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February 06, 2018 at 12:26 PM
Which colleges have the best return on investment, worth the cost that can top $200,000 over four years without financial aid? The Princeton Review tackles that question in its latest edition — its fourth — of “Colleges that Pay You Back: The 200 Schools That Give You the Best Bang for Your Tuition Buck” and highlights the real costs of college.
(Related: 13 Public Colleges With the Best ROI: Princeton Review)
The guide rates the ROIs of schools based on more than 40 factors, including the cost of attendance, availability of financial aid — both need- and merit-based — academic standing and median starting and mid-career salaries for graduates. Surveys of students, alumni and the institutions themselves are used to gather the data. PayScale.com provides the starting and mid-career salaries of graduates based on data they collect from alumni.
Students are asked to rate their school’s career services, opportunities for internships and experiential learning and the strength of the alumni network. Alumni are asked about whether their work makes the world a better place.
The 200 colleges in this reoport “offer stellar academics, generous aid awards to students with need and/or merit and provide all of their undergrads with career services from day one plus a lifetime of alumni connections,” said Robert Franek, the report’s lead author and editor-in-chief of The Princeton Review.
We highlight the schools that placed in the top 20 for ROI ratings from The Princeton Review and include some pertinent data that can help high school seniors and their families when considering college application choices.
Seventeen are nonprofit private colleges; three are public institutions. Many have need-blind admission policies, meaning that do not consider the need for financial aid when choosing which students to accept, and several don’t expect any contributions from families with annual incomes under about $60,000 or $65,000. Others limit contributions when family income is about double that amount. Some offer only need-based aid; others offer both need-based and merit-based aid. The $200,000-plus sticker price for many of these top undergraduate program is not necessarily what students and their families pay.
20. Duke University
Durham, North Carolina
ROI Rating: 94
Cost of tuition, room and board, fees: $68,208
Average undergrad need-based financial aid: $44,725
35% of undergrads borrow to pay for school
Average cumulative debt: $19,104
86% graduate in 4 years; 95% graduate in 6 years
Starting median salary: $65,300
Mid-career median salary: $134,400
Families with incomes under $60,000 are not required to make a parental contribution and the school offers capped loans for eligible families with incomes above $100,000.
19. Brown University
Providence, Rhode Island
ROI Rating: 94
Cost of tuition, room and board, fees: $67,439
Average undergrad need-based financial aid: $44,105
37% of undergrads borrow to pay for school
Average cumulative debt: $23,810
84% graduate in 4 years; 96% graduate in 6 years
Starting median salary: $63,000
Mid-career median salary: $132,000
About 94% of needy students receive need-based scholarships or grants.
18. Wabash College
Crawfordsville, Indiana
ROI Rating: 94
Cost of tuition, room and board, fees: $62,100
Average undergrad need-based financial aid: $25,192
% undergrads who borrow to pay for school: N/A
64% graduate in 4 years; 71% graduate in 6 years
Starting median salary: $58,900
Mid-career median salary: $124,400
The school offers several kinds of scholarships plus fine arts and alumni awards, which range from $60,000 to full tuition over four years, plus merit-based scholarships.
17. Rice University
Houston, Texas
ROI Rating: 94
Cost of tuition, room and board, fees: $57,668
Average undergrad need-based financial aid: $36,772
27% of undergrads borrow to pay for school
Average cumulative debt: $22,497
83% graduate in 4 years; 93% graduate in 6 years
Starting median salary: $65,700
Mid-career median salary: $130,200
The university offers several numerous merit-based scholarships and all applicants are automatically considered.
