The average starting salary for Class of 2019 college graduates was $51,347, according to an analysis by consulting firm Korn Ferry. Average starting salaries were about 2% higher than in 2018, when they were $50,390.
But your salary will depend on many factors. Your school, major, the type of company for which you work and where you live will affect how much you earn. If you’ve ever asked, “How much should I make out of college?” or you’re curious about good starting salaries based on certain majors, you’ve come to the right place.
Let’s look at the following topics:
- How much will I make after college? 3 factors to consider
- Average starting salaries by major: high-paying, low-paying
- What are the highest-paying entry-level jobs?
- Where recent college graduates can look for jobs
Looking at the average college graduate’s salary is a useful starting point, but there are some specific factors you can use to predict your likely pay. Average college graduate salaries will vary widely, so it’s important to keep that in mind.
By breaking down your salary by month, you can explore how much you can afford to pay for housing, student loans, car payments and other items when you’re out of school.
1. Your college’s employment outcomes
The school you attend is one of the biggest predictors of your salary. That’s because colleges have differing graduation rates, approaches to job placement, alumni network sizes and reputations, which can all have an impact on the job you land.
Explore median earnings from your school using the U.S. Department of Education’s College Scorecard:
- Enter your school’s name on the homepage
- View the school’s overall “salary after completing,” which measures students’ median annual earnings one year after graduation
- Click “View More Details,” then “Fields of Study” in the drop-down for the most useful data (we’ll cover more about your major’s effect on salary next)
The salary analysis site PayScale also allows you to search for salaries by school. PayScale’s metrics include not just new grads’ median salaries, but also midcareer salaries, or the median pay among those who have 10 or more years of experience.
Your school’s website may also report average starting salaries. Depending on your school, the “News,” “About” or “Fast Facts” section of its website might contain this information. Using different sources of data will help you develop a more comprehensive view of your school’s salary outcomes.
2. Your major and chosen field
Along with your school, your major also has a large effect on your salary. On the College Scorecard website, you can find out how much those who pursued your course of study at your school are earning one year after college.
After searching for your school, click the “Fields of Study” drop-down, then “Highest Earnings” within that section. There, you’ll see median earnings by major. For instance, at New York University, those who received a bachelor’s degree in registered nursing, nursing administration, nursing research and clinical nursing earned the highest median salary — $91,800 a year.
Your major and career choice can also affect your level of student loan debt and how it impacts your budget. Some careers, for instance, lead to higher earnings-to-debt ratios, meaning salaries are high enough that borrowers can more easily pay down their student loans. According to a 2019 Student Loan Hero analysis, the fields with the most favorable earnings-to-debt ratios were:
- Physical sciences
- Computer engineering
- General engineering
- Chemical engineering
- Computer science
In your first job out of college, you may receive employee benefits beyond your salary, which can make your full compensation package even more valuable. Non-salary benefits can include common offerings like health insurance and a 401(k) account, but also stock options, charitable donation matching programs, cell phone discounts and gym memberships.
3. Your career and life plans
The type of job you take within your field will also affect your salary. You may have the option to pursue nonprofit work, for instance, which could lead to lower pay but — in certain circumstances — might qualify you for federal student loan forgiveness in the future.
The area in which you live will impact how much companies pay, and it will also determine how far your salary can stretch to afford housing, utilities, child care and other expenses. Use a resource such as Salary.com’s Cost of Living Calculator to explore how much your cost of living and salary could change if you move to a new place after college or later on in your career.
A bachelor’s degree leads to higher earnings than completing high school or getting an associate degree, according to the U.S. Bureau of Labor Statistics. That makes college worth it for many students, as long as they’re able to comfortably afford to pay off any student loan debt they accumulate.
