Value of a College Degree, Jobs and Loan Debt

And, of course, how much you need to pay for it.

The average sticker price for college tuition (and fees) has increased by 31% to 72% since 2000. But Pell grants, college tax credits and state financial aid have also risen to all-time highs. If these are not enough to offset college costs, the question becomes, "Is college loan debt worth the degree?"

College Degree Jobs and Non-College Jobs Projected Growth

Every other category requires post-secondary education and each one is projected to grow much more.

So it seems as though the value of a college degree is very high if you want to be employed in the future. Your chances of getting a job will be much greater with a degree.

Which Types of College Degrees?

The Occupational Outlook Handbook has information and projections about every type of job (including education required, earnings and outlook).

• Go to the left hand column.
• Mouse over a category.
• Select a subdivision from the flyout menu and click.
• Choose one of the occupations and read about the requirements, earnings and outlook

How Much College Loan Debt is "Good Value"?

What is discretionary income? The government defines it this way:your adjusted gross income (AGI) minus 150% of the federal poverty guideline. So 15% (multiply by .15) of this is your yearly payment.

But this type of payment is only for those who cannot afford the standard amount. Your goal should be to be able to make standard payments.

A reasonable amount to aim for would be annual payments that are not higher than 10% of your expected annual income. Look at annual salaries, multiply by .10 and then divide by 12 for a maximum monthly payment.

Then use a college loan repayment calculator to figure out approximately how much you can borrow and still have the best value of a college degree.

It is easier than ever now to compare college costs to find out which school is right for you.

Maximize Your Financial Aid For College

1. Start researching scholarships for college early- at least a year in advance. You won't be able to apply then, but you can make a list of scholarships that you can qualify for (and there are at least a few for anyone) so that you don't miss deadlines and announcements later on.
2. Target some schools you think would actively want you to go there (not just the ones that everyone wants to go to). They may be willing to give you more aid (particularly if you qualify for the highest Pell grant amount.
3. Get some financial planning advice from a consultant who has expertise in several areas, not just the FAFSA. Quite often, what you do to improve your situation for college will affect other things.
4. Be ready to write a financial aid appeal letter if your award is not what you hoped it would be.
5. Work out some strategies for minimizing or even eliminating student loans for college as a source of funding (including applying to schools which do not include college student loans as an award).
6. Don't forget to file your taxes to get your education tax credits.
7. Look at the opportunities in different states for college loan forgiveness, and plan your major accordingly.