Attending college for an undergraduate or graduate degree requires a significant investment of time, energy, and money. According to the National Center for Education Statistics (NCES), the average annual tuition for four-year bachelor’s degree programs during the 2022-23 academic year was $9,750 at public universities and $38,421 at private colleges. Meanwhile, for graduate students, the average annual tuition was $12,596 at public institutions and $29,931. Additional costs like fees, room and board, and books can increase the price tag even more.
However, there are also numerous benefits to pursuing higher education, including increased earning potential and lower unemployment rates. These factors make calculating the return on investment (ROI) of attending college an essential step in choosing a major and institution. Therefore, Intelligent.com compiled this list of the top U.S. schools with the ROI to help students choose a college that will earn back its cost over the long term.
Our Ranking Criteria
To assemble our list, we used data from Georgetown University’s “Ranking ROI Of 4,500 US Colleges And Universities” study. We only included four-year institutions offering bachelor’s degrees and ranked them according to their 40-year net present value (NPV). To learn more about 40-year NPV and our other ranking criteria, read the descriptions below:
40-year NPV
Net present value (NPV) is a way of representing the value of an investment, taking into account a range of factors such as inflation and earning potential. You can calculate a school’s NPV over a shorter time frame, such as 10, 20, or 30 years, but we have based our list on a 40-year NPV to provide the most long-term assessment of value.
For example, a public college may have a higher 10-year NPV than a private institution because of lower costs but a lower 40-year NPV due to reduced earning potential.
Cost of attendance
It’s also important to consider a school’s cost of attendance, which includes tuition, fees, housing, and study materials. We’ve used data from the 2023 to 2024 school year.
Median debt and seven-year repayment rate
Median debt is the amount of student loan debt that the average student graduates with, while the seven-year repayment rate is the percentage of graduates who have paid at least some of their student loan principal during that time frame. The higher the repayment rate, the more confident you can be that graduates are finding jobs with enough income to cover their loan payments.
Graduation rate
Finally, we have also included the school’s graduation rate. In this case, we relied on data from the Georgetown University study showing the percentage of full-time students who have completed a four-year degree within six years of their initial enrollment.
The 20 Colleges With the Highest ROI
1. University of Health Sciences and Pharmacy in St. Louis
The University of Health Sciences and Pharmacy in St. Louis focuses on biomedical degrees, including Biochemistry and Neuroscience. Students can choose from multiple programs, such as the six-year Doctor of Pharmacy degree or a seven-year program with a bachelor’s degree and a pharmacy degree. This school is one of a few to rank in the top tier for 15, 20, 30, and 40-year NPV.
- 40-Year NPV: $2,680,000
- Average Cost of Attendance: $46,795
- Median Debt: $15,000
- 7-Year Repayment Rate: 92%
- Graduation Rate: 84%
- Location: St. Louis, MO
2. Albany College of Pharmacy and Health Sciences
The Albany College of Pharmacy and Health Sciences (ACPHS) has welcomed students since 1881. Its focus on healthcare, medicine, and bioscience puts it at the forefront of the industry, making it a good choice for long-term career prospects and high earning potential. ACPHS has a 40-year NPV of over $2.6 million and a seven-year repayment rate of 95%. So you can feel good about paying back your debt and reaching a high earning potential in the long run. Bachelor’s programs include Pre-Med, Microbiology, Pharmaceutical Sciences, and Biomedical Technology.
- 40-Year NPV: $2,608,000
- Average Cost of Attendance: $58,442
- Median Debt: $25,000
- 7-Year Repayment Rate: 95%
- Graduation Rate: 68%
- Location: Albany, NY
3. Massachusetts College of Pharmacy and Health Sciences
The Massachusetts College of Pharmacy and Health Sciences trains students to be nurse practitioners, physician assistants, physical therapists, dentists, and more, with over 100 programs in all. Although its undergraduate fees vary widely, graduates can expect to leave with a median student loan debt of $25,000. MCPHS has a 40-year NPV of $2.5 million and a student loan repayment rate of 91% over seven years.
