As a career coach, I’m committed to helping families navigate the financial complexities of college education, particularly when considering changing majors. This blog aims to guide parents and students and help them make informed decisions that save money and align with career goals. In college, I changed my major multiple times, but thankfully, it didn’t cost me any credits (money) or delay my graduation date. I’m one of the lucky ones. My major changes happened as I explored new classes and began learning about all the options available for future career paths. I started out thinking that psychology was the right path, and then I thought about meteorology, but that would have required a change to Florida State since UGA did not offer that option. Next up for me was marketing and business, but I didn’t like math. That prompted me to change to broadcast news and advertising via the journalism school. Again, none of these changes impacted the cost of my education because I was still early in my collegiate journey. Still, changing majors can significantly impact a family’s finances.
Understanding the Financial Impact of Changing College Majors
Given its potential financial implications, most college students and their families do not decide to change majors lightly. Tuition fees vary widely, from $9,375 annually at public universities to $35,852 at private nonprofit institutions. If a student changes their major, it can add years to their college education, significantly increasing these costs.
The Cost of Indecision
Statistics from the National Center for Education Statistics show that about 30% of undergraduates change their major within their first three years. Changing majors multiple times or late in your college career can complicate your education path and financial planning. Each additional semester adds to tuition costs and delays earning a professional income, affecting long-term financial stability.
Strategic Approaches to Reduce Financial Risks
- Start at a Community College: A community college can be a financially prudent choice for students uncertain about their major. This option allows students to complete general education requirements at a lower cost, providing more time to explore their interests without the high price tag of university tuition. It doesn’t matter to most employers where you start school; it only matters where you finish and earn your degree. This approach can save families a lot of money if their child is willing to embrace the concept.
- Utilize Career Services Early: Engaging with career services from the onset can provide clarity and prevent costly changes later. Career coaches and counselors can offer valuable insights into which fields align with a student’s skills and interests, reducing the likelihood of a major change. I help people using the Job Families and Titles report, one of the many reports from the Birkman Method assessment. This report tells a high school student about good job families (industries) and titles to consider, and it is personalized based on their personality, interests, and work style. Many friends chose a career path for the wrong reasons, but once they were deep into it and realized the mistake, it was too late to go back to school. For example, I had one friend who chose a career in advertising because it was fun. Instead of opting to use his financial acumen and major in accounting, he later regretted it.
- Consider the Long-term Impact: Before switching majors, it’s essential to consider the long-term financial implications, including the cost of additional years in college and the delay in starting a professional career. Evaluating the return on investment of the new major can guide students toward financially viable decisions.
- Exploration Before Commitment: Encouraging students to intern, job shadow, or engage in similar exploratory activities can help solidify their choice of major. Real-world experience is invaluable and can prevent changes after substantial commitments. I landed my first job at an advertising agency due to an internship. However, I only participated in one internship during my senior year. Sometimes, I regret not jumping into an internship sooner. Now, it is becoming critical for students to test the waters with internships to build their resume before they settle into their first real job.
Minimizing Costs While Maximizing Opportunities
Changing a major doesn’t have to result in financial loss or extended education time. Students can switch by choosing a major that shares prerequisites with potential interests without needing many additional courses. Moreover, opting for majors with broad career applications, like communications, can provide flexibility and diverse job opportunities after graduation. My career advisor at the University of Georgia was able to help me avoid making costly mistakes. She steered me in the right direction and helped me stay “broad” until I could be sure about the direction I wanted to go.
Conclusion
The decision to change majors is significant, and students should approach it with thorough financial understanding and strategic planning. By considering costs, utilizing available resources, and making informed decisions, families can support their students in achieving their educational and career goals without unnecessary financial burdens.
This proactive approach ensures students graduate with degrees aligned with their career aspirations and enter the workforce without undue financial strain.
To understand the financial complexities of college education, particularly when considering changing majors, schedule a complimentary consultation with J. Todd McCarty from Career Upside to get started today. He’ll walk you through a career enhancement process, enabling you to build a plan toward career fulfillment.
FAQs
Does transferring colleges affect financial aid?
Yes, transferring colleges can impact financial aid because it may affect your enrollment status, the institution’s eligibility requirements, and how your current awards and institutional policies carry over. Always check with your college for appropriate guidance.
What are the downsides of transferring colleges?
Downsides include the potential loss of transferred credits, delayed graduation, increased tuition and costs, complications with major alignment, and the possibility of losing coursework invested in the prior major.
Will my financial aid change if I change my major?
Yes, changing your major can indirectly affect financial aid because if it extends your time in school or changes your enrollment or program eligibility, it may alter what aid you receive or for how long. Always check with your college for appropriate financial aid guidelines.
What happens when you change your college major?
When you change your major, you may need to take different prerequisite courses, possibly lose time or credits if the new path doesn’t align with the old one, and delay entry into your career, thereby increasing costs and altering your return on investment.
Will I lose credits if I transfer colleges?
You may lose some credits when transferring colleges, depending on how well your completed courses match the requirements of your new school. Each institution reviews transcripts differently, and not all classes transfer as direct equivalents. Planning and meeting with an academic advisor can help you earn the most possible credits.
Is it better to withdraw from a class or fail a class to maintain financial aid?
The answer is that it depends on the financial aid program in question. Some don’t penalize students for withdrawing based on the number of credit hours, and may have harsher penalties for failing if it puts you below the minimum GPA to receive aid.
How does financial aid work when transferring?
When you transfer colleges, you must update your FAFSA and add your new school so the financial office can reevaluate your aid. The new institution determines your eligibility based on its own cost of attendance, available funds, and transfer policies, which may change the amount you receive. Because aid doesn’t automatically follow you, it’s important to confirm how your package will adjust before you enroll.
