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After spending months researching and applying to colleges, you’ve finally decided on a school.

You should be proud of this achievement. But weighing and comparing schools isn’t the only decision you’ll be faced with. At some point, you’ll also need to choose a major.

Many college freshmen haven’t settled on a field of study, so you’re not alone if you’ve been wondering, “What should I major in?” Choosing what to study at college can feel nerve-racking, but it doesn’t have to be that way.

There are steps you can take to make an informed decision you’ll be happy with. One tool that can help you narrow your options? Taking a college major quiz.

Read on to learn more about choosing a major, take our college majors quiz, and then discover the strategies that will help you pick the right major.

When Is It Necessary to Declare a Major?

Schools usually require that you declare a major by the end of your sophomore year. Generally, there’s not a particular rush to declare. What’s more important is that you take a variety of classes if you’re still trying to figure out “what should I major in?,” to find the subjects that interest you most.

Just be aware that if your chosen field requires sequential classes, you may not be able to take quite as long to shop around for a major. For instance, it’s easier to switch out of being a science or engineering major than it is to switch into that field.

Why Choosing the Right Major Is Important

Your college major is the first stepping stone to your career. It won’t decide your entire career path, just as your first job won’t determine your entire career, but it will launch you on a particular trajectory and help you develop certain skills you’ll need to be successful.

Practically, you’ll want to choose a major with college program costs you can afford, that will pay you the kind of income you’re looking for, and has good employment prospects for the future.

On a more personal level, some of the most important considerations are: Is it something that truly engages you? Does it set you up for a career that you’ll enjoy? And does it suit your personality?

It seems obvious to say that you should choose a degree based on your interests, but it’s a consideration that you should respect. True engagement in a topic can have numerous ripple benefits. For instance, you’ll probably be more motivated and committed to lifelong learning and less likely to feel burnt out in school or later in your career.

College Major Quiz

Now that you understand why the right major is important, take this college major quiz to help answer the question, “which college major should I choose?”, and find the right area of study for you.

Satisfaction Survey Results

How do college graduates feel about the majors they chose? BestColleges.com conducted a survey to see how happy college graduates were with their choice of major. The survey asked numerous questions, with results tabulated for each question from each of the following generations: Millennials, Gen X, Baby Boomers, and the Silent Generation.

Here are three key findings:

•  61% of respondents would change their major if that were possible.

•  About 26% of participants would change their major to reflect their passions.

•  About 30% of the Millennials who participated said they should have chosen a major with better job opportunities.

It’s important to remember that this survey focused on people who graduated and were looking back at decisions they’d already made about their majors. As a current college student, you still have the ability to make the right decision.

6 Steps to Choosing Your College Major

Here are some key steps you can take to find the best college major for you.

1. Exploring

What’s tough about making a decision about which major to choose when you’re a teenager is that you haven’t tried a lot of things yet. The first year or two of college is a fine opportunity to explore, even if you think you know what major you’ll choose.

To begin, think about what you enjoy and what you’re good at. In addition to subjects, include skills such as leadership or organization. Next, consider the majors that match up with those interests. Branch out beyond the same subjects you took in high school.

Sign up for academic or pre-professional clubs—they’re a great way to learn more about career possibilities, create a support network as you’re enrolling in classes, seek out job-related opportunities, and meet people who share your interests. If you plan on working while you’re in college, find a job in a field you’re interested in.

2. Talking to People

As you’re thinking about, what major should I choose?, speak with other students, professors, and guest lecturers about their career experience. You’re likely to learn more about what a career is like by talking to someone with real-life experience.

Find a career counselor at your school who is willing to discuss with you options for majors and career opportunities.

It’s also no secret that we can have very skewed opinions of ourselves. Often, we’re too hard on ourselves or don’t recognize our own talents. It can help to have conversations with the people in your life (family, friends, teachers, coaches, and so on) whom you know will provide constructive observations and advice. It’s entirely possible that you’ll learn something about your strengths you never knew before.

3. Thinking About the Money

While no one expects that you have money figured out, you should have a general idea about how the decisions you make in college will affect you later in life.

First, investigate the starting salaries for different majors and entry-level jobs. This is an especially important exercise if you have student loans. As you’re choosing a major, it’s helpful to understand the basics of student loans and what they cover.

For instance, you’ll need to be aware of when you need to start putting money toward student loans, and how much your payments might be. Your loans can affect your financial future for many years, so make sure your major and career of choice will allow you to cover what you owe.

Even if you don’t have student loans, having a realistic idea about salaries, job availability, and cost of living in the area where you expect to live is important. Find a major that works within your budget and schedule.

It’s also important to look ahead. Is a career of choice expected to be in demand in the future? Is the demand expected to actually increase?