- 40-Year NPV: $2,509,000
- Average Cost of Attendance: $62,080
- Median Debt: $25,000
- 7-Year Repayment Rate: 91%
- Graduation Rate: 73%
- Location: Boston, MA
4. California Institute of Technology
Caltech is a research institution focusing on the sciences, ranging from Applied Physics to Bioengineering. With a 40-year NPV of nearly $2.5 million, this school ranks highly for students pursuing a career in these fields. Caltech’s fees and tuition costs are relatively high for undergraduates, but 93% of students graduate within the expected timeframe and end up with a median debt of under $10,000.
- 40-Year NPV: $2,490,000
- Average Cost of Attendance: $86,886
- Median Debt: $9,867
- 7-Year Repayment Rate: N/A
- Graduation Rate: 93%
- Location: Pasadena, CA
5. Massachusetts Institute of Technology
MIT is one of the most well-known research institutions in the country, so it’s no surprise it ranks highly on the list of colleges with the best ROI. With over 30 departments, students can pursue degrees in architecture, engineering, computing, and more. Although MIT’s undergraduate tuition is relatively steep, students can expect to graduate with a median debt of $12,000 and a repayment rate of 94%.
- 40-Year NPV: $2,490,000
- Average Cost of Attendance: $82,730
- Median Debt: $12,000
- 7-Year Repayment Rate: 94%
- Graduation Rate: 95%
- Location: Cambridge, MA
6. Harvey Mudd College
Harvey Mudd College provides a Common Core curriculum in STEM subjects and the option to choose a major in Biology, Computer Science, and other related fields. Although tuition and fees can be high at this school, students graduate with a median debt of $19,500 and a 40-year NPV of over $2.3 million. HMC’s focus on science and engineering makes it a good choice for students in these fields.
- 40-Year NPV: $2,370,000
- Average Cost of Attendance: $89,115
- Median Debt: $19,500
- Graduation Rate: 92%
- Location: Claremont, CA
7. Bentley University
Bentley University is a business school that offers a wide range of majors, from Finance to Public Policy. With an 89% graduation rate and 95% repayment rate, students can look forward to solid career prospects and a 40-year NPV of over $2.2 million. Bentley also has opportunities for internships, corporate partnerships, and service-learning projects to provide students with hands-on experience.
- 40-Year NPV: $2,247,000
- Average Cost of Attendance: $80,670
- Median Debt: $23,250
- 7-Year Repayment Rate: 95%
- Graduation Rate: 89%
- Location: Waltham, MA
8. Babson College
Babson College provides a multi-disciplinary education with over 25 concentrations, including Entrepreneurship and Global Business Management. Babson graduates can expect an average starting salary of $71,385 and a 40-year NPV of $2,242,000. Students have a median debt of just over $20,000 when they graduate with a four-year degree.
- 40-Year NPV: $2,242,000
- Average Cost of Attendance: $80,242
- Median Debt: $20,500
- 7-Year Repayment Rate: 94%
- Graduation Rate: 92%
- Location: Babson Park, MA
9. University of Pennsylvania
The University of Pennsylvania is one of the oldest learning institutions in the country, with a history dating back to 1740. This Ivy League university has a 40-year NPV of $2.2 million and a median debt of $14,000. Prospective students can choose from 99 majors in four schools, including the College of Arts & Sciences and the prestigious Wharton School of Business.
- 40-Year NPV: $2,211,000
- Average Cost of Attendance: $89,028
- Median Debt: $14,000
- 7-Year Repayment Rate: 91%
- Graduation Rate: 96%
- Location: Philadelphia, PA
10. Stanford University
Stanford has around 7,000 students pursuing nearly 70 majors, ranging from Aeronautics to Urban Studies. The average cost of attendance at Stanford is relatively high, but remember that this figure doesn’t account for financial aid — most Stanford students receive scholarships, grants, and other forms of assistance. Although exact costs vary by degree, Stanford graduates can expect to leave with a median debt level of $11,000.
