SoFi

There’s no question that furthering your education can be an expensive endeavor. But depending on what you study, students in some majors can expect to pay a significantly higher price than others.

If your goal is to study law, medicine, or veterinary medicine, for example, and you plan to get a graduate degree, you could end up owing five or six times more than the average person with a bachelor’s degree.

Whether you choose your major out of passion or for the potential paycheck — or both — only time will tell if you’ll get the outcome you’re hoping for. In the meantime, it can be a good idea to look at how much you might have to borrow to finance the course of study you’re considering.

Student Loan Debt in America

How much do student loan borrowers in the United States owe after college?

According to the Federal Reserve’s most recent numbers, outstanding U.S. student loan debt reached $1.74 trillion in the second quarter of 2024. That’s nearly triple what the Fed says Americans owed in 2006.

Gen Xers have the most student loan debt out of any other generation, with an average balance of $44,290 per borrower. Baby boomers have the second-largest amount at $42,520 per borrower, and millennials average $32,800 per borrower.

And the United States isn’t the only country with a high amount of student debt. In England, the value of outstanding loans reached £236 billion (approximately $261 billion in U.S. dollars) at the end of March 2024. The government there forecasts the value of outstanding loans will be around £500 billion (approximately $553 billion in U.S. dollars) by late 2040s.

While student loan forgiveness and other reforms are often discussed here and abroad, little is happening so far.

Recommended: Average Student Loan Debt: By Career

Average Student Loan Debt

According to the Education Data Initiative, the average federal student loan debt balance is $37,853 per borrower. And if you include private loan debt, the average balance may be as high as $40,681.

Of course, the amount you might borrow (or have borrowed) could vary significantly depending on your major and the degree required to pursue your chosen profession.

The average student loan debt for a borrower with a bachelor’s degree, for example, is about $30,500. But if your major moves you on to a graduate degree, the cost can move on, as well — to an average of $65,667 for the graduate degree only ($84,203 on average in total student loan debt). And if you’re thinking about a degree in law or medicine, your debt could be in the hundreds of thousands.

Federal student loan programs also allow graduate students to borrow more money than undergraduates. Though there’s a $31,000 cap on federal loans for undergraduate students who are dependents, graduate students may be eligible to borrow up to the full cost of attendance through the federal Grad Plus program.

Other factors that affect the amount students end up borrowing can include the cost of living in the state where the school is located, whether the school is public or private, and whether the student is paying in-state or out-of-state tuition.

Recommended: How to Pay for College

Student Loan Debt by Major

When you first start thinking about how to choose your college major, it’s likely you base your top choices on the academic subjects you’ve always been good at or things you’re interested in. Maybe you have a passion for a subject you feel destined to pursue.

If you’re a practical person, you also may have considered what career that degree might potentially lead to, and how much you’d earn if it became your profession.

What you may not have thought about — at least not at first — was how much it might cost you to major in one subject vs. another. Or if you might have to get an advanced degree in your major to actually get the job, or paycheck, of your dreams.

Here’s a look at the average student loan debt for some popular degrees:

Law Degree

$160,000 upon graduating

74% graduate in debt

Medical Degree

$243,483 upon graduating

73% have educational debt

Recommended: What Is the Average Medical School Debt?

Dental School

$296,500 upon graduating

82% take out student loans

Nursing

Associate Degree in Nursing (ADN): $23,302

Bachelor of Science in Nursing (BSN): $28,917

Master of Science in Nursing (MSN): $49,047

Almost 70% take out student loans.

Recommended: A Look at the Average Cost of Nursing School 

Business Administration

$41,000 to $170,000 for MBA students

54% of MBA graduates take out loans

Architecture

$40,000 in debt

(% who borrow not available)

Veterinary Medicine

$179,505 on average

82% graduate with debt

Pharmacy

$167,711

82.2% take out student loans

Education/Teaching

$55,800

45% take out loans

Communication/Journalism

Bachelor’s degree: $31,651

Master’s degree: $27,911

(% with loans not available)

Associate Degree Debt by Major

Below is the average debt of students graduating with an associate degree based on major, per Education Data Initiative:

