PIMCO chief Bill Gross famously (or infamously, depending on your point of view) questioned the value of a college education, considering tuition costs against future earnings.
"A mind is a precious thing to waste, so why are millions of America's students wasting theirs by going to college?" Gross asked in 2011. "All of us who have been there know an undergraduate education is primarily a four-year vacation interrupted by periodic bouts of cramming or Google plagiarizing, but at least it used to serve a purpose. It weeded out underachievers and proved at a minimum that you could pass an SAT test."
Maybe there is something in what Gross said for students who choose schools with high tuition that leave them paying off loans for years after graduation. But not every university charges a king's ransom for the right to earn a degree. (And we'll wager that most students don't fit the slacker stereotype described by Gross.)
We started wondering which colleges offered the best return on investment. The website affordableschools.net undertook the task of figuring out which schools made for the best investments.
They started by only looking at colleges that charged no more than the average cost of a public institution for an in-state student. This year, the average is under $15,000 per year. The website then turned to payscale.com for salary information for the colleges deemed affordable to determine which had the best return on investment after 15 years.
If you need to be convinced that a college education can be a good investment, read on.
15. Michigan Tech
Location: Houghton, Mich.
4-Year Tuition: $53,880
15-Year Return: $1,154,250
ROI: 21 to 1
Starting Salary: $59,200
Mid-Career Salary: $94,700
14. New Jersey Institute of Technology
Location: Newark, N.J.
4-Year Tuition: $51,200
15-Year Return: $1,139,250
ROI: 22 to 1
Starting Salary: $53,900
Mid-Career Salary: $98,000
13. University of California – San Diego
Location: La Jolla, Calif.
4-Year Tuition: $48,768
15-Year Return: $1,127,250
ROI: 23 to 1
Starting Salary: $49,300
Mid-Career Salary: $101,000
12. University of California – Berkeley
Location: Berkeley, Calif.
4-Year Tuition: $51,456
15-Year Return: $1,242,750
ROI: 24 to 1
Starting Salary: $54,700
Mid-Career Salary: $111,000
11. California Poly
Location: San Luis Obispo, Calif.
4-Year Tuition: $34,092
15-Year Return: $1,148,250
ROI: 33 to 1
Starting Salary: $54,000
Mid-Career Salary: $99,100
10. South Dakota School of Mines & Technology
Location: Rapid City, S.D.
4-Year Tuition: $32,960
15-Year Return: $1,156,500
ROI: 35 to 1
Starting Salary: $62,400
Mid-Career Salary: $91,800
15-Year Return: $1,156,500
9. Missouri University of Science and Technology
Location: Rolla, Mo.
4-Year Tuition: $31,784
15-Year Return: $1,185,000
ROI: 37 to 1
Starting Salary: $61,900
