Top 10 Best Colleges Worth Every Penny

As graduates leave colleges saddled with debt and make monthly loan student payment after payment, they oftentimes look back at their college experience and wonder…was it worth it? Fortunately, there are ways to measure whether a college degree is, or was, really worth it. The measurement is called Return on Investment, or ROI. It’s calculated by taking the earnings – in this case a graduate’s potential future earnings – and dividing it by the cost of the investment – i.e. the cost of college. There are a few factors that go into making a college a great return on investment: Fields of study – schools that have majors in engineering, science and math offer a great ROI because these positions offer better salaries. Financial aid – more financial aid for students means less debt for them after they graduate, which translates into a positive ROI. Ivy League – the best universities in the country typically pave the way for graduates to land top-notch jobs with higher salaries.

Top 10 Highest ROI Colleges

With that, Payscale has identified the top 10 colleges in the country that offer the best 20-year net return on investment for its students. Twenty years after college graduation students at these colleges and universities have some of the highest earning potential in the United States:

1. Harvey Mudd College

Harvey Mudd College is one of the top liberal arts colleges in the country. They also have a strong focus on STEM fields, providing a well-rounded college education for students. Located in California, Harvey Mudd College is part of the Claremont Colleges system. • Tuition: $68,262 • ROI: $1,426,000 Student ROI

2. Massachusetts Institute of Technology (MIT)

MIT is regarded as one of the best colleges in the world, paving the way for emerging technologies, industries, and jobs. Located in Cambridge, Massachusetts, MIT attracts students from all around the world. • Tuition: $61,990 • ROI: $1,378,000 Student ROI

3. United States Merchant Marine Academy

The United States Merchant Marine Academy prepares service men and women for officer careers in the United States Armed Forces. After graduating from the Merchant Marine Academy, students receive a Bachelor’s degree, U.S. Coast Guard license, and an officer’s commission. The Academy is located on Long Island Sound in New York state. • Tuition: $0 • ROI: $1,352,000 Student ROI

4. United States Military Academy

The United States Military Academy is the oldest military academy in the country. Located in West Point, the academy provides a Bachelor of Science degree and a commission as a second lieutenant upon graduation. • Tuition: $0 • ROI: $1,309,000 Student ROI

5. United States Naval Academy

The United States Naval Academy offers students the chance to serve in the Navy or Marine Corps. Upon graduation, students will receive a Bachelor of Science degree and a commission as ensign in the Navy or second lieutenant in the Marine Corps. Located in Annapolis, Naval Academy students are midshipmen on active duty in the U.S. Navy. • Tuition: $0 • ROI: $1,254,000 Student ROI

6. SUNY Maritime College

SUNY Maritime College prepares students for a variety of career opportunities in the global marine transportation industry: shipping, engineering, energy, facilities management, finance, the armed forces, and public service. Located just 30 minutes from downtown Manhattan, the location along the East River provides the perfect training ground. • Tuition: $27,213 • ROI: $1,229,000 Student ROI

7. Colorado School of Mines

Colorado School of Mines is one of the best engineering universities in the country. Students work on cutting-edge engineering technologies and practices during their time at Mines. Nestled between the foothills of the Rocky Mountains and Denver, its location offers the best of both nature and city-living amenities. • Tuition: $18,930 • ROI: $1,201,000 Student ROI

8. United States Air Force Academy

Like other military academies, the United States Air Force Academy enables students to graduate with a Bachelor’s degree and a second lieutenant commission in the U.S. Air Force or U.S. Space Force. After graduation, all graduates must serve at least five years active duty and three years as an inactive reserve. Typically, graduates who go onto pilot training serve a minimum of 10 years. • Tuition: $0 • ROI: $1,161,000 Student ROI

9. California Institute of Technology

California Institute of Technology, known more commonly as Caltech, is one of the top research universities in the world. Not only are students educated on emerging technologies and theories, but the institution is also home to NASA’s Jet Propulsion Laboratory, which sends probes to explore other planets in the solar system. The school is located in Pasadena, California. • Tuition: $63,402 • ROI: $1,138,000 Student ROI

10. California Maritime Academy

The California Maritime Academy is a unique and specialized institution within the California State University system. They are the only maritime academy in the United States located on the west coast. Located in Vallejo, California, the school offers students the opportunity to spend one of their summers aboard their 500-foot training ship, Golden Bear. • Tuition: $12,168 • ROI: $1,134,000 Student ROI

How to Calculate the True Cost of College Attendance

Is the college you’re interested in really worth it? You can actually find that out before you even apply. Many colleges feature a Net Price Calculator on their financial aid website. A net price calculator will ask about family financial circumstances as well as academic performance. Based on that information, they can estimate how much merit and financial aid a student will receive from them. With that information, students can know just how much they will be investing in their own education. We recommend that students utilize the net price calculator for every college they’re interested in and then compare prices. In addition to scholarships, students can also utilize financial aid to pay for college. To qualify for financial aid, students must fill out and submit the Free Application for Federal Student Aid (FAFSA) for each year that they’re enrolled in college or graduate school. The FAFSA will enable students to qualify for grants, work study and student loans. This form will also determine how much financial aid a student receives from each school, which arrives either with or after the admission decision. The financial aid package provides the final look at what the students can expect to pay for each college to which they applied. Again, students should compare financial aid offers between colleges, and they can even negotiate better packages in order to get the best possible outcome for their first-choice school.

Limiting Student Loan Debt

Part of getting a great return on your investment is not sinking too much student debt into the process. With that, students can limit the amount of student loans they take out each year. First, students should start saving for college sooner rather than later. Some parents begin saving for college when their children are born. Others may not consider saving for college until their child is a senior in high school. If that’s the case, it’s ok. A dollar saved is one less dollar you’ll have to borrow in order to pay for college. Parents can open up a 529 savings accounts, which offers tax and financial aid benefits. One thing to keep in mind with this account, however, is that is must be in the parents’ names. If the savings account is opened in the name of the student, it will count against them as a student asset whenever they file the FAFSA. Student assets are judged more harshly on the FAFSA than parent assets. Additionally, students should begin an aggressive search for scholarships as soon as possible. By creating a Fastweb profile, students can get a list of scholarships that they qualify for by answering a few questions about themselves. Fastweb takes the search out of the scholarship search for students by delivering scholarship opportunities directly to them. Students can update their profile on Fastweb by providing more information on who they are, what they’re involved in and where they work. The more information that students provide to Fastweb, the better we’re able to find scholarships for them. Applying for scholarships takes a lot of time and work. Students need to commit to applying for one or two scholarships per week. Remember, the more scholarships you apply for, the greater your chances of winning one. Finally, students can save for college by getting a part-time job during the school year – or during school breaks. These opportunities can provide financial assistance to pay for school as well as skills and experience that will help build your resume. Just like college is an investment in yourself, so is a part-time job.

Finding a College with the Best Return on Investment

Students and parents should look at colleges from all angles -- from the majors offered to campus community to financial aid to student success outcomes. Finding a college based on all these factors will provide more than a return on investment; it will guarantee a college experience that was worth every penny—both literally and figuratively.