•   Alternative and Complementary Medicine and Medical Systems: $38,533

•   Computer Systems Analysis: $27,924

•   Behavior Sciences: $21,859

•   Construction Management: $19,423

•   Marketing: $16,628

•   Animal Sciences: $12,705

•   Education, General: $11,035

•   Engineering, General: $10,299

•   Biological and Physical Sciences: $7,591

Bachelor’s Degree Debt by Major

Below is the average debt of students graduating with a bachelor’s degree based on major, per Education Data Initiative:

•   Behavioral Sciences: $42,822

•   Computer Programming: $28,586

•   Education, General: $28,001

•   Music: $26,600

•   Architecture: $26,468

•   Construction Engineering: $26,025

•   Social Work: $24,863

•   Accounting and Related Services: $24,086

•   Economics: $20,700

•   Human Biology: $17,994

•   Science Technologies/Technicians, General: $9,529

Master’s Degree Debt by Major

Below is the average debt of students graduating with a master’s degree based on major, per Education Data Initiative:

•   Advanced/Graduate Dentistry and Oral Sciences: $158,155

•   General Sales: $104,650

•   Real Estate Development: $97,023

•   Landscape Architecture: $80,409

•   International Business: $65,052

•   Public Health: $48,726

•   Engineering Science: $45,887

•   Insurance: $43,408

•   Construction Management: $37,620

•   Engineering, General: $33,235

•   Education, General: $29,434

Doctoral Degree Debt by Major

Below is the average debt of students graduating with a doctoral degree based on major, per Education Data Initiative:

•   Pharmacy, Pharmaceutical Sciences, and Administration: $310,330

•   Psychology, Other: $187,804

•   Public Administration: $146,194

•   Health and Medical Administration Services: $101,589

•   Education, General: $82,131

•   Biology, General: $42,879

Federal vs Private Student Loan Debt

As these student loan debt statistics show, the rising cost of attending college can be a heavy financial burden for many Americans. And because there are limits on how much students can borrow in federal loans each year, many turn to private student loans to help cover their education bills.

The national private student loan balance now exceeds $128 billion, according to EducationData.org, which says 88.93% of that balance is in undergraduate loans and 11.07% is in graduate student loans.

Private student loans are a pretty small piece of the overall outstanding student loan debt in the United States — about 8.84%. But the number of students taking out private loans is growing. Student loan borrowers owe 71% more in private student loan debt than they did a decade ago, the Student Borrower Protection Center reports.

Recommended: Private Student Loans vs Federal Student Loans

The Takeaway

No matter what your major is, there’s a good chance you may have to take on some debt to get the education you need and want.

And the final bill could be substantial: The average federal loan debt balance is $37,843 per borrower, but if you choose a major that requires a graduate degree, it could be two or three times that amount, or more.

Most student borrowers use federal loans to help pay for their education. But a combination of federal and private loans may be necessary to cover all your costs.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

How much student loan debt is there in the United States?

According to the Federal Reserve’s most recent numbers, outstanding U.S. student loan debt reached $1.74 trillion in the second quarter of 2024.

What is the average U.S. student loan debt per student?

According to Education Data, the average federal student loan debt balance is $37,843 per borrower. If you include private loan debt, the average balance may be as high as $40,681.

Who owns the most student debt?

The federal government — or, more specifically, the U.S. Department of Education — owns about 92.5% of all student loan debt in America.

---

Photo credit: iStock/FabrikaCr

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOISL-Q324-055

Read more

No matter how well you plan and budget for an overseas trip, you may still end up with some extra foreign cash at the end of your vacation. And since you can’t spend that currency back home in the United States, you’ll need to come up with an alternative plan for all those foreign coins and bills now burning a hole in your pocket.

Sure, those bills may be pretty (have you seen the Australian dollar?), but it won’t do you any good hanging as art on the wall. And you don’t want to miss out on having that money to save or spend at home.

Instead of letting it go to waste, here are a few things you might do with that leftover foreign change once your trip is done and your regular life sets in again.

What to Do with Extra Foreign Currency

Using It to Pay Part of Your Hotel Bill on Vacation

There’s nothing quite so annoying as arriving at your gate with five minutes until boarding, only to realize you’ve still got about $80 worth of Moroccan dirham or Turkish lira left in your wallet.

