10 Best ‘Financial Value’ Colleges of 2023
With student loan debt coming due for hundreds of thousands of Americans, younger generations getting set to enter college are smart to think about the costs involved.
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But choosing wisely doesn’t mean settling for less than a top-tier school, according to a new study from the “college ROI experts” at Degreechoices. The website’s researchers analyzed 400 colleges and universities to find the schools that deliver the best value for the money, based on the cost of a degree compared to average graduate earnings a decade after enrollment.
“It is understandable that students are carefully considering how valuable a university degree currently is, given the substantial financial investment and uncertainty around its positive impact on their future earnings,” David Levy, author at Degreechoices, commented in a news release.
CUNY City College: Best Value
CUNY City College in New York City earned top honors as the best value, with a degree from the school taking just six months to pay back. The total cost for an in-state student, the study revealed, is a stress-inducing $30,721. However, for those who qualify for federal aid, that number dives to just $2,805, on average.
Graduates of CUNY earn an average of $55,741 ten years after enrollment, which means that degree pays for itself in just six months.
See the top 10 list of best colleges, including the average cost with financial aid, and how long it could take to pay off your degree, below:
College | Average Cost with Financial Aid | Average Graduate Pay | Time To Pay Off Degree |
CUNY City College | $2,805 | $55,741 | under 6 mos. |
MIT | $16,407 | $111,222 | under a year |
University of Florida | $5,135 | $95,689 | NA |
Princeton University | NA | $95,689 | 1 year |
Stanford University | $12,894 | $97,798 | NA |
Harvard University | $13,872 | $84,918 | 1 year |
California Institute of Techology | NA | $112,166 | NA |
Florida International University | $5,298 | $54,501 | NA |
University of Pennsylvania | $25,046 | $103,246 | NA |
Yale University | $15,296 | $88,655 | 1 year |
Massachusetts Institute of Technology came in second place on the survey. In spite of advertised costs of $72,462 per year, MIT students who qualify for financial aid pay just $16,407 per year. Ten years after enrollment, MIT grads can expect to make an average of $111,222, which means their degree can pay for itself in less than a year.
MIT, while it’s not an Ivy League school, ranks higher than Harvard University out of American colleges in the QS World University Rankings, according to PHDPortal.com. Similarly, Stanford, which ranks behind MIT in the QS World University Rankings, also made the list.
Several Ivy League schools, including Princeton, Harvard, University of Pennsylvania and Yale, also made the list, indicating that a “best value” college does not necessarily mean a cheap school. It’s important to evaluate financial aid available, average graduate salaries, and the length of time it takes to earn a degree.
“As higher education institutes adjust their tuition fees with each passing year, it will be interesting to see whether they can continue to justify these higher prices by guaranteeing a return on investment for their students over the course of their careers,” Levy said.
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This article originally appeared on GOBankingRates.com: 10 Best ‘Financial Value’ Colleges of 2023
