Engineering degrees open doors to many career options, including work in math, social sciences, biotechnology, computers, environmental engineering, and aeronautics. Engineering might be an excellent option for you if you love lifelong learning, as engineers need to stay up to date on emerging technologies and new data.
But engineering degrees are expensive to earn. Among the top three schools ranked as the best for engineering degrees by U.S. News, annual tuition ranges from $26,544 to $57,861.
The companies in the table below are Credible’s approved partner lenders. Whether you’re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers.
Advertiser DisclosureLoan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to cost of attendance
Overview
Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.
ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
8 student loans for an engineering degree
If you’re hoping to earn a degree in engineering, you have many options available for financing your education, including grants and scholarships explicitly geared toward students in science, technology, engineering, and mathematics (STEM) programs. If you need additional funding, student loans may be able to help cover education expenses.
If you take out private student loans for engineering school, comparing rates and terms from multiple lenders can help you find the best loan for your needs. These eight Credible partner lenders offer private student loans for engineering degrees:
Ascent
Ascent offers loan terms ranging from five to 20 years. It offers a discount of 0.25% to 1% for borrowers who set up automatic payments, and a 1% cash back reward after graduation. Ascent allows cosigner release after just 12 months of on-time principal and interest payments. The lender doesn’t charge application and origination fees or prepayment penalties.
Min. Credit Score
Does not disclose
Variable APR
6.24 - 15.85%
Loan Amount
$2,001* to $400,000
No application or origination fees
Autopay discounts of 0.25 to 1.00 percentage points
1% cash back reward at graduation
Extended grace periods of 9 to 36 months
Doesn’t offer parent loans or refinance loans
Higher interest rates than some competitors
International students can’t release their cosigner
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Learn more: Ascent Review: Private Student Loans With No Fees
Citizens Bank
Citizens Bank doesn’t offer graduation rewards like Ascent, but it does offer an autopay discount of 0.25% and a 0.25% loyalty discount for its bank customers. Citizens doesn’t charge application, origination, disbursement, or prepayment penalty fees. The lender permits cosigner release after you’ve made 36 consecutive on-time payments. Citizens offer repayment terms of five, 10, and 15 years.
Variable APR
6.98 - 15.04%
Loan Amount
$1,000 to $350,000 (depending on degree)
Multiyear approval for qualifying applicants
Lends to international students with an eligible cosigner
Customized loans for various programs and parents
Autopay and loyalty discounts
Parent loans don’t have deferred payment option
Limited loan terms to choose from
Relatively long cosigner release requirement
No option to prequalify with a soft credit check
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Keep reading: Citizens Bank Student Loans Review
College Ave
College Ave offers repayment terms on private student loans of five to 20 years. It offers a $150 cash back reward upon graduation (for its Career Loan with Success Rewards) and a 0.25% discount for borrowers who sign up for automatic payments. College Ave doesn’t charge application, origination, or loan disbursement fees. After more than half your scheduled repayment period has passed, you can apply for cosigner release.
Min. Credit Score
Does not disclose
Variable APR
5.59 - 16.85%
Loan Amount
$1,000 up to 100% of the school-certified cost of attendance
Term
5, 8, 10, 15 (20 for health professionals)
Autopay discount of 0.25 percentage points
No application or origination fees
Multiyear approval available
Graduate, MBA, law, dental, and medical school loans have grace periods between 9 and 36 months
Parent borrowers must make at least interest-only payments while student is in school
Must complete half your repayment term before you’re eligible for cosigner release
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Check out: College Ave Student Loans Review
Custom Choice
Custom Choice offers a 2% principal reduction if you graduate from college with at least a bachelor’s degree. A 0.25% discount is available for borrowers who set up automatic payments. The lender doesn’t charge application, origination, or late fees, and has no prepayment penalties. After you’ve made 36 consecutive on-time payments, you can request cosigner release . Repayment terms range from seven to 15 years.
