A recent Payscale article about the top college ROI rate among our nation’s universities ranks Harvey Mudd College as first first place. The ROI (or college return on investment) rate basically serves as an index on how worthwhile college debt is based on typical earnings following graduation. On average, Harvey Mudd offers the most lucrative degrees in higher education. That means that following graduation from most degrees or programs offered at this school (they also possess a graduation rate of 91%), graduates should expect to earn a high enough wage to be able to pay back college debt quickly while still enjoying a comfortable life style.
Nowadays, many people turn to higher education as a purely financial investment for their future (which is especially pertinent considering how tuition costs skyrocketed in the past decade or two). This report concerning college ROI rates should serve as yet another useful tool when deciding where to enroll for higher education. According to the recent calculations, the Harvey Mudd College ROI appears to offer the most promising prospects in the list.
The Harvey Mudd ROI Data in Detail
On average, it takes 4 full years to graduate from one of the Harvey Mudd College programs. The average total cost of tuition for all 4 years is estimated at $237,700. Harvey Mudd College tuition estimate includes not only the student loan (which is estimated at an average of $21,920 according to this same data from Payscale), but also room and board costs, school supplies, fees, and so on. The actual cost of education can vary quite a lot in reality based on a student’s academic success and the income of the family supporting said student.
The 20 year college return on investment rate is calculated as the difference between a 20 year projected level of earnings of the typical college graduate with a bachelor’s degree and the projected level of earnings of a high school graduate without these tuition costs. This figure really reflects how much more you should earn in the next 20 years after graduation, compared to how much you would have made if you just completed high school and didn’t take on additional debt from college.
Apparently, the Harvey Mudd College graduate salary is more than high enough to justify the 4 years of study needed to graduate with a bachelor’s degree. Their ROI is projected at $985,300 for the next 20 years after graduation. The difference between Harvey Mudd and the second place school on the list is also pretty significant. The California Institute of Technology earned a reported ROI at $901,400. Harvey Mudd College graduates typically hold an average salary of $75,600 in their early career efforts. Obtaining a college graduate higher salary isn’t really a common occurrence.
Among these graduates, those who complete a higher degree program (such as a Master’s degree or a PhD) obviously earn an even better pay than the others. For example, a Harvey Mudd science PhD or a Harvey Mudd engineering PhD can earn you significantly higher earnings (and, consequently, a significantly higher ROI). It’s interesting to note that Harvey Mudd produces a significantly higher number of high quality PhD graduates which, in turn, drives up the schools ROI numbers. Coming out as the most lucrative college to attend for the 4th year in a row, the Harvey Mudd College seems to be more than worth the risk of college tuition debt.
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