One way to avoid this scenario is to try and use your foreign cash to cover costs while you’re still abroad. A helpful tip is to switch to cash spending near the end of your trip. Then, if you have leftover currency on your last day, see if you can use it to cover some of your hotel bill. Sometimes hotels will let you split your bill up, so that you can pay some of it in cash and put the rest on a credit card. Just be sure to leave some currency in your wallet for your cab ride to the airport and tips.

Shopping Duty Free

If you have a fair chunk of foreign currency leftover, consider making a stop at the Duty Free stores upon departure. This can be a good strategy if you are buying something you’d use ordinarily, like your favorite perfume or liquor, or if you’re still looking to buy a souvenir from the destination.

However, some countries, especially those that are sensitive to inflation, don’t accept foreign currency (except for euros and dollars) at Duty Free, so double-check that your change is eligible before you show up at the register with a cart full of goods.

Recommended: 27 Tips for Finding the Top Travel Deals

Donating to Charity

Thanks to UNICEF’s Change For Good initiative , you may not have to exchange a dime. This program involves a partnership with several international airlines to help passengers donate their excess change.

On these flights, passengers receive envelopes in which they can donate their leftover foreign currency. If you’re not flying with a partner airline and still want to donate, you can mail your change to the organization.

Some airports have similar initiatives and programs that raise money for different charities around the world — all you need to do is find the box or envelope and stuff it full of your extra change. It’s a great way to do good and not let that spare money go to waste.

Exchanging It

Although exchanging physical money comes with a fee, this can be one way to recoup your cash if you aren’t planning on visiting the country again anytime soon.

In a pinch, you can exchange foreign currency at the airport (abroad or at home), but you likely won’t get the best exchange rate. A better option is to visit your U.S. bank to see if they will exchange your foreign cash (or, if possible, deposit it directly into your account). Banks typically offer better rates than the exchange kiosks you find in airports.

If you used a currency exchange service to exchange your U.S dollars into a foreign currency, see if they offer a “buyback” program. Some services allow you to sell back your unused foreign currency for a better rate or lower fees than you can get elsewhere.

Recommended: Ways to Be a Frugal Traveler

Saving It for Another Time

If you know you’ll be visiting again, why not store your extra foreign currency with your passport? Not only will you be able to keep the money, but you’ll save yourself a trip to the ATM upon arrival at your destination.

This can be one of the easiest solutions to the “what to do with leftover foreign coins” problem. And it might encourage you to start planning your return visit and growing your travel fund.

Gifting It

If you’re wondering what to do with foreign coins, know that they can be a fun gift to a child or currency collector in your life. It can be an opportunity to teach kids about both the world at large and about money. Bonus points if they are from a country with a cool design on their currency — like the Egyptian pound with pharaoh Tutankhamun.

Any leftover foreign coins or bills can also be a thoughtful gift for friends or family members who are traveling to the same spot. This can make an especially nice wedding gift for friends heading out on a honeymoon.

Recommended: Can You Use Your Credit Card Internationally?

The Takeaway

If you wind up with excess foreign currency at the end of a trip, you have a few options. You might save it for later, donate it to a charity, exchange it, or gift it to a friend. Depending on how much money you have, when (if at all) you plan on returning to your destination, and how much you’re willing to pay in fees, there’s an option that will likely be the right choice for you.

FAQ

Where can I donate leftover foreign currency?

UNICEF’s Change for Good program accepts donations on a number of international airlines. Leftover change may also be mailed to this program. You may also see other opportunities to donate currency at airports, benefiting various charities, as well.

Can I exchange my foreign currency at a bank?

If you’re looking to exchange foreign coins and bills, it’s worth visiting or calling your bank. Many banks offer to exchange currency for their clients. However, some will only do so for a limited number of currencies. A fee is usually involved, but it is likely to be lower than what you will pay at an airport currency exchange kiosk.

What is the meaning of leftover currency?

Leftover currency is typically foreign money that you have at the end of a trip. Before or after you return home, you can exchange it to U.S. dollars. Other options include saving it for a future trip, donating it, or gifting it.

Is leftover currency legitimate?

Leftover currency is legal tender in the country you have traveled to, but when you return home, it will not be usable. Therefore, it may be wise to exchange it or donate it.

---

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBNK-Q324-100

Read more