College Grads Overestimate Their First Salary

In a new study by LendEDU, it found that new college graduates overestimate the salary of their first full-time job by about $1,000 a month. This has obvious implications for student loans, living arrangements, and more.

Salary for new college graduates. Click for larger image.

“When looking at the data as a whole, LendEDU found that college students will actually make about 81 percent of what they anticipate, on average.

Specifically, the median expected salary after graduating was $60,000, but the PayScale data showed that the typical graduate with zero to five years experience makes $48,400.

College students should expect to receive a comfortable salary after graduation; ambition is a good thing. However, it is important to keep the expectations in check to allow for realistic budgeting and financial planning.”

The full report includes school-by-school data for 62 larger colleges and universities.