Half of college students going for the paycheck, says study

About half of today’s college students are willing to sacrifice career satisfaction for a bigger paycheck, according to a survey taken by Experience, Inc., a Boston-based career services company.

The Student Loan Survey, completed earlier this month, questioned 336 current college students and recent graduates, and found that members of Gen Y are factoring student loans into their career decisions.

Nearly a third of the students said that student loans impacted their decision to choose a particular career, and two-thirds of current students said they are more likely to accept a job that offers loan assistance or repayment.

“College graduates are taking preemptive measures to deal with the financial ramifications of student loan debt,” Jenny Floren, founder and CEO of Experience, said in a statement.

About 40 percent took a job that provided higher pay, but less satisfaction, in order to pay off their loans. About 47 percent said that their loans impacted their career choice, and 88 percent said they had to make sacrifices in their budget because of loan payments. And 23 percent said they gave up continuing education or graduate school.

The survey also found that students squeezed by higher education costs, rising debt, and the current credit crunch, are seeking alternative ways to pay for tuition. About 31 percent have applied for scholarships and grants, 28 percent are already saving to pay off their loans, and 13 percent are graduating early.
(By Jonnelle Marte, Globe Correspondent)