- 40-Year NPV: $2,200,000
- Average Cost of Attendance: $122,262
- Median Debt: $11,000
- 7-Year Repayment Rate: 93%
- Graduation Rate: 94%
- Location: Stanford, CA
11. Princeton University
Founded in 1746, this Ivy League institution is the fourth-oldest college in the United States. Princeton has been named the nation’s overall #1 university by U.S. News & World Report, with exceptionally high rankings for its computer science, engineering, and economics programs. Whatever you decide to major in, Princeton’s reputation and extensive alumni network will help you access lucrative opportunities in your field.
- 40-Year NPV: $2,126,000
- Average Cost of Attendance: $83,140
- Median Debt: $10,355
- 7-Year Repayment Rate: 92%
- Graduation Rate: 97%
- Location: Princeton, NJ
12. Carnegie Mellon University
Andrew Carnegie and Andrew Mellon, two of the most successful business leaders in American history, established their colleges in the early twentieth century — the Carnegie Institute of Technology and the Mellon Institute of Industrial Research. In 1967, these institutions merged into Carnegie Mellon University. Given the school’s history, it’s no surprise that Carnegie Mellon currently offers one of the best business programs in the country. They offer degree programs for a variety of other subject areas as well, including architecture, drama, machine learning, and robotics.
- 40-Year NPV: $2,119,000
- Average Cost of Attendance: $79,728
- Median Debt: $19,000
- 7-Year Repayment Rate: 95%
- Graduation Rate: 90%
- Location: Pittsburgh, PA
13. University of the Sciences
The University of the Sciences in Philadelphia, PA, has over 100 laboratories spanning programs like Biochemistry, Public Health, and Environmental Science. Graduates can expect to leave with around $27,000 in student loan debt. USciences promises a fixed tuition rate, so you know exactly what you’ll spend on your four-year degree.
- 40-Year NPV: $2,080,000
- Average Cost of Attendance: $49,444
- Median Debt: $26,920
- 7-Year Repayment Rate: 90%
- Graduation Rate: 77%
- Location: Philadelphia, PA
14. Stevens Institute of Technology
The Stevens Institute of Technology focuses on innovation and entrepreneurship, with most students required to produce a Senior Design Project as undergraduates. The school has a 40-year NPV of $2,047,000 and a graduation rate of 86%. Students can enroll in one of the four schools and colleges that make up the institute, including the School of Business and the College of Arts and Letters.
- 40-Year NPV: $2,047,000
- Average Cost of Attendance: $81,922
- Median Debt: $25,000
- 7-Year Repayment Rate: 93%
- Graduation Rate: 86%
- Location: Hoboken, NJ
15. Georgetown University
Georgetown University is a research university in Washington, D.C., nearly as old as the U.S. itself. Areas of study include Advanced Biomedical Sciences, Business and Global Affairs, and Data Science. While your earning potential may vary depending on your course of study, Georgetown’s overall ROI is around $2 million over 40 years. It also has an impressive graduation rate of 95% and a seven-year repayment rate of 91%.
- 40-Year NPV: $2,027,000
- Average Cost of Attendance: $86,551
- Median Debt: $14,493
- 7-Year Repayment Rate: 91%
- Graduation Rate: 95%
- Location: Washington, DC
16. Lehigh University
Lehigh University stands out as an excellent option for students interested in international experiences, as they offer over 300 study abroad programs in 74 countries. There are 111 undergraduate degree programs for you to choose from, and graduates have an average starting salary of $75,000.
