Tech Tower' at the Georgia Institute of Technology in Atlanta.

Public colleges with the best return on investment

Written by:
Data work by:
Emma Rubin
November 20, 2023
Rob Hainer // Shutterstock

Public colleges with the best return on investment

According to federal data, college students, graduates, and their families owe a combined $1.6 trillion in student loans as of the third quarter of 2024. More than 42 million U.S. adults have outstanding student loan debt, averaging more than $38,000 per person. Those astronomical numbers have caused some to wonder if college is a sound investment.

Researchers from FREOPP say it is—in many cases, anyway. A May 2024 report found that higher education credentials, including bachelor's degrees, doctorates, and undergraduate certificates, generally offer a significant return on investment (the money spent on tuition and other expenses). However, the study also notes that the exact amount of return varies based on the degree and, notably, the institution.

To help future students make a more informed decision, the research team behind the studies ranked 4,500 colleges, determining the best financial options. To do this, the team used data collected by College Scorecard.

The study ranks schools by the net present value, a measure of the projected earnings of an investment against the anticipated costs, both in today's dollars and taking into account discounting interest rates, to determine whether an investment is worth making. Colleges were then ranked by the highest 40-year return on investment, with ties broken by the 10-year return.

Stacker looked at the public colleges with the best return on investment, highlighting information like graduation rates, net price, and median debt. This story only considers four-year, public colleges that predominantly grant bachelor's degrees.

Here's a breakdown of some key factors in the researchers' calculations.

- 40-year NPV: What the sum of all earnings 40 years after enrollment is worth today, adjusted for the school's education cost.

- Median earnings after 10 years: The typical annual salary 10 years after enrollment.

- Net price: The average price students pay per year after scholarships and financial aid, including books and living expenses.

- Graduation rate: The share of students who complete bachelor's degrees within six years.

- Median debt: The typical amount of student debt graduates from this school hold.

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Benjamin Clapp // Shutterstock

#50. Rutgers University-New Brunswick

- 40-year NPV: $1,389,000
- Median earnings after 10 years: $65,661
- Earn more than high school graduates after 10 years: 85%
- Net-price: $21,654
- Graduation rate: 82%
- Median debt: $19,000

Lightning striking a hilltop bristling with towers for lightning.
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Wild Horizon // Getty Images

#49. New Mexico Institute of Mining and Technology

- 40-year NPV: $1,393,000
- Median earnings after 10 years: $64,650
- Earn more than high school graduates after 10 years: 83%
- Net-price: $14,595
- Graduation rate: 53%
- Median debt: $11,870

Stately buildings on a college campus covered in snow.
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#48. University of Wisconsin-Madison

- 40-year NPV: $1,400,000
- Median earnings after 10 years: $65,213
- Earn more than high school graduates after 10 years: 88%
- Net-price: $17,708
- Graduation rate: 87%
- Median debt: $18,250

A close up of large, concrete building with many windows and a sign that says George Mason University.
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Daniel J. Macy // Shutterstock

#47. George Mason University

- 40-year NPV: $1,402,000
- Median earnings after 10 years: $66,148
- Earn more than high school graduates after 10 years: 84%
- Net-price: $21,048
- Graduation rate: 70%
- Median debt: $16,000

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#46. University of Rhode Island

- 40-year NPV: $1,403,000
- Median earnings after 10 years: $66,484
- Earn more than high school graduates after 10 years: 83%
- Net-price: $20,607
- Graduation rate: 68%
- Median debt: $17,750

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#45. Purdue University-Main Campus

- 40-year NPV: $1,415,000
- Median earnings after 10 years: $65,257
- Earn more than high school graduates after 10 years: 86%
- Net-price: $13,986
- Graduation rate: 81%
- Median debt: $15,162

Stately buildings on a college campus with an American and Texas flag flying on a pole.
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#44. Texas A & M University-College Station

- 40-year NPV: $1,418,000
- Median earnings after 10 years: $66,566
- Earn more than high school graduates after 10 years: 86%
- Net-price: $19,057
- Graduation rate: 82%
- Median debt: $15,404

A large brick modern building with a sign that says Rutgers in red and audible in white.
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Andriy Blokhin // Shutterstock

#43. Rutgers University-Newark

- 40-year NPV: $1,425,000
- Median earnings after 10 years: $65,661
- Earn more than high school graduates after 10 years: 85%
- Net-price: $14,109
- Graduation rate: 67%
- Median debt: $19,000

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#42. University of Florida-Online

- 40-year NPV: $1,425,000
- Median earnings after 10 years: $64,463
- Earn more than high school graduates after 10 years: 85%
- Net-price: $7,492
- Graduation rate: Not available
- Median debt: $14,986

