[학생기자]Financial factors affecting college students and deciding majors

“In response to the financial crisis, students are relying more on financial aid and student loans,” said Carolyn Lindley, the University Financial Aid Director for Northwestern University. The 2009 National Postsecondary Student Study Aid (NPSAS) showed that two-thirds of college students borrow to pay for college, and their average debt load is $23,186 by the time they graduate. Only twelve years ago, 58 percent of students borrowed money, and their average debt load was $13,172.

“Once students know that they will graduate with a heavy debt, they will definitely think about money and jobs when they choose majors,” said Lindley.

The top ten popular majors listed by the Princeton Review supports Lindley's words. The top five popular majors are business, psychology, nursing, biological sciences, and education. “I think all five majors can give students some security in jumping into the job market,” said Lindley.

On the other hand, majors that tie loosely to money are becoming less popular. The University of Louisiana, Lafayette, is eliminating its philosophy major, while Michigan State University is closing American studies and classics, due to a decrease in the number of students in those majors.

The decrease of less profitable majors and the increase of profitable majors suggest that more and more emphasis is given to money rather than passion and the pursuit of knowledge. According to an annual survey by the University of California, Los Angeles, in 1971, 37 percent of incoming freshman responded that it was essential to be very well-off financially, while 73 percent said developing a meaningful philosophy of life was important. However, in 2009, the percentages nearly reversed.

Some students, if capable, are given the opportunity to pursue their passion AND learn a practical subject. Through a double major program, which allows students to major in more than one major, students can take a major with practicality and a major that they enjoy. More and more students are taking such steps. According to Keirsey.com's College Advisor, there has been an 85 percent rise in the number of double majors over the last decade.

Rachel Stuart, 19, a freshman at Northwestern University, is one of those students who chose to do a double major to grasp both passion and practicality. Stuart is a double major in voice and psychology.

She said that singing has been a crucial part of her life. “I love singing. It is my passion. I've been singing since I was a child and continued on through choirs in high school,” said Stuart. However, Stuart faced a problem when she encountered the application for college. “I wasn't confident that a major in voice could get me a stable job after college…That is why I decided to double major in psychology,” said Stuart.

Stuart says she is very satisfied with her college plans. “I no longer have to worry about finding a job in singing and I don't have to give up singing,” said Stuart.

Ellen Schantz, the Director of External Affairs in Music at Northwestern University, warns that Stuart's reasons are not the only reasons why students take double majors.

“There are obviously students who double major to get a lucrative job, but at least in the music department at Northwestern, that is not the case. Our students who double major are students who have the interest and ability to branch to other areas. They just want to know more. I mean, they are talented musicians who choose between Juilliard and Northwestern. They don't need to worry about the financial problems,” said Schantz.

Min Seok Choi
1st Year,
Northwestern University