Recommended: Private Student Loans Guide

4. Getting Granular

At this point, it may be obvious to you which major is best. If not, and you’re still asking, “what major should I choose?”, a good strategy can be to create an in-depth list that includes:

•  Your strengths

•  Your weaknesses

•  Activities you enjoy

•  Tasks you dread

Also ask a college counselor if you can do aptitude testing. Are career fairs that you can attend coming to your school? Do some volunteer work or see if you can secure an internship in an area of special interest. Spread your net wide and take all you’ve listed and learned to make a choice that’s right for you.

5. Post-graduate Plans?

Is a bachelor’s degree what’s needed for the career you’re considering? Or will more schooling be required? Before finalizing your major, it makes sense to be clear about how much education you’ll need for a particular job.

If a master’s degree or more is required, is this something you’re interested in pursuing? And can you afford it?

And again, it makes sense to think about your student loans and the repayment terms they have. One thing to know is that you don’t necessarily have to stick to those terms if they won’t work for you. Refinancing student loans could help you get a more favorable rate and term, and possibly make your payments more affordable.

When you refinance, you replace your current loans with a brand-new private loan. It’s important to explore the advantages of refinancing student loans as well as the disadvantages.

One thing to know is that refinancing federal student loans makes them ineligible for federal programs and protections, like income-driven repayment plans. If you think you’ll need access to these benefits, refinancing may not be the best choice for you.

6. Filling in the Gaps

Once you choose a major, you might also want to select a minor. Having a minor opens up another academic discipline and can provide you with additional skills that can help you pursue your ideal career.

If, for example, you want to become a psychiatrist, it can make sense to have a business minor if you want to open a solo practice.

Whenever possible, it makes sense to choose a minor at the same time you declare your major. This allows you to strategically schedule classes so you can graduate within the planned time frame.

In the end, no matter what major and minor you decide on, know that your flexibility, creativity, and passion for life-long learning will have much to do with your success.

SoFi Private Student Loans

As you’re determining your major and also thinking about paying for college, student loans can help you cover some of the cost of college. If you’re exploring student loan options, shop around for the best rates and terms. SoFi private student loans have low fixed or variable interest rates and no fees. It’s easy to apply online and you can add a cosigner in just minutes. Additional benefits include exclusive member discounts and the flexibility to choose from multiple repayment options.

Students are encouraged to explore their federal student loan options before applying for any private loans. Federal student loans come with benefits that may not be offered by private lenders. Private student loans can also be more expensive than federal student loans.

If you have student loans and you’d like to lower your monthly payments, refinancing might be one way to do it. SoFi offers loans with low rates, flexible terms, and no fees. And you can find out if you prequalify in just two minutes. Note: You may pay more interest over the life of the loan if you refinance with an extended term.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

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College life is all about getting a great education, getting to know your roommates and classmates, exploring interests and activities, and forging your own adult identity. But it’s also a perfect time to establish some good money habits that will set the scene for success today and tomorrow.

From developing a budget to opening bank accounts, you’ll have ways to make your money work harder for you and grow over time so you can achieve your goals. And it can be pretty simple, too, so it won’t interfere with study sessions or hanging out at the student center.

Learn the 10 best strategies for good money management here.

10 Tips for Managing Your Money As a College Student

Here are 10 money management tips that help you spend less and save more both during and after college.

1. Setting up a Basic Budget

Budgeting may sound complicated, but making a budget is simply a matter of figuring how much is coming into your bank account each month and how much is going out, and making sure the latter doesn’t exceed the former.

To get started, you’ll want to list all of your sources of income, such as from a job or family contributions.

If you are going to be living off a fixed amount of money for each semester, say from summer earnings or money from your family, you may want to divide this lump sum by the number of months you need to make this money last.

Once you know how much you have to live on each month, you’ll want to make a list of fixed expenses that you will be responsible for paying, such as cell phone or car payment, or maybe even rent if you live off campus.

Next, you’ll want to subtract your fixed expense from your monthly spending allotment. This will give you the amount you have left over to cover variable expenses, such as eating out, buying clothes, and entertainment. You can then come up with target spending amounts for each category.

Doing your best to stay within these spending limits can help ensure that your money lasts until the end of the semester, and help you avoid running up costly credit card debt.

2. Opening up a Savings Account

You might feel like you don’t have enough income to start saving money yet, but even just putting a small amount away each month can add up over time.

For example, if you’re able to set aside $50 a month now, you may soon have a decent nest egg that can help pay for something fun, like a road trip over the next school break.

What’s more, being diligent about saving money each month can help cultivate a habit that will serve you later when you can afford to save more in your nest egg and also for retirement.

3. Buying Used Textbooks (and Selling Yours When Done)

Textbooks can be so expensive! Fortunately, there are a number of ways to save money here.

One option is to buy used whenever you can. You’ll want to be sure, however, that you are getting the version the professor wants. If you have an earlier edition, you might struggle to find the content if the book has since been modified. Getting the digital version of a book can also yield savings.

Another option is to rent what you need from a third-party bookseller, such as Amazon or Chegg. You can often rent textbooks for an entire semester for significantly less than buying new, and may even be able to highlight them.

