Unless you’ve secured significant scholarship or grant money, you can expect to shell out tens of thousands of dollars — or more — for a four-year degree.
All college grads hope investing in a college education will help them land a satisfying, high-paying career.
PayScale, a website that collects information about salaries and job benefits, recently released its annual College Return on Investment Report. It essentially outlines which colleges give grads the most bang for their buck.
PayScale calculated return on investment by finding the difference between the median pay of bachelor’s degree graduates after 20 years and the median pay of high school graduates after 24 years and subtracting the four-year cost to attend the school.
Military colleges (that often come at no cost for enlisted soldiers) and tech schools (where grads go on to enjoy lucrative careers) dominate the top of PayScale’s College ROI list.
But the report can also be customized by state, school type, college major and career field for potential students to see how their preferred schools measure up. The report will even tell you which party schools provide grads with the most promising futures.
Since we’re Penny Hoarders, we decided to take a look at the return on investment from the 10 least expensive schools on PayScale’s list.
Disclaimer: The following list omits military colleges and other specialized schools and colleges outside the continental United States.
Return on Investment at 10 Low-Cost Colleges
Brigham Young University-Idaho
Location: Rexburg, Idaho
Type of school: Private
Cost to attend for four years: $48,200
ROI after 20 years: $468,000
Elizabeth City State University
Location: Elizabeth City, North Carolina
Type of school: Public
Cost to attend for four years (for in-state students): $53,900
ROI after 20 years: $26,000
East Central University
Location: Ada, Oklahoma
Type of school: Public
Cost to attend for four years (for in-state students): $57,900
ROI after 20 years: $183,000
Fayetteville State University
Location: Fayetteville, North Carolina
Type of school: Public
Cost to attend for four years (for in-state students): $59,800
ROI after 20 years: $29,500
Northwestern Oklahoma State University
Location: Alva, Oklahoma
Type of school: Public
Cost to attend for four years (for in-state students): $60,700
ROI after 20 years: $121,000
Cameron University
Location: Lawton, Oklahoma
Type of school: Public
Cost to attend for four years (for in-state students): $61,700
ROI after 20 years: $161,000
Northeastern State University
Location: Natchitoches, Louisiana
Type of school: Public
Cost to attend for four years (for in-state students): $62,200
ROI after 20 years: $162,000
Middle Georgia State University
Location: Macon, Georgia
Type of school: Public
Cost to attend for four years (for in-state students): $62,500
ROI after 20 years: $245,000
Rust College
Location: Holly Springs, Mississippi
Type of school: Private
Cost to attend for four years: $63,400
ROI after 20 years: -$97,100
(According to PayScale, attending this college does not provide a positive return on investment.)
Missouri Southern State University
Location: Joplin, Missouri
Type of school: Public
Cost to attend for four years (for in-state students): $63,600
ROI after 20 years: $161,000
Nicole Dow is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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