Dr. Boyce: The 5 Lowest Paying Majors in College

According to the "College Majors Handbook," the 5 lowest paying college majors are Social Work, Special Education, Elementary Education, Home Economics and Music/Dance. As a college professor for the past 16 years, I was only surprised that other "interesting" majors were not on the list, such as Philosophy or Anthropology. In a recent NPR interview, I spoke on the value of going to college and whether or not it's worth the expense. The answer to this question is very simple: It depends.

Here are some things to remember when choosing a major for yourself or your children in college:

1) Know what you are getting. Don't major in a low paying major expecting to make the same money as business school students. It's simply not going to happen. Pick a major with the salary expectations that make you comfortable. Money doesn't have to be important to you, just make sure you're honest with yourself about how important money actually is.

2) Make sure that your major can help you repay your student loans. Most young people who went to college are going to die in debt. Don't let yourself become one of those people.

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Scholarship Scams

No. 10: Your Secret Weapon Against Scams

We hope revealing these scams will help you and your family avoid them. But if you are ever in doubt, here's a super simple way to protect yourself: Show the scholarship offer in question to your child's high school guidance counselor or a financial aid officer at a nearby college. These folks are pros at helping people like you find legitimate scholarships and can usually spot a scam a mile away. And if you get an offer they aren't sure about, you can bet they know exactly how to put it through the wringer to make sure it's legit.

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Scholarship Scams

As the cost of college skyrockets, so do the number of scams trying to take advantage of you! With the average cost of a private four-year college topping more than $32,000, more families than ever are on the hunt for scholarships that can help relieve some of that financial burden. Con artists and unscrupulous businesses snare several hundred of thousands of unsuspecting students and their families with fraudulent offers every year, to the tune of more than $100 million! Here's how to avoid letting it happen to you!

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No. 1: Beware Scholarship "Prizes"

If you ever receive a notice by mail or phone announcing you've "won" a scholarship award or prize, high tail it outta there! With this type of scam, you'll be told you've won or are a finalist for a scholarship worth thousands of dollars ... but wait, there's a catch! Before you can claim your money, you need to pay a redemption fee first. Don't buy it for a minute. Legitimate scholarships aren't awarded by entering contests or drawing entries out of a hat!

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No. 2: You Know It's a Scam if ...

Let's start off with a few simple tip-offs that a scholarship offer is a scam:

· The company claims they will apply for scholarships on your behalf. Every legitimate scholarship will require you to apply yourself.

· The offer claims that anyone is eligible. All legitimate scholarships have certain criteria you must meet in order to qualify for consideration. The criteria might be broad, but some set of restrictions always applies.

· Someone notifies you by phone regarding a scholarship you have been awarded or are eligible for. Almost all legitimate scholarships will notify you by mail.

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No. 3: Never Pay an Upfront Fee to Apply

Never, EVER pay an upfront fee to apply for a scholarship. If you do, chances are good you'll end up saying "so long" to your money! This type of scam can look very much like a real scholarship program on the surface. In fact, they may even grant a small $500 or $1,000 "scholarship" or two to add to their credibility. But trust us, any scholarship that asks you to pay a fee to apply is not legit. These scams can afford to pay out a few times and still turn a tidy profit since they're pocketing thousands of dollars thanks to those upfront fees they're charging.

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No. 4: You Don't Need a Matchmaker

Steer clear of fee-based scholarship matching, search or consulting services. At best, they're a waste of your hard-earned money. At worst, they are a total rip-off. These services charge you a fee to search for scholarships you might qualify for. But you can access the very same information online for FREE! A quick search of any of the free scholarship databases available online will usually give you 15-20 scholarships that match your criteria.

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No. 5: No Guarantees in Life

The more unscrupulous scholarship matching "services" will make you all kinds of promises that they can't deliver on. The most common is guaranteeing to find you a scholarship -- which is complete nonsense. Thousands of students and their parents are lured into scams claiming "guaranteed" money for college so let's be clear... No one can promise in advance that you will qualify for or be awarded a scholarship. Most often, their so-called guarantee usually refers to them finding you a match, not whether or not you actually get a scholarship.

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No. 6: Beware Loans Disguised as Scholarships

Loans have to be repaid, scholarships don't. These scams ask you to apply for a scholarship (paying a small application fee upfront, or course). One of two things will happen here: Either you'll end up paying the application fee and the company will do a disappearing act. OR you'll discover that your supposed application scholarship actually qualified you for a loan which must be repaid. Keep in mind that a legitimate educational loan will never require an upfront fee. Any fees will simply be deducted from your disbursement check.

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No. 7: "Free" Scholarship Seminars

When you are in the hunt for college funds, you may get an invitation to a free seminar with a title something along the line of "How to Get a Scholarship for Your College-Bound Child." Truth is, most of these seminars are just a way to get you into a room where you will get a high-pressure pitch to buy something, whether it's a fee-based consulting service, college savings or investing tool, or an overpriced student loan. Skip the hassle and tap into the tremendous source of free information available online and at your local library or bookstore.

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No. 8: Psst ... I Know People

If you receive an offer that promises to give you access to "exclusive", "private" or "unique" scholarship information, head for the shredder immediately! Along those same lines, don't believe any pitch that claims they have influence with scholarship sponsors. Another common lie we can blow out of the water -- "our scholarship database is the biggest." Sure it is ... and my dad can beat up your dad.

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No. 9: Warning! Danger Ahead

If you're ever asked in a scholarship application (or by phone) to disclose confidential information such as your social security, credit card or bank account numbers, tear up that application or hang up the phone without hesitation. This is the oldest identity theft scam in the book. Once someone gets that personal info from you, they're that much closer to becoming you ... and can apply for new credit cards in your name, can withdraw money from your bank account, and more. No legitimate scholarship will ask for such information on an application.

3) Don't believe the hype that "not everyone is college material." If George Bush can go to Harvard and Yale, then every black child in America can be college material. Terms like "college material" were created to keep the "haves" in power and to keep the "have-nots" washing their windows. If you want to go to college, just go to the financial aid office, take remedial classes, study 4 hours a day (which is the same as a part-time job), and you'll be just fine.

4) You don't necessarily need the expensive private schools. Why anyone thought you have to spend $35,000 per year to go to college is beyond me. Not to say that education can't be worth it, but many state schools do just fine educating students. College is what you make it, so studying hard is always going to lead to promising educational outcomes.

5) Guide your child or let them pay. Don't just send your child to college and let them major in any old thing that excites them. Remind them of the consequences of their choices and encourage them to balance their personal desires with their pragmatic financial needs. This doesn't mean you have to be a dream killer, but 18-year olds are not always the best decision-makers in the world. If they choose to deviate from your expectations, then let them pay the bill.

Choosing a major is a critical decision which impacts the rest of your life. Don't walk into a dark tunnel without knowing what lies on the other side. Research your major, check the starting salaries and make sure you are fully prepared to sleep in the bed you choose to make. As my uncle used to say," The VCR of life moves forward, and it's kind of difficult to go back." Be intelligent with your decisions.

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Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Everything You Ever Wanted to Know about College." To have Dr. Boyce commentary delivered to your email, please click here.