A brown stone gate with University of California Santa Barbara lettering on the right side of the gate.
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Claudine Van Massenhove // Shutterstock

#41. University of California-Santa Barbara

- 40-year NPV: $1,427,000
- Median earnings after 10 years: $66,491
- Earn more than high school graduates after 10 years: 85%
- Net-price: $15,884
- Graduation rate: 83%
- Median debt: $12,500

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Library of Congress

#40. Rutgers University-Camden

- 40-year NPV: $1,428,000
- Median earnings after 10 years: $65,661
- Earn more than high school graduates after 10 years: 85%
- Net-price: $13,660
- Graduation rate: 61%
- Median debt: $19,000

A red brick sign that says University of Florida, with red flowers in front of it.
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Kyle S Lo // Shutterstock

#39. University of Florida

- 40-year NPV: $1,431,000
- Median earnings after 10 years: $64,463
- Earn more than high school graduates after 10 years: 85%
- Net-price: $6,302
- Graduation rate: 89%
- Median debt: $14,986

A modern red brick and white building.
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Steve Cukrov // Shutterstock

#38. Stony Brook University

- 40-year NPV: $1,436,000
- Median earnings after 10 years: $66,678
- Earn more than high school graduates after 10 years: 85%
- Net-price: $15,160
- Graduation rate: 75%
- Median debt: $15,000

A white building with the tower in the center.
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Eli Wilson // Shutterstock

#37. Citadel Military College of South Carolina

- 40-year NPV: $1,443,000
- Median earnings after 10 years: $67,770
- Earn more than high school graduates after 10 years: 86%
- Net-price: $18,548
- Graduation rate: 73%
- Median debt: $18,500

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#36. University of Delaware

- 40-year NPV: $1,447,000
- Median earnings after 10 years: $67,298
- Earn more than high school graduates after 10 years: 88%
- Net-price: $17,220
- Graduation rate: 81%
- Median debt: $21,000

Aerial view of university campus with red roof buildings and tall tower at sunset.
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#35. The University of Texas at Austin

- 40-year NPV: $1,449,000
- Median earnings after 10 years: $67,839
- Earn more than high school graduates after 10 years: 85%
- Net-price: $18,023
- Graduation rate: 84%
- Median debt: $18,500

A modern brick four story building with large windows.
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Tada Images // Shutterstock

#34. Oregon Institute of Technology

- 40-year NPV: $1,457,000
- Median earnings after 10 years: $67,184
- Earn more than high school graduates after 10 years: 86%
- Net-price: $16,210
- Graduation rate: 49%
- Median debt: $16,475

A Spanish Colonial Revival style building covered in ivy and surrounded by palm trees and other greenery.
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#33. San José State University

- 40-year NPV: $1,463,000
- Median earnings after 10 years: $67,365
- Earn more than high school graduates after 10 years: 84%
- Net-price: $14,928
- Graduation rate: 64%
- Median debt: $12,000

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f11photo // Shutterstock

#32. University of Washington-Seattle Campus

- 40-year NPV: $1,500,000
- Median earnings after 10 years: $68,925
- Earn more than high school graduates after 10 years: 86%
- Net-price: $13,297
- Graduation rate: 84%
- Median debt: $12,545

A modern glass and brick building with signs for Baruch College.
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Education Images // Getty Images

#30. CUNY Bernard M Baruch College

- 40-year NPV: $1,509,000
- Median earnings after 10 years: $67,136
- Earn more than high school graduates after 10 years: 82%
- Net-price: $3,562
- Graduation rate: 69%
- Median debt: $9,500

A brick gate entrance to U.C. Davis with a brick building in the background.
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Chris Allan // Getty Images

#31. University of California-Davis

- 40-year NPV: $1,509,000
- Median earnings after 10 years: $69,766
- Earn more than high school graduates after 10 years: 86%
- Net-price: $14,669
- Graduation rate: 87%
- Median debt: $11,500

A brown brick building with the words Makerspace and Discovery Hall on it.
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Colleen Michaels // Shutterstock

#29. University of Washington-Bothell Campus

- 40-year NPV: $1,511,000
- Median earnings after 10 years: $68,925
- Earn more than high school graduates after 10 years: 86%
- Net-price: $11,060
- Graduation rate: 66%
- Median debt: $12,545

Warehouse style brown and glass building with a glass cat walk over a road from one building to another.
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Colleen Michaels // Shutterstock

#28. University of Washington-Tacoma Campus

- 40-year NPV: $1,512,000
- Median earnings after 10 years: $68,925
- Earn more than high school graduates after 10 years: 86%
- Net-price: $10,817
- Graduation rate: 57%
- Median debt: $12,545