- 40-Year NPV: $2,019,000
- Average Cost of Attendance: $78,650
- Median Debt: $20,024
- 7-Year Repayment Rate: 94%
- Graduation Rate: 89%
- Location: Bethlehem, PA
17. California State University Maritime Academy
CSUM offers several degree programs for students who want to learn about Business Administration, Marine Transportation, and Oceanography. As a public university, it is an excellent choice for California residents due to the reduced tuition rates for in-state students. CSUM has a lower graduation rate than some of the other choices on our list, only 64%, but it still provides a good long-term ROI with a 40-year NPV of nearly $2 million.
- 40-Year NPV: $1,977,000
- Average Cost of Attendance: $30,217
- Median Debt: $19,500
- 7-Year Repayment Rate: 84%
- Graduation Rate: 64%
- Location: Vallejo, CA
18. Duke University
With an admission rate of just 6%, Duke University is more selective than some Ivy League schools. It’s easy to see why so many people apply to Duke, as this university is renowned for the quality of its faculty and facilities. In particular, Duke’s Fuqua School of Business, Sanford School of Public Policy, and Pratt School of Engineering are widely regarded as some of the best programs in their respective fields.
- 40-Year NPV: $1,976,000
- Average Cost of Attendance: $89,998
- Median Debt: $12,500
- 7-Year Repayment Rate: 93%
- Graduation Rate: 95%
- Location: Durham, NC
19. Massachusetts Maritime Academy
The Massachusetts Maritime Academy offers programs in Marine Engineering, Marine Transportation, International Maritime Business, and more. MMA does not require you to join the Armed Forces after graduation but does offer training on the USTS Kennedy training ship. MMA has a 75% graduation rate and a 40-year NPV of $1,971,000, with different tuition rates for in-state and out-of-state students.
- 40-Year NPV: $1,971,000
- Average Cost of Attendance: $44,064
- Median Debt: $23,099
- 7-Year Repayment Rate: 88%
- Graduation Rate: 75%
- Location: Buzzards Bay, MA
20. Rensselaer Polytechnic Institute
Established in 1824, Rensselaer Polytechnic Institute is the oldest technological university in the United States. The school offers exceptional facilities for STEM students, including an astronomical observatory, a state-of-the-art cleanroom and characterization core for nanotechnology research, and the most powerful supercomputer housed at a private university.
- 40-Year NPV: $1,949,000
- Average Cost of Attendance: $82,404
- Median Debt: $21,000
- 7-Year Repayment Rate: 94%
- Graduation Rate: 85%
- Location: Troy, NY
Why It’s Important to Consider Your College’s ROI
There are many factors to consider when choosing a college, including the quality of education you’ll receive, the student life experience, and whether the school fits your budget.
Considering the ROI of your school and degree program is also important, as it provides a realistic sense of how your education will impact your finances in the long run. The higher the ROI, the more you can expect to earn in your career relative to what you spent on your degree. You may be able to pay off your student loans faster than if you went to a school with a lower ROI.
According to the Foundation for Research on Equal Opportunity’s 2024 analysis of 53,000 post-secondary degree and certificate programs, ROI varies greatly between majors. For example, “ROI for the median bachelor’s degree is $160,000, but that median belies a wide range of outcomes for individual programs,” says the report. “Bachelor’s degrees in engineering, computer science, nursing, and economics tend to have a payoff of $500,000 or more. Other majors, including fine arts, education, English, and psychology, usually have a smaller payoff — or none at all.”
The report goes on to say, “The ROI of graduate school is also mixed. Professional degrees in law, medicine, and dentistry tend to have a strong payoff, often in excess of $1 million. However, nearly half of master’s degree programs have no ROI, thanks to their high costs and often modest earnings benefits. Even the MBA, one of America’s most popular master’s degrees, frequently has a low or negative payoff.”
As part of choosing a college and major, students should consider future earning potential using resources like the FREOPP report and the Bureau of Labor Statistics (BLS) Occupational Outlook Handbook. This can help guide students on how much to invest in their education.
That said, not everyone should choose a college based on its 40-year NPV. For example, students enrolling in college later in life may want to prioritize programs that will boost their career prospects more quickly.
