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If you're a liberal arts major, or have been thinking about becoming one, you have probably heard from more than one person that there will be very few job prospects waiting for you when you graduate. In fact, some don't even consider liberal arts to be a form of higher learning.

However, others rally behind the liberal arts major and its benefits. So to explore this idea further, let's look at whether obtaining a B.A. in liberal arts is truly worth the money.

What is a B.A. in Liberal Arts?

A Bachelor of Arts (B.A.) in liberal arts can seem a bit abstract; however, the concept is actually quite simple. According to the College Board Book of Majors, 2nd edition, "The liberal arts and sciences major provides you with a well-rounded education in the sciences, humanities, mathematics, and languages."

The major focuses primarily on critical thinking, writing and basic communication, which helps students become well rounded when functioning in their chosen careers.

Job Prospects for Liberal Arts Majors

Because liberal arts can be such a generalized major, the question of whether it actually pays off is constantly up for debate.

One concern many parents have with this degree is the job prospects that may or may not be available for their children upon graduation. However, according to ELearners.com, the number of opportunities available is extensive. Here is a short list of employers that hire liberal arts majors:

• Advertising agencies and PR firms
• Banks, financial institutions and investment firms
• Broadcast media companies
• Law firms
• Newspapers, magazines, and other media companies
• Non-profit organizations
• Political campaigns
• Publishing companies

Salary Comparisons and Debt-to-Income Ratios

Of course, another major concern for parents of liberal arts majors is whether the amount paid for school will match the income they are likely to receive. Below is a chart that illustrates the starting salaries of the highest paid majors in comparison to liberal arts majors.

From the above chart, you can see that the student with the liberal arts degree has a starting pay beginning at nearly $10,000 less than higher-paying majors. But this doesn't mean that the liberal arts degree isn't worth the money.

A way to make this determination is by looking at the debt-to-income ratio, which is calculated by looking at the average income earned by liberal arts majors, in comparison to the debt they're likely to incur in the process of earning the degree.

According to a College Board estimate, 60 percent of 2007 graduates have debt, which rounds out to about $23,800. Using the debt-to-income ratio calculator available on CollegeToolkit.com, if you're paying the above debt down at a 6 percent interest rate over 10 years, the debt-to-income ratio for the liberal arts major is roughly 8.7 percent, as compared to 5.3 percent for engineering.

According to CollegeToolkit.com, as long as your debt-to-income ratio is lower than 15 percent, you should be okay financially, which means without calculating other costs associated with average living expenses (rent, car, insurance, groceries, etc.) the liberal arts major may just be worth the money.

Potential for Growth / Higher Learning Opportunities

One great aspect of the liberal arts degree that is often overlooked is the potential for growth it offers. Most of the bachelor's degree programs in the liberal arts are also offered at the master's degree level - and some even at the doctorate level.

What's even more interesting is that, according to the University of Portland, data collected by AT&T showed that employees who had advanced to senior management positions in 20 years, 43 percent of them had liberal arts degrees, while 34 percent had been to business school. In other words, the room for growth and advancement is enormous if taken advantage of.

What makes liberal arts major so abstract is what can also create such exciting opportunities to its degree recipients. With this major, there isn't necessarily a linear line from graduation to a career. A student may start as an English major and end up a lawyer. Or a sociology major could easily become a political writer.

The opportunities are endless for those who choose to pursue a B.A. in liberal arts. So if you feel guided in this direction, it's worth exploring all of the opportunities that a B.A. in liberal arts could offer.

New reports show that students are relying on federal student loans to finance their college tuition as private student loans become more difficult to obtain. The reports, issued by the College Board, show that private loans fell a whopping 52 percent in the 2008-2009 school year as a result of the financial crisis along with tightened credit standards.

Private student loans are traditionally more difficult to obtain than federal loans because of their higher interest rates and stricter guidelines for approval. It is for this reason that they are typically a last resort for students who don't qualify for the financial-need driven federal loans. With that being said, students still took out an estimated $22.8 billion private loans in the 2007-2008 school year; however, by the next school year, that number dropped to $11 billion.

To offset the drop in private student loan availability, the federal government attempted to boost student lending in government programs. As a result, federal loans jumped 15 percent in volume, making the total number of federal student loans in the 2008-2009 school year $84 billion. It also helped that as parents lost their jobs, they were able to qualify for a broader spectrum of student loan options for their children.

But even with President Obama pumping funds into non-repayable federal financial aid like the Pell Grant, it seems students still don't have enough to work with due to tuition increases. According to the College Board reports, the average tuition at four-year public colleges and universities in the United States rose 6.5 percent in the 2009-2010 school year to $7,020, while tuition for private institutions rose 4.4 percent to $26,273.

So now students, just like unemployed workers, are left scratching their heads as they try to work their way through a system that, while deemed a necessity, seems to lack the resources necessary to successfully participate.

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