College Scorecard Shows Actual Salaries of Alumni

Choosing a college can be a daunting experience, especially when it comes time to figure out the financing. Families often wonder which college will be the most cost effective, and which will likely launch the student into a well-paying first job.

It’s not a secret that students can expect to earn different salaries based on the college they attend, the degree they earn, and the field they choose for their future career. But now, thanks to the “College Scorecard,” these numbers are concrete and not an abstract concept.

Back in 2013, the Obama administration created the College Scorecard to be used as a type of Consumer Reports for colleges. Ever since then, data has been collected on colleges throughout the U.S. regarding the costs of attending, the graduation rates, and the actual salaries that alumni were earning (based on specific degrees) one year after graduation. Numbers don’t lie, so students and parents can now enter the college process wide-eyed, able to compare the cost of earning a particular degree at a specific college with the salary that its alumni are actually earning just twelve months after graduation.

The website featuring this wealth of information is collegescorecard.ed.gov. By typing in Rutgers, for example, then choosing the New Brunswick campus and Bachelor’s degree, data appears showing that the graduation rate (within 8 years of entering the school) is 81% with an average annual cost of $21,000. By then clicking “Fields of Study,” one can access information regarding the median earnings of alumni with different majors one year after graduation. Rutgers graduates with a degree in Civil Engineering, for example, enjoyed a median salary of $61,400 a year after earning their Bachelor’s degree, while those with a degree in Psychology were earning a median salary of $27,900.

Another way to use the College Scorecard is to go directly to “Academic Fields” and select a major of choice. By choosing Economics, for example, the names of 785 colleges appear that offer a degree in this field. After clicking into any of these schools, an option appears to identify the Salary After Completing by Field of Study.

Duke University’s alumni, with a Bachelor’s degree in Economics, enjoy a median salary of $89,800 a year after graduation. Harvard’s alumni in Economics report a median salary of $78,000, Boston College’s report $65,800, Villanova’s report $55,300 and Penn State’s report $47,800. Of course, all of these schools have different acceptance rates, as well as different costs of attendance and graduation rates. But the numbers are available, allowing all college-bound students and their families to make educated choices on one of the most impactful financial and social decisions of their lives. 

Susan Alaimo is the founder of SAT Smart. For the past 25 years, SAT Smart’s Ivy League educated tutors have prepared students for the PSAT, SAT, ACT, Subject Tests, AP courses, and all high school subjects. Visit www.SATsmart.com or call 908-369-5362