16. Columbia University
New York, New York
ROI Rating: 94
Cost of tuition, room and board, fees: $70,826
Average undergrad need-based financial aid: $50,733
25% of undergrads borrow to pay for school
Average cumulative debt: $23,463
96% graduate in 6 years; 4-year rate N/A
Starting median salary: $66,000
Mid-career median salary: $124,700
15. Georgia Institute of Technology
Atlanta, Georgia
ROI Rating: 95
Cost of tuition, room and board, fees: $25,852 for in-state; $46,044 out-of-state
Average undergrad need-based financial aid: $11,070
39% of undergrads borrow to pay for school
Average cumulative debt: $32,169
41% graduate in 4 years; 86% graduate in 6 years
Starting median salary: $68,100
Mid-career median salary: $128,700
The Georgia Institute of Technology is a public institution that provides numerous need-based and merit-based scholarship s and grants. Its Center for Career Discovery and Development helps place students in competitive jobs.
14. University of California, Berkeley
Berkeley, California
ROI Rating: 95
Cost of tuition, room and board, fees: $29,551 in-state; $56,233
Average undergrad need-based aid: $19,087
37% of undergrads borrow to pay for school
Average cumulative debt: $18,789
76% graduate in 4 years; 92% graduate in 6 years
Starting median salary: $65,400
Mid-career median salary: $130,100
This public institution offers several scholarship programs and award amounts are often based on financial need.
13. University of Virginia
Charlottesville, Virginia
ROI Rating: 95
Cost of tuition, room and board, fees: $26,576 in-state; $56,723 out-of-state
Average undergrad need-based financial aid: $20,980
33% undergrads borrow to pay for school
Average cumulative debt: $24,598
88% graduate in 4 years; 94% graduate in 6 years
Starting median salary: $59,500
Mid-career median salary: $118,400
UVA has one of the largest per-capita endowments of any public university. About half its undergraduates receive some financial aid and caps are set on need-based loans for middle income families.
12. Amherst College
Amherst, Massachusetts
ROI Rating: 95
Cost of tuition, room and board, fees: $68,500
Average undergrad need-based financial aid: $50,380
22% of undergrads borrow to pay for school
Average cumulative debt: $18,662
86% graduate in 4 years; 93% graduate in 6 years
Starting median salary: $60,200
Mid-career median salary: $122,800
Financial aid is delivered only through scholarships and grants, not loans that have to be repaid, Admissions are need-blind. It’s possible to graduate from Amherst with no debt.
11. Vanderbilt University
Nashville, Tennessee
ROI Rating: 95
Cost of tuition, room and board, fees: $63,248
Average undergrad need-based financial aid: $41,331
% undergrads who borrow to pay for school: N/A
87% graduate in 4 years; 92% graduate in 6 years
Starting median salary: $61,100
Mid-career median salary: $116,000
The university distributes more than $42 million in annual financial aid and has pledged to meet a family’s demonstrated financial need with grants, not loans.
10. Harvard College
Cambridge, Massachusetts
ROI Rating: 96
Cost of tuition, room and board, fees: $63,025
Average undergrad need-based financial aid: $48,598
% undergrads who borrow to pay for school: N/A
Average cumulative debt: $16,702
86% graduate in 4 years; 97% graduate in 6 years
Starting median salary: $71,200
Mid-career median salary: $147,500
About 90% of students who request financial aid qualify and those families receive 100% of their financial need. The school asks that families contribute somewhere between zero and 10% of their annual income but if their income is under $65,000 they likely won’t pay a dime.
9. Yale University
New Haven, Connecticut
ROI Rating: 96
Cost of tuition, room and board, fees: $66,900
Average undergrad need-based financial aid: $47,960
17% of undergrads borrow to pay for school
Average cumulative debt: $15,521
88% graduate in 4 years; 97% graduate in 6 years
Starting median salary: $66,800
Mid-career median salary: $132,100
Yale spends more than $100 million annually on financial aid, has a need-blind admissions policy and guarantees to meet 100% of each applicant’s demonstrated need. The school has only need-based scholarships, no merit-based or athletic scholarships.
