Student loan Costs – the pros and cons
Is that student loan really worth it? finder.com analyzes LinkedIn’s Top 20 highest paying jobs for 2017 to assess their value
Taking on a student loan that will put you six figures in debt is daunting to say the least. But if you’re going to earn the big bucks, then the student loan is worth it, right? When you consider the cost of a student loan for America’s Top 20 highest paying jobs for 2017, based on LinkedIn’s salary data, do some jobs offer better returns than others?
Taking into account the cost of a student loan over a typical loan term of 10 years, as well as income tax, it turns out that the top nine highest paying jobs, all of which are medical professions, are also the top nine best value out of the list.
Cardiologists took out the top spot, with net earnings over 10 years tipping the salary scale at more than $2.08 million post-tax, after a student loan is paid off. Radiologists were a close second, followed by Anesthesiologists, Surgeons and Medical Directors. In fact, 12 of the top 20 highest paying jobs fall into the medical field.
The second half of the list saw some readjustment when the long-term picture was considered. Director of Product Management jumped five spots up the list from 15th to 10th. Global Marketing Director also boosted five spots from 19th to 14th, taking home just over $1 million in net earnings after 10 years when saying goodbye to that student loan.
The most significant drop recorded was Dentistry, which fell six places from 12th to 18th. Even so, they can expect to take home an estimated $887,859 over 10 years, still giving them plenty to smile about.
“With over $1.4 trillion owed in student loans across the nation, according to the Federal Reserve, we were interested to see which of the top paying jobs actually fared best value,” says finder.com’s Money Expert, Michelle Hutchison, “Being able to visualize a long-term breakdown, post-tax and after the cost of a student loan, will hopefully help those top performers who are not sure which career path to take to make that important career decision.”
See the Student loan Costs table below
Table by finder.com