Given the questionable economy and the Trump administration’s modern policies, students are taking a more cautious approach to their higher education take tough action to ease student loans.
More and more Americans are pursuing double majors because they fear that one degree is not enough to enter the job market and because they fear that their student loans will be harder to pay off in the future.
“There is certainly more anxiety about taking on student loans than there is about choosing majors — many students feel pressure to choose a major that will pay off,” said Katie Wood, credit expert at Nerd Wallet.
A Hechinger report analyzing federal data found Some schools saw significant increases in double majors between 2014 and 2024. In the 2023-2024 school year, 12 percent of graduates were double majors, compared to 6 percent in 2014.
Drexel University saw the largest raise in double majors with a 591 percent raise, followed by Harvard University at 334 percent and Belmont University at 317 percent.
“It reflects a strategic mindset – students combine passion with practicality. We see combinations like psychology and data analysis or English and marketing. However, a double major can also mean higher tuition or additional semesters, so it’s important to weigh the return on investment,” said Ken Ruggiero, CEO of Ascent, a college and credit planning company.
Today’s college students still vividly remember the pandemic and the associated economic downturn. And now, youthful college graduates are struggling to find jobs as employers remain wary amid uncertainty over President Trump’s tariffs and other economic policies.
The Federal Reserve Bank of St. Louis said over the summer that the unemployment rate for graduates with bachelor’s degrees had reached its highest level since 2014.
“The economy has made students more determined than ever before. Inflation, rising interest rates and talk of federal program rollbacks are causing students to think critically about the ROI of their degrees. We are seeing more students choosing majors tied to in-demand industries (healthcare, business, data science) where the path to a stable, well-paying career is clear,” Ruggiero said.
And graduates are grappling with the modern threat of AI and its potential impact on some of the fields in which they just graduated.
The advantage of a double major, if done correctly, could give a student more bang for their buck and protect them from the vulnerability of having expertise in just one area.
“If you can actually complete your double major in four years, it won’t cost you double the tuition,” says Rodney Williams, co-founder of SoLo Funds, a personal finance app. “If school is expensive, they try to get as much as they can.”
“Furthermore, I think that in this particular environment it is important that students try to be as competitive as possible, and in order to be competitive in this particular market they sometimes have to have multiple degrees. It is an unfortunate reality that I do not believe that the current decisions in education will slow development. If anything, it will probably accelerate it.”
And economic factors are affecting not only what students study but how they pay for it as Republicans limit student loan forgiveness efforts.
Trump eliminated the Saving on Valuable Education (SAVE) plan created under the Biden administration, which was described as one of the most generous repayment options in history. In addition to termination, there are also income-dependent repayment options dwindles There are two options through 2028, and caps will be put in place on how much certain people can borrow from the federal government.
The Graduate PLUS program, which helped students cover the full cost of graduate or professional school, will be eliminated, and a lifetime loan cap of $100,000 will be set for graduate students. For law and medical students, the lifetime cap is $200,000.
Parent PLUS loans are no longer eligible for repayment programs and are capped at $65,000.
The Trump administration is also looking to ban some groups from the Public Service Loan Forgiveness (PSLF) plan for “unlawful activities,” with opponents saying this will happen used against those who advocate for transgender health care or immigrant rights.
The lawsuits were challenged in court.
“Borrowers are understandably concerned. They’ve just begun to understand existing repayment plans like SAVE, and now there’s talk of fewer forgiveness options and even the dissolution of the Department of Education. The biggest concern we’re hearing is uncertainty – students want stability and transparency so they can plan ahead. At Ascent, we’re seeing a trend toward action. More students are now exploring both government and private loan options to lock in today’s interest rates and benefits ahead of possible policy changes. They want to be informed, proactive decisions rather than waiting for the next rules to change,” Ruggiero said.
Experts encourage students to explore all options and calculate what their monthly payment would look like after college for each plan.
A 2024 Nerd Wallet survey found that one in five students borrow more money than they need for school – and every dollar counts when it comes to repayment.
FAFSA and scholarships are two other college financial aid plans recommended for those who want to pay back as little money as possible after school.
“Sometimes people want to think of college as an investment that you get a dollar in and a dollar out of, and that just doesn’t work. Even if you dig into the Department of Labor data and crunch the numbers, you have to compare tuition to potential lifetime earnings, not just what you might expect to make within a year or two of graduation. There are also many majors that don’t necessarily directly correspond to specific careers or fields, but that still provide marketable skills,” Wood said.