A large brick building in the distance with a snowy campus with large bare trees in the foreground.
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Library of Congress

#27. South Dakota School of Mines and Technology

- 40-year NPV: $1,521,000
- Median earnings after 10 years: $71,287
- Earn more than high school graduates after 10 years: 88%
- Net-price: $19,815
- Graduation rate: 49%
- Median debt: $20,500

A brick sign with UCONN university lettering.
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Ken Wolter // Shutterstock

#26. University of Connecticut

- 40-year NPV: $1,527,000
- Median earnings after 10 years: $72,460
- Earn more than high school graduates after 10 years: 86%
- Net-price: $22,012
- Graduation rate: 84%
- Median debt: $19,292

A red brick building with a brick lane leading to it.
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Jon Bilous // Shutterstock

#25. University of Maryland-College Park

- 40-year NPV: $1,541,000
- Median earnings after 10 years: $71,837
- Earn more than high school graduates after 10 years: 87%
- Net-price: $19,045
- Graduation rate: 87%
- Median debt: $17,369

A large stone building with two flags flying and a statue of a person in front of it.
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The Old Major // Shutterstock

#24. Virginia Military Institute

- 40-year NPV: $1,544,000
- Median earnings after 10 years: $71,910
- Earn more than high school graduates after 10 years: 89%
- Net-price: $17,804
- Graduation rate: 79%
- Median debt: $17,674

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Ken Wolter // Shutterstock

#23. University of Illinois Urbana-Champaign

- 40-year NPV: $1,550,000
- Median earnings after 10 years: $71,539
- Earn more than high school graduates after 10 years: 89%
- Net-price: $15,880
- Graduation rate: 85%
- Median debt: $17,000

A tall white modern building with many windows and the words Aldrich Hall.
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Steve Cukrov // Shutterstock

#22. University of California-Irvine

- 40-year NPV: $1,551,000
- Median earnings after 10 years: $71,961
- Earn more than high school graduates after 10 years: 86%
- Net-price: $14,783
- Graduation rate: 84%
- Median debt: $14,390

A modern white and brown building with a sign that says Binghamton University.
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Steve Cwik // Shutterstock

#21. Binghamton University

- 40-year NPV: $1,557,000
- Median earnings after 10 years: $72,980
- Earn more than high school graduates after 10 years: 87%
- Net-price: $19,353
- Graduation rate: 82%
- Median debt: $15,000

A large gray stone building with a tower in the middle and two flags flying in front of it.
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Rui Serra Maia // Shutterstock

#20. Virginia Polytechnic Institute and State University

- 40-year NPV: $1,559,000
- Median earnings after 10 years: $73,159
- Earn more than high school graduates after 10 years: 88%
- Net-price: $21,198
- Graduation rate: 85%
- Median debt: $19,500

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Ken Schulze // Shutterstock

#19. Maine Maritime Academy

- 40-year NPV: $1,571,000
- Median earnings after 10 years: $72,837
- Earn more than high school graduates after 10 years: 85%
- Net-price: $23,239
- Graduation rate: 73%
- Median debt: $24,250

Modern brick building with lots of windows and sign saying UCONN on top and a parking lot in the foreground.
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GREG PATTON // Shutterstock

#18. University of Connecticut-Stamford

- 40-year NPV: $1,576,000
- Median earnings after 10 years: $72,460
- Earn more than high school graduates after 10 years: 86%
- Net-price: $11,982
- Graduation rate: 66%
- Median debt: $19,292

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Faina Gurevich // Shutterstock

#17. University of Connecticut-Avery Point

- 40-year NPV: $1,585,000
- Median earnings after 10 years: $72,460
- Earn more than high school graduates after 10 years: 86%
- Net-price: $9,981
- Graduation rate: 59%
- Median debt: $19,292

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#16. University of Connecticut-Waterbury Campus

- 40-year NPV: $1,594,000
- Median earnings after 10 years: $72,460
- Earn more than high school graduates after 10 years: 86%
- Net-price: $8,046
- Graduation rate: 64%
- Median debt: $19,292

A brick and stone sign saying Michigan Technological University.
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ehrlif // Shutterstock

#15. Michigan Technological University

- 40-year NPV: $1,595,000
- Median earnings after 10 years: $73,541
- Earn more than high school graduates after 10 years: 87%
- Net-price: $16,463
- Graduation rate: 69%
- Median debt: $20,164

A red brick building with two towers and dramatic archways.
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Pandora Pictures // Shutterstock

#14. University of California-Los Angeles

- 40-year NPV: $1,597,000
- Median earnings after 10 years: $73,744
- Earn more than high school graduates after 10 years: 85%
- Net-price: $14,279
- Graduation rate: 91%
- Median debt: $14,035