Min. Credit Score
Does not disclose
Variable APR
5.39 - 15.57%
Loan Amount
$1,000 to $99,999 annually ($180,000 aggregate limit)
2% reduction of your principal balance upon graduation
0.25 percentage point discount on interest rate for autopay
No fees — not even late fees
Option to check your rates through online prequalification
No loan options for parents or international students
Only three loan term options of 7, 10, or 15 years
Minimum income and credit score requirements not disclosed
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Learn more: Custom Choice Student Loans: Reviewed
INvestEd
Repayment terms for student loans from INvestEd are five,10, or 15 years. INvestEd offers a 0.25% discount for borrowers who sign up for automatic payments. INvestEd doesn’t charge application or loan origination fees, and there’s no prepayment penalty. But the lender does charge $10 for returned payments. You can apply for cosigner release after 48 consecutive on-time payments.
Variable APR
7.75 - 11.79%
Loan Amount
$1,001 up to 100% of school certified cost of attendance
Low minimum borrowing limits
Autopay discount of 0.25 percentage points
Short cosigner release requirements
Transparent qualification requirements
Loans are available only to Indiana residents
No prequalification option to view your rates
No loan options for international students
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Check out: INvestED Review: Student Loan Refinancing and Private Student Loans
MEFA
The Massachusetts Educational Financing Authority offers student loans with repayment terms of 10 or 15 years. It doesn’t provide graduation rewards or automatic payment discounts. But its interest rates can be lower than other student loan lenders, and it doesn’t charge application or loan origination fees. Cosigner release is available after 48 months of consecutive, on-time payments.
Borrowers with Good Credit
Loan Amount
$1,500 up to school’s certified cost of attendance less aid
No fees whatsoever
Competitive interest rates
Can borrow up to the cost of attendance
Flexible repayment options
No rate discounts available
No variable interest rates
Only two repayment terms
Strict cosigner release requirements
Can’t prequalify with a soft credit check
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Learn more: MEFA Review: Student Loan Refinancing and Private Student Loans
Sallie Mae
Sallie Mae offers a 0.25% interest rate reduction when you set up automatic payments. The lender doesn’t charge application or loan origination fees, and you can choose repayment terms of 10 to 15 years. Cosigners can be released after 12 consecutive on-time principal and interest payments if the borrower meets minimum credit and income requirements.
Min. Credit Score
Does not disclose
Variable APR
6.37 - 16.70%
Loan Amount
$1,000 up to 100% of school-certified cost of attendance
Can borrow up to school-certified cost of attendance
No prepayment or origination fees
Loans available to noncitizens with an eligible cosigner
Cosigner release after 12 on-time payments
No parent loan options
No option to check your rates through prequalification
Loan terms not disclosed until after you apply
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Keep reading: Sallie Mae Undergraduate Student Loan Review: Are They Worth It?
How to pay for engineering school
Paying for higher education can be a bit overwhelming. Most degrees cost tens of thousands of dollars, especially if you plan to pursue a four-year degree or higher. While private loans are a helpful way to cover education expenses, you should always exhaust your free aid (like grants and scholarships) and federal loan options first.. Here are some steps for ensuring your college education is funded.
1. Fill out the FAFSA
The Free Application For Federal Student Aid (FAFSA) is a priority if you want to take advantage of federal loans, Pell Grants, and other benefits like federal student loan forgiveness. You’ll need to renew your FAFSA application each year. Schools use this form to help determine what type of federal aid you could receive.
2. Apply for scholarships and grants
Many grants and scholarships are available for students studying engineering or any other STEM program. You should contact your school’s financial aid office as a primary resource. They should have a list of grants, scholarships, and fellowships available for engineering students. You may also find scholarships through your employer, church group, community group, or local businesses. Scholarships and grants are money you don’t have to pay back, so these should always be your first priority if you want to save money on your engineering education.
3. Explore employer tuition assistance
Some employers offer to pay for some or all of their employees’ higher education expenses. If your employer offers this, you could save thousands of dollars on the cost of your schooling. Employers can reimburse you for education expenses or provide scholarships. Employers who provide this benefit often have specific requirements, like working with them for a set amount of time after graduation.
