INDIANAPOLIS — Right now, your family might be waiting on college financial aid information.
That is why it is a good time to compare school costs to your student's expected starting salary.
When you buy a house or take out a credit card, you are given a borrowing limit.
Student loans also work like that.
Just because you are approved to borrow a certain dollar amount does not mean you should take it all.
The Consumer Financial Protection Bureau said student debt should be less than the projected starting salary after graduation.
The highest paying, early career bachelor's degrees are mostly in engineering, according to the Federal Reserve Bank of New York.
Major Median Wage Early Career
Computer Engineering $80,000
Chemical Engineering $79,000
Computer Science $78,000
Aerospace Engineering $74,000
Electrical Engineering $72,000
Industrial Engineering $71,000
Mechanical Engineering $70,000
The lowest paying bachelor's degrees right out of college vary.
Major Median Wage Early Career
Liberal Arts $38,000
Performing Arts $38,000
Theology and Religion $38,000
Leisure and Hospitality $39,700
Early Childhood/ Elementary Ed. $40,000
Anthropology $40,000
History $40,000
That means if you are going into teaching, you should be borrowing less than $40,000.
The highest paying jobs in Indiana are surgeons, dermatologists and OB/GYNs, according to the U.S. Bureau of Labor and Statistics.