A modern gray cement and glass building with a courtyard in front of it filled with plants.
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Nagel Photography // Shutterstock

#13. University of California-San Diego

- 40-year NPV: $1,622,000
- Median earnings after 10 years: $74,771
- Earn more than high school graduates after 10 years: 86%
- Net-price: $14,232
- Graduation rate: 87%
- Median debt: $14,988

An aerial view of campus focused on a large gray building with columns and many windows.
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Agnieszka Gaul // Shutterstock

#12. University of Michigan-Ann Arbor

- 40-year NPV: $1,646,000
- Median earnings after 10 years: $75,842
- Earn more than high school graduates after 10 years: 88%
- Net-price: $15,336
- Graduation rate: 93%
- Median debt: $16,633

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#11. University of Virginia-Main Campus

- 40-year NPV: $1,649,000
- Median earnings after 10 years: $77,048
- Earn more than high school graduates after 10 years: 88%
- Net-price: $20,397
- Graduation rate: 94%
- Median debt: $15,711

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#10. New Jersey Institute of Technology

- 40-year NPV: $1,717,000
- Median earnings after 10 years: $80,043
- Earn more than high school graduates after 10 years: 89%
- Net-price: $19,706
- Graduation rate: 66%
- Median debt: $17,500

Name and banners on street at entrance to university campus under a blue sky.
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Claudine Van Massenhove // Shutterstock

#9. California Polytechnic State University-San Luis Obispo

- 40-year NPV: $1,730,000
- Median earnings after 10 years: $80,643
- Earn more than high school graduates after 10 years: 87%
- Net-price: $21,595
- Graduation rate: 82%
- Median debt: $16,500

Three people wearing lab coats working in a lab.
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#8. Missouri University of Science and Technology

- 40-year NPV: $1,749,000
- Median earnings after 10 years: $80,289
- Earn more than high school graduates after 10 years: 89%
- Net-price: $14,262
- Graduation rate: 64%
- Median debt: $18,500

A large, red brick building with many windows.
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Sheila Fitzgerald // Shutterstock

#7. University of California-Berkeley

- 40-year NPV: $1,752,000
- Median earnings after 10 years: $80,364
- Earn more than high school graduates after 10 years: 87%
- Net-price: $15,329
- Graduation rate: 92%
- Median debt: $12,390

An aerial view of a large vessel with cargo containers., with many more like it in the background.
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#6. SUNY Maritime College

- 40-year NPV: $1,832,000
- Median earnings after 10 years: $84,443
- Earn more than high school graduates after 10 years: 90%
- Net-price: $20,616
- Graduation rate: 71%
- Median debt: $18,250

A sunset with the chapel and bell in the foreground.
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fisheradam13 // Shutterstock

#5. United States Merchant Marine Academy

- 40-year NPV: $1,880,000
- Median earnings after 10 years: $83,209
- Earn more than high school graduates after 10 years: 89%
- Net-price: $6,433
- Graduation rate: 82%
- Median debt: $7,000

A gray building with a tall tower a large piece of a stone with a placard in front of it.
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Framalicious // Shutterstock

#4. Colorado School of Mines

- 40-year NPV: $1,922,000
- Median earnings after 10 years: $90,060
- Earn more than high school graduates after 10 years: 90%
- Net-price: $26,750
- Graduation rate: 82%
- Median debt: $19,500

A red brick building with a tall tower in the center and concrete stairs leading to it.
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Rob Hainer // Shutterstock

#3. Georgia Institute of Technology-Main Campus

- 40-year NPV: $1,947,000
- Median earnings after 10 years: $88,196
- Earn more than high school graduates after 10 years: 91%
- Net-price: $14,739
- Graduation rate: 89%
- Median debt: $20,250

Buildings and ships anchored by the river.
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Yingna Cai // Shutterstock

#2. Massachusetts Maritime Academy

- 40-year NPV: $1,971,000
- Median earnings after 10 years: $91,668
- Earn more than high school graduates after 10 years: 92%
- Net-price: $20,485
- Graduation rate: 75%
- Median debt: $23,099

Black, red and white large vessel anchored in the port.
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MediaNews Group/Bay Area News via Getty Images // Getty Images

#1. California State University Maritime Academy

- 40-year NPV: $1,977,000
- Median earnings after 10 years: $91,461
- Earn more than high school graduates after 10 years: 91%
- Net-price: $20,597
- Graduation rate: 64%
- Median debt: $19,500

Additional writing by Jeff Inglis. Story editing by Ashleigh Graf. Copy editing by Kristen Wegrzyn. Photo selection by Ania Antecka.

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