The particular college major you choose will partly determine how much money you’ll make over time. According to PayScale data, below are the top 10 highest-paying jobs among bachelor’s degree holders, along with their median early and midcareer salaries:
|Rank||Major||Median early career salary||Median midcareer salary|
|2||Electrical engineering and computer science||$88,000||$142,200|
|3||Applied economics and management||$58,900||$140,000|
|7||Electrical power engineering||$72,400||$134,700|
|10||Aeronautics and astronautics||$73,100||$131,600|
And here are the top 10 lowest-paying majors among bachelor’s degree holders:
|Rank||Major||Median early career salary||Median midcareer salary|
|3||Child and family studies||$33,400||$42,700|
|5||Early childhood education||$33,500||$43,000|
|6||Early childhood and elementary education||$35,800||$46,100|
|7||Baking and pastry arts||$35,600||$46,600|
|8||Middle school education||$37,800||$47,900|
|10||Community and human services||$39,500||$48,100|
Like the highest-paying jobs for bachelor’s degree recipients, well-compensated entry-level jobs are similarly concentrated in the STEM fields (science, technology, engineering and mathematics). Finance and consulting roles, such as investment banking analysts and implementation consultants, are also represented.
According to a 2019 analysis by Glassdoor, these are the highest-paying entry-level jobs for new graduates:
|4||Investment banking analyst||$85,000|
As a recent graduate, you can benefit from quick access to your college’s career services department and its alumni network. Try these strategies:
- Take advantage of networking events, mock interview prep, resume reviews and other services your school may offer to both current students and new graduates.
- Reach out to alumni in your field on LinkedIn or through college organizations of which you’re a member. Ask about their career paths and work experience at various companies, and see if they’d be willing to serve as a formal or informal mentor to you.
- Join professional organizations in your major and attend in-person meetings and conferences so you can make connections and learn about potential careers. Start growing your professional network as early as possible so that you can lean on connections when you come across an exciting job opportunity at their company.
Applying to jobs the old-fashioned way should also be part of your strategy. Check out general job search websites such as LinkedIn and Glassdoor, your college’s job board and sites specific to certain industries or fields, such as Idealist (nonprofit jobs) and Mediabistro (media and communications positions).
A successful job hunt likely includes a mix of these approaches, as well as a healthy amount of optimism and enthusiasm about your next chapter.
Elyssa Kirkham contributed to this report.
Interested in refinancing student loans?Here are the top 9 lenders of 2022!
|Lender||Variable APR||Eligible Degrees|
|1.74% – 8.70%1||Undergrad & Graduate|
|1.74% – 7.99%2||Undergrad & Graduate|
|4.44% – 8.09%3||Undergrad & Graduate|
|1.74% – 7.99%4||Undergrad & Graduate|
|1.89% – 5.90%5||Undergrad & Graduate|
|1.74% – 7.99%6||Undergrad & Graduate|
|2.05% – 5.25%7||Undergrad & Graduate|
|1.86% – 6.01%||Undergrad |
|N/A8||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 4, 2022.
2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
Student Loan Refinance Interest Rate Disclosure Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Let us know if you have any questions and feel free to reach out directly to our team.
3 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Apr 22, 2021 and may increase after consummation.
4 Important Disclosures for SoFi.
Fixed rates range from 3.49% APR to 7.99% APR with a 0.25% autopay discount. Variable rates from 1.74% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
5 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of April 29, 2021. Information and rates are subject to change without notice.
6 Important Disclosures for Navient.
7 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 5/17/2022 student loan refinancing rates range from 2.05% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.93% Fixed APR with AutoPay.
8 Important Disclosures for PenFed.
Fixed Rate Loan Terms: 5 years/60 monthly payments, 8 years/96 monthly payments, 12 years/144 monthly payments or 15 years/180 monthly payments. Annual Percentage Rate is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rates range from 3.29% to 5.43% APR. Rates are subject to change without notice. Fixed APR: Fixed rates will not change during the term. This rate is expressed as an APR. Since there are no fees associated with this loan offer, the APR is the same percentage as the actual interest rate of the loan. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.