For books that you purchase (new or used) that you won’t need to refer to in the future, consider selling them when you’re done to recoup some of the expense.

4. Using Credit Cards Sparingly

Credit card companies love college students, and many may try to lure you into applying for cards. You’ll want to proceed with caution, however.

While having a credit card as a student can be a good idea–for convenience, as a backup for emergencies, and to start building credit history (more on that below), you’ll want to be careful that you don’t run up credit card debt.

If you charge more than you can afford to pay off at the end of the month, you can end up paying a high-interest rate on the balance, which can make it even hard to pay off.

As a result, it can be easy for college students to find themselves digging a debt hole that can be hard to climb out of.

If you choose to sign up for a new card, you may want to look for a rewards credit card. These can let you rack up points you can use to get products or travel perks, but only charge what you can afford to pay back quickly.

If you choose to sign up for a new card, you may want to look for a rewards credit card that will let you rack up points you can use to get products or travel perks–and only charge what you can afford to pay back quickly.

5. Establishing Your Credit Score

A credit score is a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time.

Building your credit history might not seem like a priority when you’re still in school, but you’ll need it in the future if you want to finance a car, buy a house, or qualify for the best credit card offers. Your credit can even affect your job prospects and your ability to rent an apartment.

One good strategy is to use your credit card judiciously. If you make small purchases and regularly pay the balance off in full, you can avoid racking up interest charges but still get that boost to your credit score.

If you have student loans, you may also want to consider making small payments (even just $25 to $50) while you’re still in school to start paying down interest and have some positive repayment history on record.

If you start building a solid credit history now, you will likely be able to get better deals on lending products like mortgages, car loans, and credit cards in the future.

6. Finding Free Stuff

One highly effective way to stretch your money is to find freebies.

Facebook has groups where people can post items they no longer want. You might be able to score free clothes, furniture, or room decor.

Freecycle and NextDoor also have listings for things that people are giving away. You can also find free items on Craigslist (you’ll find the “Free” section under the “For Sale” heading on the main page for your city).

7. Learning to Cook and Eating out Less

You may find you get tired of cafeteria fare and ramen. At the same time, you may not want to don’t blow your budget on eating in restaurants every weekend.

If you have access to a kitchen, you might want to consider purchasing ingredients from your local supermarket and putting together some simple, tasty meals, instead of eating out. This can be a major way to save money on food.

If you’re not much of a cook, you may want to go to some food blogs and recipe sites like Allrecipes or Serious Eats to find some easy recipes and watch a few how-to videos. You could also find tons of cooking videos on YouTube.

Having some go-to recipes in your arsenal can pay off now, and also down the line when you’re working and living on your own (and don’t have to rely on expensive take-out or unhealthy fast food for dinner every night).

8. Starting an Emergency Fund

Starting an emergency fund or back-up savings fund is an important part of anyone’s long-term financial health.

Life can be unpredictable, and your emergency fund serves as a safety net that you can fall back on for those “rainy days” where you find yourself facing an unexpected expense or other financial setbacks.

Having an emergency fund can also help keep you from having to rely on credit cards to get through a financial challenge.

How much you should put aside for emergencies each month is up to you and your financial situation. The key is to start saving something each month, no matter how small the amount may initially seem.

When starting your emergency fund, it’s a good idea to fund the account regularly. Consider setting up an automatic transfer to your savings so you do not have to think about it.

Ideally, your emergency fund should also be set up in a separate savings account so you won’t be tempted to spend the money on something else.

9. Getting the Most out of Your Student ID

You may only think of your ID card as a form of identification and a way to get into college sporting events. But there are actually a number of additional benefits that come with a student ID, and many can help you save money.

You may find that businesses, especially those near universities, will offer students discounts when they show a student ID card.

Next time you go to the movies, shop for school supplies, or get a new haircut, it can be a good idea to ask if they offer any discounts for local college students.

In addition, many national and online retailers, including major clothing, sneaker, and computer brands, offer discounts to college students.

You may also be able to use your student ID to get a better deal on your cell phone plan and streaming services.

10. Getting Started with Investing

Investing when you’re young is one of the best ways to help your money grow over time.

That’s thanks to compound earnings, which means that any returns you earn are reinvested to earn additional returns. The earlier you start investing, the more benefit you gain from compounding.

Investing in the stock market also isn’t as complicated as you may think. You can open a retirement account, like a traditional or Roth IRA, or a brokerage account (for nonretirement investing) online, often with a minimal amount of money.

You may also be able to schedule automatic withdrawals from your bank account to your investment account each month.

It’s important to keep in mind, however, that all investments have some level of risk because the market moves up and down over time.

The Takeaway

College can provide a great opportunity to develop the money skills you’ll need after you graduate. By learning some basic money management techniques now, you can feel confident about your ability to handle your finances well after graduation.

In 10 years, you will likely thank yourself for putting in the effort to learn how to set and stick to a monthly budget, use credit cards wisely, save money, and build your credit score.

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