Amid economic uncertainty and new policies from the Trump administration targeting student loan relief, students are adopting a more cautious approach to higher education.
There’s a noticeable trend of Americans pursuing double majors, as many worry that a single degree won’t suffice in the job market, especially with potential challenges in repaying student loans down the line.
“There’s definitely an increase in anxiety about not just picking a major, but also about taking on student loans,” shared Katie Wood, a loan expert at Nerd Wallet. “A lot of students feel compelled to choose a ‘lucrative major.’”
According to the Hechinger Report, analyzing federal data suggests a significant rise in double major enrollments between 2014 and 2024. In the latest academic year, 12 percent of graduates had double majors, doubling from 6 percent in 2014.
Drexel University reported the highest surge in double majors, a staggering increase of 591%, followed by Harvard University with 334% and Belmont University at 317%.
Ken Ruggiero, CEO of a college and loan planning firm, noted that this trend reflects strategic planning. “Students are merging passion with practicality. We’re seeing combinations like psychology with data analysis, and English with marketing. However, students must consider the financial implications—double majors can lead to higher tuition or extending their study time,” he said.
Today’s college students carry vivid memories of the pandemic and the economic downturn that followed. Many new graduates face difficulties finding work as employers remain cautious due to uncertainties related to Trump’s tariffs and other economic policies.
This summer, the St. Louis Fed revealed that the unemployment rate for individuals with bachelor’s degrees was at its highest since 2014.
Ruggiero added, “The economy is prompting students to be more deliberate. Inflation, rising interest rates, and federal program cuts are making students critically evaluate the return on investment for their degrees. More are gravitating towards fields with job security, like healthcare, business, and data science.”
Moreover, graduates are now considering the potential impact of artificial intelligence on their career fields.
When done right, double majoring can enhance students’ job prospects and protect against the risks associated with specializing in a single area.
Rodney Williams, co-founder of a personal finance app, pointed out, “If you manage to finish a double major in four years, you won’t face double tuition costs. With rising tuition, it’s about maximizing your investment.”
He added, “In this environment, being competitive is more critical than ever. A single degree may not cut it. Unfortunately, the current climate suggests education trends will keep evolving, likely even accelerating.”
With Republicans tightening student loan forgiveness options, economic factors are steering student choices about both their majors and how they finance their education.
The Trump administration has done away with the Savings for Worthy Education (SAVE) program, regarded as one of the most favorable repayment options established under the previous administration. The termination of this program means that by 2028, income-based repayment choices will be limited to two options, and there will be a cap on federal borrowing.
The Graduate PLUS program, which assisted students in covering the total costs of graduate and professional schooling, is also set to be eliminated, with a lifetime borrowing limit for graduate students established at $100,000 and $200,000 for law and medical students.
Parent PLUS loans won’t qualify for this repayment program and are capped at $65,000.
Additionally, the administration is contemplating excluding certain organizations from the Public Service Loan Forgiveness (PSLF) program for what they deem “illegal conduct,” a move critics argue could unfairly affect those advocating for transgender healthcare and immigrant rights.
This action is currently facing legal challenges.
“Borrowers have every reason to be concerned. Many are just grasping current repayment plans like SAVE, and now there’s talk about dismantling options for forgiveness and possibly the Department of Education itself. The prevailing sentiment we hear is one of uncertainty. Students want predictability to plan for their futures. We’re seeing more students explore both federal and private loan options to lock in current interest rates and benefits. They want the information to make proactive choices rather than react to policy changes,” explained Ruggiero.
Experts advise students to research all available options and estimate their post-college monthly payments for each loan plan.
A 2024 Nerd Wallet study found that one in five students borrow more than necessary for their education, emphasizing that every dollar can make a difference when it comes to repayment.
FAFSA and scholarships are recommended strategies for students looking to reduce their debt after graduation.
“Many people tend to view college as a straightforward investment, but it’s much more complex than that. Even for those who analyze Department of Labor data, it’s not just about immediate earnings after graduation. You need to weigh tuition costs against potential lifetime earnings. Some majors may not directly translate to specific careers but still equip students with valuable skills,” said Wood.