8. Williams College
ROI Rating: 97
Cost of tuition, room and board, fees: $67,700
Average undergrad need-based financial aid: $48,885
43% of undergrads borrow to pay for school
Average cumulative debt: $15,496
86% graduate in 4 years; 94% graduate in 6 years
Starting median salary: $62,000
Mid-career median salary: $138,400
The school’s $2.5 billion-plus endowment allows it to meet 100% of student’s demonstrated need. All financial aid is based purely on need and admissions are need-blind.
7. Dartmouth College
ROI Rating: 97
Cost of tuition, room and board, fees: $68,109
Average undergrad need-based financial aid: $46,770
% undergrads who borrow to pay for school: N/A
Average cumulative debt: $17,849
88% graduate in 4 years; 97% graduate in 6 years
Starting median salary: $66,300
Mid-career median salary: $140,300
6. Harvey Mudd College
ROI Rating: 98
Cost of tuition, room and board, fees: $72,228
Average undergrad need-based financial aid: $39,799
% undergrads who borrow to pay for school: N/A
Average cumulative debt: N/A
85% graduate in 4 years; 93% graduate in 6 years
Starting median salary: $81,000
Mid-career median salary: $155,800
Eighty-two percent of undergraduates receive financial aid and 40% qualify for merit-based awards.
5. The Cooper Union
New York, New York
ROI Rating: 98
Cost of tuition, room and board, fees: $61,370
Average undergrad need-based financial aid: $15,394
% undergrads who borrow to pay for school: N/A
75% graduate in 4 years; 87% graduate in 6 years
Starting median salary: $63,900
Mid-career median salary: $124,200
Up until 2014, tuition was free at Cooper Union, supported by the college’s endowment. As of fall 2015, every admitted students receives a half-tuition scholarship, valued at $21,000 annually, and financial aid is available for remaining expenses, based on need.
4. California Institute of Technology
Pasadena, California
ROI Rating: 98
Cost of tuition, room and board, fees: $64,704
Average undergrad need-based financial aid: $41,901
33% of undergrads borrow to pay for school
Average cumulative debt: $18,219
81% graduate in 4 years; 94% graduate in 6 years
Starting median salary: $78,800
Mid-career median salary: $142,500
Caltech has need-based admissions for all U.S. citizens and permanent residents, and its financial aid awards are designed to meet 100% of demonstrated need.
3. MIT (Massachusetts Institute of Technology)
Cambridge, Massachusetts
ROI Rating: 98
Cost of tuition, room and board, fees: $64,612
Average undergrad need-based financial aid: $41,767
72% of undergrads borrow to pay for school
Average cumulative debt: $24,954
84% graduate in 4 years; 93% graduate in 6 years
Starting median salary: $81,500
Mid-career median salary: $147,000
Sixty-two percent of undergraduates qualify for the need-based MIT Scholarship, and there are no purely merit-based scholarships. Admissions are need-blind, and 28% of undergraduates are from families with annual incomes of less than $75,000.
2. Princeton University
Princeton, New Jersey
ROI Rating: 98
Cost of tuition, room and board, fees: $60,090
Average undergrad need-based financial aid: $47,497
18% of undergrads borrow to pay for school
Average cumulative debt: $8,098
89% graduate in 4 years; 97% graduate in 6 years
Starting median salary: $69,800
Mid-career median salary: $147,800
Admissions are need-blind and once a student is admitted, Princeton meets 100% of that student’s financial need. About 60% of students receive financial aid, which is delivered as grants that don’t require repayment, not loans.
1. Stanford University
Stanford, California
ROI Rating: 99
Cost of tuition, room and board, fees: $62,541
Average undergrad need-based financial aid: $45,318
22% of undergrads borrow to pay for school
Average cumulative debt: $21,238
75% graduate in 4 years; 94% graduate in 6 years
Starting median salary: $73,300
Mid-career median salary: $140,400
Stanford maintains a wholly need-blind admission policy and all scholarships are need-based. Even families with incomes up to $125,000 and an adjusted net worth of less than $300,000 — including investments, cash, non-retirement savings, business net worth and home equity capped at 1.2 times annual income — are expected to contribute only a limited amount toward educational costs.
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