In the height of student loan debt crisis many efforts are being made to stop put the brakes on college degree lending. While it remains that a large portion of college hopefuls will need to borrow to cover the costs of their tuition, one organization has released a tool to help kids calculate the return on investment (ROI) of their desired major.
The Council of Graduate Schools launched an online tool that provides federal data on both education debt and median salaries for various career fields. GradSense’s online calculator works by evaluating the degree level, field of study, and occupation area to computer the average debt and median salary of those already in that occupation. The tool also offers information on payment plans for student loans, how interest rates can affect loan balances, and tips for negotiating job offers.
Their idea is to put students in touch with a realistic view of what they could earn after completing their degree. Hoping to educate people about the realities of borrowing and earning, this tool could be a positive influence in the way students make career choices. This knowledge could be used to better steer kids into an occupation that has a higher base salary or, at the minimum, guide them into making smarter borrowing choices for a desired occupation with a lesser salary.
View the GradSense calculator at:http://www.gradsense.org/gradsense