What’s the ROI for a college degree?
A report released this week tries to capture the return on investment of going to a specific university or getting a certain college major.
For example, a degree from Harvey Mudd College will cost you just under $229,500, according to Payscale’s fifth annual survey. But the return on that investment — meaning how much money you’ll actually make because you attended Harvey Mudd — is nearly $1 million dollars over 20 years.
Not surprisingly, engineering schools give the best return. But even the report’s authors say future earnings shouldn’t dictate a college choice.
“What we’re trying to say is make sure that you go to the right school for that choice that you’re making,” says Katie Bardaro, the lead economist on the report.
At the same time, college admissions counselors says they’re seeing colleges offer more job-focused degrees.
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