Ways to Save Money on a College Education
Scholarships and grants
This type of financial aid is considered gift aid because it doesn’t need to be repaid. In other words, it’s money ‘gifted’ to students by a school, organization, or government to help them pay for tuition and other educational-related expenses.
Scholarships can be awarded based on financial need or merit. In most cases, students must submit the Free Application for Federal Aid (FAFSA) to be considered for need-based scholarships. Schools and other scholarship-granting organizations use the information from the FAFSA to determine which students are eligible for need-based scholarships.
Schools and organizations award merit-based scholarships for achievement in various areas, including academics, athletics, arts, community service, or unique talents. Students may submit separate applications, including essays, resumes, and interviews, to be considered for merit-based scholarships.
Grants are typically awarded based on financial need, although some may also have specific eligibility criteria, such as academic achievement or community service. Many grants are offered by federal or state governments, as well as private organizations, foundations, and corporations. Submitting the FAFSA is also a prerequisite for most grant consideration.
The Federal Pell Grant is the federal government’s primary need-based grant, helping low-income students pay for college. The amount of the Pell Grant varies depending on the student’s financial need, the cost of attendance, and whether the student is enrolled full- or part-time. For the 2024-25 academic year, the maximum Pell Grant award is $7,395.
Students should give themselves ample time to research all options for scholarships and grants, as there is no limit to how much funding students can collect. Depending on the program’s cost and the amount of scholarship money received it may be possible to cover all tuition and education expenses with scholarships. However, most scholarships and grants have specific application requirements and deadlines.
Employer tuition assistance benefits
Many employers, including prominent companies like Apple, Disney, Wal-Mart, and more, offer tuition assistance and reimbursement benefits to employees seeking higher education. The exact terms and availability of tuition assistance benefits vary by employer, but in most cases, employers reimburse employees for some or all of their tuition costs and related expenses after the successful completion of a course or program. Some companies pay for employees to get degrees regardless of the area of study. Others only offer reimbursement to employees whose degree directly relates to their industry or role within the company.
Students who plan on working while earning a degree should consult with their company’s HR representative or benefits manager to determine availability and eligibility. Students planning long-term may intentionally want to apply for jobs at companies offering tuition assistance benefits.
Work-study
Work-study is a type of financial aid in which eligible students receive wages for working part-time on-campus jobs. It’s offered through the Federal Work-Study Program, which means students must submit the FAFSA and demonstrate financial need to receive work-study funding.
Wages vary, but students receive at least the federal minimum wage, although many jobs pay more, especially for graduate students. Students with work-study jobs receive paychecks and can use their wages as needed to help pay for tuition, room and board, school supplies, or other expenses.
Students who want to be considered for work-study funding should select “yes” when asked on their FAFSA. While this doesn’t guarantee students will receive work-study funding, it does mean they will be reviewed for eligibility.
Fellowships and assistantships
Fellowships and assistantships are primarily available at the graduate level for students pursuing master’s or doctoral degrees. They cover students’ tuition expenses or pay students wages in exchange for working as teaching or research assistants.
The terms and availability of these opportunities will vary by school and program but may cover students’ tuition expenses fully or partially. There can be a lot of competition for fellowships, especially those that fully fund a student’s education, so it’s important to research these opportunities early and prepare the strongest application possible.
Payment plans
Even with financial aid, students typically pay for at least some of their tuition and expenses out of pocket. Students should inquire with their school about payment plans, allowing them to pay tuition in installments rather than in a lump sum at the beginning of the term. This can make paying for college more manageable, especially for students working while enrolled in a degree program and can pay from their regular salary.
Online education
While schools typically charge students the same tuition rates regardless of whether they attend online or in-person, enrolling in an online degree program can save students money in other ways. Students have more control over where they live, allowing them to reside in a more affordable area than where their school may be located. It also eliminates transportation costs, including gas and parking or public transportation. Because of the flexibility of online classes, students may also be able to work a full-time job, giving them a steady source of income while earning their degrees.