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Most prospective four year college students will finance college through student loans. Loans are expensive, and to pay them off comfortably, you need to assure yourself of a manageable amount of debt and a career that will allow you to pay that debt and still maintain a chance at a satisfying life.

Despite what your counselors may tell you, not every college education is equal. Some majors generally offer a viable path right out of college to a lucrative career, and some majors won't give you much more professional knowledge than the average high school student that steps right into full time work.

For example, an accounting major can count on a variety of career paths that offer at least a $30K annual wage out of the gate, since every business needs skilled accounting. Financing a 4 year degree through student loans may prove a worthwhile investment, as someone earning $30K can afford a few hundred dollars in loan payments and still be able to afford a home, a life and residual expenses.

However, an art history major can count on their fingers the number of viable career paths someone with an art history degree can take. You can teach, if there are any art history instructor openings. You can curate at a museum perhaps, with some experience and connections. You can run an art gallery. And that's honestly about it. Otherwise, you're on par with the high school grads in the job market, scrapping for working class jobs that might pay $30K if you're lucky or you can climb the ladder. With such dim prospects for professional work, financing a $40K-60K art history degree with student loans might not be a prudent idea. Paying the bills on the wage of a cashier or administrative assistant is hard enough without $500 student loan payments on the side.

The cost of the education itself is an issue. If you're going to a local college on student loans with cheap tuition that barely costs $1000-2000 a term, then graduating without lucrative prospects hurts you far less than if you walk out of an expensive university like Princeton with an English degree and no teaching gigs on the way. From a cheap school, you may only owe $200 a month, manageable even on a low end desk jockey's salary. But with $500-600 payments, you had better be making great money, or at least count on living with your parents for the next ten years.

Assuming debt for a college education isn't a straight yes or no decision. The value of the debt depends on the prospects your degree will offer you, and on the cost of earning the degree.

Learn more about this author, Steven Gomez.
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