Electrical Engineering Technology

Prapat/Adobe skilled technician installing fiber optic system

Median Income: $100,000
Yearly Income Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

Only about a third of graduates with degrees in electrical engineering technology pursue advanced degrees — and they still earn six figures, putting these graduates in a prime position to pay down loans.

Engineering Mechanics, Physics, and Science

luchschenF/Adobe Scientific microscope in a nanotechnology laboratory

Median Income: $100,000
Yearly Income Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

Those who take this route may work as physical scientists, engineering managers, and more. With an unemployment rate of just 1.5%, the prospect of paying off loans is very high.

Chemical Engineering

Gorodenkoff/Adobe team of engineers standing in research lab working on project at table

Median Income: $100,000
Yearly Income Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

Chemical engineering is another STEM degree with six-figure earnings potential. Graduates can work in fields like pollution control and environmental protection.

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Actuarial Science

Gorodenkoff/Adobe financier works on a personal computer showing statistics

Median Income: $95,000
Yearly Income Loan Repayment of 10%: $9,500
Gross Income Remaining: $85,500

Actuarial science involves using statistics and financial theory to analyze risks/costs. Most actuarial scientists work in insurance, and with a high median salary, they’re in a solid position to pay off loans.

Pharmacy, Pharmaceutical Sciences, and Administration

StratfordProductions/Adobe woman wearing lab coat working in pharmacy showing screen to female customer

Median Income: $100,000
Yearly Income Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

While those with degrees in pharmaceutical sciences are on track to earn high salaries, most graduates (more than 60%) spend a bit more time in school and have advanced degrees.

Computer Science

Summit Art Creations/Adobe  man working from home on pc monitors at modern home office doing coding

Median Income: $100,000
Yearly Income Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

These days, computer science is the go-to major for many incoming college students, and for a good reason. They average six-figure incomes, and the unemployment rate is just 2.9%.

Industrial and Manufacturing Engineering

littlewolf1989/Adobe controlling industrial process

Median Income: $95,000
Yearly Income Loan Repayment of 10%: $9,500
Gross Income Remaining: $85,500

Some potential gigs for these graduates include working as an industrial engineer, general or operations analytics, or management analyst.

Transportation Sciences and Technologies

Prapat/Adobe skilled technician installing fiber optic system

Median Income: $90,000
Yearly Income Loan Repayment of 10%: $9,000
Gross Income Remaining: $81,000

Graduates who majored in transportation sciences and technologies can work various jobs, from pilots to air traffic controllers to ship operators.

Applied Mathematics

Monkey Business/Adobe Mathematician working out a problem

Median Income: $100,000
Yearly Income Loan Repayment of 10%: $10,000
Gross Income Remaining: $90,000

While these graduates can go on to comfortably earn six figures, this major did have the highest unemployment rate (3%) on this list, and nearly 53% of grads pursue advanced degrees.

Management Information Systems and Statistics

Tiko/Adobe statistics and future concept

Median Income: $93,000
Yearly Income Loan Repayment of 10%: $9,300
Gross Income Remaining: $83,700

Students who pursue these majors can work a range of jobs, from consulting to IT project management.

Civil Engineering

Gorodenkoff/Adobe civil engineers working together at site

Median Income: $90,000
Yearly Income Loan Repayment of 10%: $9,000
Gross Income Remaining: $81,000

Not only can a civil engineering degree net a median income of $90,0000 annually, but graduates help design and create the infrastructure that keeps this country running.

Information Sciences

Arsenii/Adobe data scientist working at pc

Median Income: $93,000
Yearly Income Loan Repayment of 10%: $9,300
Gross Income Remaining: $83,700

From data analyst to technical support engineer, there are many different career paths you can pursue with a degree in information sciences.

General Engineering

NINENII/Adobe engineer teamwork meeting

Median Income: $90,000
Yearly Income Loan Repayment of 10%: $9,000
Gross Income Remaining: $81,000

These graduates can go on to pursue many different paths, such as urban planner, engineering manager, or sales engineer.

Construction Services

Allistair/peopleimages.com/Adobe woman working at a construction

Median Income: $85,000
Yearly Income Loan Repayment of 10%: $8,500
Gross Income Remaining: $76,500

A degree in construction services can net you a high salary and put you in a prime position to pay off loans. Since less than 10% of these graduates take on more debt by pursuing advanced degrees, it’s a great way to stretch your paycheck a bit further.

Bottom line

Gorodenkoff/Adobe confident female web developer at work

Even if you don’t (or didn’t) pursue one of these more lucrative college majors, plenty of today’s high earners have figured out how to tap into a new source of income by taking on side hustles and/or marketing skills that don’t necessarily require higher education.

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