- College students are taking on massive amounts of student debt.
- Faced with steep loans and limited job prospects, some graduates admit they regret their majors.
- A new survey from Pay Scale asked 248,000 graduates how they felt about their chosen field of study.
- Survey data shared with INSIDER breakdown the 15 most regretted majors.
- Nearly half of all Millennials who have incurred student-loan debt think college wasn’t worth it, according to an INSIDER and Morning Consult Survey.
- STEM graduates tend to have fewer regrets, while those with humanities degrees have the most.
- Visit INSIDER’s homepage for more great stories.
It’s no mystery that attending a four-year US college or university can be a pricey endeavor – one that often forces students to take on crippling amounts of debt. The issue has reached such a tipping point that multiple Democratic presidential candidates, including Bernie Sanders, Elizabeth Warren, and Julian Castro, have all proposed plans to reduce student loans by various degrees, each with the goal of chipping away at the estimated the $1.5 trillion in national student debt.
But what about the students who have already graduated and are living with the consequences of their decisions (and their student loans)? While college can be a transformative time for many, the combination of lingering debt and a rapidly changing economy have left many graduates remorsefully regretting their chosen study path. That’s in addition to the nearly 40% of students who never manage to a complete a four-year degree in the first place.
According to survey results from INSIDER and Morning Consult, less than half of all Millennials who have taken on student-debt said they thought the investment was worth it. Of the 1,207 millenials surveyed, only 27% answered “definitely yes” when asked if they thought the student loans they took on were worth it. Twenty-one percent answered that question “definitely no.” The survey found that millenials who have already paid off their debt tend to be more likely to think the student-debt was worth it than those still trying to break even.
Data released this week from the business data group PayScale, surveyed over 248,000 college graduates and asked them whether or not they regretted their major. Many said they did, but some majors fared better than others, and overall, humanities fared worse than the sciences. PayScale shared data on the most regretted individual majors within those broader categories with INSIDER.
For those thinking of college for the first time, there are many elements to consider, but hearing what graduates think may help inform and guide their decision.
Here's a list of college majors graduates say they regret the most, from least regretted to most.
70% of economics majors regretted their choice.
The financial crisis of 2008 may play a significant role in how economics majors are feeling about their academic paths. Some economics grads warn that while the degree provides a strong theoretical groundwork, it fails to give a strong set of skills that can be used post-college.
Source: PayScale
70% of journalism and mass communications majors regret their choice.
It's no secret that the move from print to online has changed journalism in unforeseen ways. Those changes have shifted the way employment works for journalism grads and has redefined the skills and tools needed to ensure a career. This shift away from traditional expectations of journalism, and an inconsistent job market, may be part of the reason so many students express regret.
Source: PayScale
70% of finance majors regret their choice.
While movies and TV shows often depict finance majors rolling in cash and living lives of luxury, most students who actually graduated with this degree say they wish they'd done something else.
Source: PayScale, College Board
71% of physics majors wished they could go back in time.
Even though physics majors are often at the cutting edge of technology, they still often regret their major. But the job market for physics - especially in academia - can be highly competitive.
Sources: PayScale, Word Wide Learn
71% of social work majors said they regretted their area of study.
One study on the field found that 39% of social workers burned out on the job due to emotional stress, low salaries, and heavy workloads.
According to data from the US Bureau of Labor Statistics, social workers had a 2016 median annual salary of $47,460.
72% of history majors regretted their choice
Many history majors often require additional schooling, which can mean additional loans and even more debt - factors that lead to feelings of regret.
Sources: PayScale, Affordable Colleges Online
72% of communications majors wish they chose something else.
Communications as a major is broad and expansive, but includes journalism, marketing, print, and media work. Recent disruption to journalism and online media in general may contribute to why so many communications major express feelings of regret.
Source: PayScale
73% of international relations majors regretted their choice
Often, the careers related to international relations - be it Foreign Service or some other government role - involve working for or within a bureaucratic system, which many find frustrating.
Sources: PayScale, The Balance Careers
74% of English language and literature majors would go back and study something else.
While the idea of spending four years reading, analyzing, and writing about great literature might sound appealing, it's often a difficult sell in the job market.
75% of criminal justice majors said they had regrets.
Students who graduate with a criminal justice degree typically go on to work in the public sector, where job security can be high, but salaries are low.
Sources: PayScale, World Wide Learn
75% of biology majors regretted their path of study.
This path of study is notoriously academically rigorous. Since many biology related jobs require additional degrees, biology students may be more likely to pack on additional student loans.
Source: PayScale
77% of public relations majors had regrets.
March 2017 data released by PayScale estimates the average public relations manager earns a $61,575 median annual salary.
Sources: PayScale, Study.com
77% of psychology majors said they had regrets.
Psychology majors fell under the more general "humanities" category. Some of the most common specific psychology paths include, clinical psychology, counseling psychology, education psychology and forensic psychology. According to job site, Prospects some psychology majors can go on to become psychotherapists, counselors, counselors and chaplains.
Health care administration was the single most regretted major at 84%. Think first before going down this path.
Despite the fact that the demand for administrators is predicted to have a 17% growth rate through 2024, students who chose this major regret their decision more than any other group.
Source: PayScale