Data Source
Our analysis uses the U.S. Department of Education College Scorecard, specifically the "Field of Study" dataset. This comprehensive data source tracks student outcomes across thousands of institutions nationwide.
College Scorecard Field of Study Data
- Publisher: U.S. Department of Education
- Dataset: Most Recent Data by Field of Study
- Release: Field of Study file released October 15, 2026
- Debt cohort: graduates of the pooled 2022-23 and 2023-24 award years (NSLDS)
- Earnings cohort: 2020-21 and 2021-22 graduates, measured in calendar 2022 and 2023, in 2024 dollars (Treasury)
- Source URL: collegescorecard.ed.gov/data
The College Scorecard is updated annually by the Department of Education and provides the most comprehensive publicly available data on student debt and earnings by field of study.
Key Variables
We use the following data fields from the College Scorecard:
| Variable | Field Name | Description |
|---|---|---|
| Major Name | CIPDESC | Classification of Instructional Programs description |
| CIP Code | CIPCODE | 4-digit CIP code used for category mapping |
| Credential Level | CREDDESC | Filtered to "Bachelor's Degree" only |
| Median Debt | DEBT_ALL_STGP_EVAL_MDN | Median federal Stafford and Grad PLUS loan debt disbursed at the institution, for graduates (pooled 2022-23 and 2023-24 award years) |
| Median Earnings | EARN_MDN_1YR | Median earnings 1 year after completion (2020-21 and 2021-22 graduates, 2024 dollars) |
Calculation Methodology
Step 1: Data Filtering
We filter the raw data to include only:
- Bachelor's degree programs (excluding Associate's, Master's, etc.)
- Programs with valid (non-suppressed) debt data
- Programs with valid (non-suppressed) earnings data
The College Scorecard suppresses data (marks as "PrivacySuppressed") when sample sizes are too small to protect student privacy. We exclude these records.
Step 2: Aggregation by Major
The raw data contains separate records for each institution-major combination. We aggregate by major name across all institutions:
- Collect all debt values for each major
- Collect all earnings values for each major
- Calculate the median of each set
We use the median (not mean) to reduce the impact of outliers from individual institutions with unusually high or low values.
Step 3: Minimum Sample Size
To ensure statistical reliability, we only include majors with at least 10 data points (institution-major combinations with valid data). This results in 172 majors in our final dataset.
Step 4: Debt Burden Ratio Calculation
Debt Burden Ratio = Median Debt / Median First-Year Earnings
For example, if a major has median debt of $25,000 and median first-year earnings of $50,000, the debt burden ratio is 0.5 (or 50% of first-year earnings).
Step 5: Category Assignment
Each major is assigned to a category based on its 2-digit CIP code prefix:
- STEM: Computer Science (11), Engineering (14, 15), Biology (26), Math (27), Physics (40)
- Business: Business, Management, Marketing (52)
- Health: Health Professions (51)
- Arts & Humanities: English (23), Liberal Arts (24), Philosophy (38), Visual/Performing Arts (50)
- Social Sciences: Psychology (42), Public Admin (44), Social Sciences (45), History (54)
- Education: Education (13)
- Communications: Communication & Journalism (09, 10)
- Other: All remaining CIP codes
Limitations and Caveats
While this analysis provides valuable insights, there are important limitations to consider:
Data Timing Context
This analysis uses the College Scorecard Field of Study file released on October 15, 2026. The debt figures are for graduates of the pooled 2022-23 and 2023-24 award years (NSLDS). The earnings figures are for 2020-21 and 2021-22 graduates, measured one year after graduation in calendar 2022 and 2023 and expressed in 2024 dollars (Treasury).
The ratio therefore compares the debt of recent graduates with the earnings of graduates two years earlier.
Earnings one year after graduation reflect early-career outcomes rather than long-term earnings. We update this analysis when the Department of Education releases a newer file.
Data Limitations
- Federal loans only: The debt figures include only federal student loans, not private loans or other borrowing.
- Completers only: Data is for students who completed their degree, not those who dropped out (who may have debt without the earnings benefit).
- 1-year earnings: First-year earnings may not reflect long-term
career trajectories. This particularly affects "gateway" majors where many graduates
pursue advanced degrees:
- Biology, Chemistry, Human Biology: Many proceed to medical school - first-year earnings reflect pre-med jobs, not physician salaries ($200K+)
- Communication Disorders: Most pursue Master's degrees before practicing as speech-language pathologists ($70K+)
- Health/Medical Preparatory: By design, a stepping stone to professional programs
- Psychology, Sociology: Many pursue graduate degrees for clinical or research careers
Majors with high debt burden ratios may still offer strong lifetime ROI for those who continue to graduate or professional school.
- Self-selection: Students who pursue certain majors may differ in ways that affect both debt and earnings beyond the major itself.
- Sample size variation: Some majors have as few as 10 data points while others have hundreds. Majors with smaller samples may have wider variation from true population values.
Interpretation Caveats
- Individual variation: These are medians across thousands of graduates. Individual outcomes vary significantly based on institution, location, specific career path, and personal circumstances.
- Career satisfaction: Financial ROI is one factor among many. Job satisfaction, work-life balance, and personal fulfillment are not captured in these numbers.
- Changing market: Past earnings don't guarantee future results. Labor markets and technology can shift demand for different skills.
Data Updates
The College Scorecard is updated annually by the Department of Education, typically in the fall. We update our analysis when new data becomes available.
Current data version: College Scorecard Field of Study file released October 15, 2026; debt cohort 2022-23 to 2023-24, earnings of 2020-21 and 2021-22 graduates
Reproducibility
Our analysis is fully reproducible. We provide a Python script that:
- Downloads the College Scorecard Field of Study CSV
- Filters and aggregates data as described above
- Generates the TypeScript data file used on this site