4. Take out federal student loans
If you need to take out loans to help fund your education, federal student loans provide unique benefits that aren’t available if you have private student loans. Some of the benefits of a federal student loan include flexible repayment plans, grace periods, forbearance options, income-driven repayment plans, student loan forgiveness programs, and deferment.
Congress sets the interest rate on federal student loans each year, and loans have a fixed rate for your entire loan term. Most federal loans don’t require a credit check, so you may still qualify for a loan even if your credit history is nonexistent.
5. Use private student loans to fill the gaps
Sometimes federal student loans, grants, and scholarships won’t cover all your educational expenses. If that’s the case, you can use private student loans to cover additional costs. Private student loans don’t offer the same benefits as federal student loans, but you may qualify for a lower interest rate with private lenders if you have an excellent credit score.
You should review rates and terms from multiple lenders to decide which one fits your needs best. Private student loans require a credit check, so you’ll need a healthy credit history or a cosigner if you want to qualify.
Student loan forgiveness for engineers
Student loan forgiveness reduces the amount you owe for your student loan.. Here are a few student loan forgiveness options for engineers:
- Public Service Loan Forgiveness Program (PSLF) — Any student with federal loans can qualify for PSLFif they work full-time for a qualifying employer. You’ll need to make 120 qualifying payments under an income-driven repayment plan and renew your application each year. If you plan to take advantage ofPSLF, make sure the company you work with qualifies, and you’ll need to update your information if you switch jobs.
- Higher Education Opportunity Act — Under the HEO Act, engineering students can earn up to $2,000 in student loan forgiveness for every five years they work in engineering or a related field. Engineers can have up to $10,000 forgiven through the American Council of Engineering Companies.
- Harold Alfond Foundation — The Harold Alfond Foundation helps STEM workers reduce up to $60,000 of their student loan debt. To qualify, borrowers must live in Maine for at least six years. The first payment is made after three years of employment in Maine, and the second installment is made after six years.
- Specialty Equipment Market Association — Engineering students interested in automotive fields could qualify for student loan forgiveness if they work with a SEMA-member business. To qualify, you should have at least $2,000 in outstanding student loans.
- State-based forgiveness programs — Many states offer student loan forgiveness for different industries. Check with your state department of education to see what programs might be available.
Learn more: The Complete List of Student Loan Forgiveness Programs
Student loan repayment for engineers
If you have federal student loans, you have many repayment options available, including:
- Standard Repayment Plan — With the Standard Repayment Plan, you’ll typically make monthly payments on your loan balance for 10 years. You may be able to extend the repayment period to 20 years in some cases.
- Graduated Repayment Plan — The Graduated Repayment Plan follows the same loan terms as the standard plan (10, 15, or 20 years), but your monthly payments start smaller and get larger the closer you come to the maturation date on your loan. The idea is that you’ll likely be able to afford higher monthly payments later, once you’re more established in your career.
- Income-driven repayment plans — The Department of Education offers four income-driven repayment (IDR) plans that base your monthly payments on a percentage of your discretionary income and family size. Some borrowers could even have a monthly payment of $0. Depending on which IDRplan you use, your monthly payments could be 10% to 15% of your discretionary income.
Learn more: Income Driven Repayment: Which Plan Should You Choose?
Is it worth going to engineering school?
Ultimately, only you can decide whether attending school for an engineering degree is worth the cost. However, here are some things to consider that might make your decision easier:
- Demand in the engineering industry is expected to grow over the next five years, particularly in the private sector, according to the U.S. Bureau of Labor Statistics.
- Engineering contributes to 3% of all U.S. jobs and is responsible for 2% of the U.S. GDP, according to the BLS.
- The median income for engineers was $91,010 as of 2016, according to the BLS.
- Engineering provides access to many different types of jobs.
Like all industries, engineering has pros and cons. But the median wage for people in engineering fields is more than twice the median wage for all workers, the BLS reports.
Meet the expert:
Angela Brown
Angela Brown is a student loan, personal finance, and real estate authority and a contributor to Credible. Her work has appeared in Fox Business, LendingTree, FinanceBuzz, and Yahoo Finance.
