LendEDU, an independent online arena permitting consumers to compare student loans and student loan refinancing options from up to 12 diverse lenders, recently released a study that found that college students are miscalculating what their salary will be right after graduation versus what the reality is.
LendEDU’s survey is based on 7,177 responses to the question: “After graduation, what do you expect your annual salary to be?” This question was asked by College Pulse, an online survey and research platform which concentrates on the college demographic. Data on early career pay (median salary for college graduates with 0-5 years of work experience at close to 1,000 colleges and universities) was obtained from PayScale’s College Salary report.
The results will certainly be disappointing to most college graduates. The expected median salary for college grads with no experience is $60,000. The actual median salary for employees with 0-5 years of experience is $48,000. This means that people new to the job market will earn approximately 80% of what they expected, and could be even less. The $48,000 figure includes those with up to 5 years of full-time work experience.
Schools where students earn less than they expected
| School | Actual pay (0-5 yrs. experience) | Expected median salary (0 yrs. experience) | % Difference |
|---|---|---|---|
| Southern Illinois University, Carbondale | $49,100 | $70,000 | 70% |
| Washington State University | $54,600 | $70,000 | 78% |
| Center Michigan University | $47,000 | $58,500 | 80% |
| University of Louisville | $48,000 | $60,000 | 81% |
| East Carolina University | $47,000 | $58,000 | 81% |
| University of California, Riverside | $54,000 | $65,000 | 83% |
| University of Tennessee, Knoxville | $50,200 | $60,000 | 84% |
| Binghamton University | $58,900 | $70,000 | 84% |
| University of Illinois at Chicago | $55,000 | $65,000 | 85% |
| Temple University | $50,800 | $60,000 | 85% |
However, not all the news is bad.
Schools where students earn more than they expected
| School | Actual pay (0-5 yrs. experience) | Expected median salary (0 yrs. experience) | % Difference |
|---|---|---|---|
| University of Minnesota | $55,800 | $45,000 | 124% |
| Rice University | $69,200 | $60,000 | 115% |
| University of California, Berkeley | $68,300 | $60,000 | 114% |
| Washington University, St, Louis | $62,700 | $55,500 | 113% |
| Syracuse University | $56,200 | $50,000 | 112% |
| University of Pennsylvania | $70,100 | $62,500 | 112% |
| North Carolina State University | $55,800 | $50,000 | 112% |
| Brown University | $65,000 | $60,000 | 109% |
| University of North Carolina | $53,500 | $50,000 | 107% |
| University of Missouri | $50,800 | $50,000 | 102% |
Recent graduates may be well served by lowering their salary expectations to reduce disappointment and the possibility of turning down what could be their perfect position. By gaining several years of experience to put on their resume and learning how to negotiate, grads will be able to earn their expected salary, and maybe even more.
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Related Resources:
• Ivy League and Common Application Tips: How to Get Accepted, a free guide
• Sallie Mae: Student Loans with Options and Flexibility, a podcast episode
• How Americans Save for College