Ten years ago, the government created “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, four years 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 earning early in their career.
The website featuring this 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 83% with an average annual cost of $15,000 after accounting for financial aid and scholarships. By clicking Rutgers University – New Brunswick, and expanding “Fields of Study,” one can access the median earnings of alumni sorted by major four years after graduation. By choosing Rutgers graduates with a degree in Computer and Information Sciences, for example, you will find median earnings of $114,399 four years after earning their bachelor’s degree, while those with a degree in Psychology were earning a median salary of $49,641.
Another way to use the College Scorecard is to search by “Fields of Study” and select a major of choice. By choosing Economics, for example, the names of 804 colleges appear that offer a bachelor’s degree in this field. In sorting by earnings, Duke University tops the list with median earnings, four years after graduation, of $153,139. Students with a degree from Harvard can expect $124,570, Boston College $93,934, Villanova $88,087, NYU $87,957, Drexel $83,676, Rutgers – New Brunswick $78,565, Penn State $75,421, University of Maryland $72,814, and TCNJ $67,369.
These schools have vastly different acceptance rates, 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 & director of Collegebound Review, offering PSAT/SAT® preparation & private college advising by Ivy League educated instructors. Visit CollegeboundReview.com or call 908-369-5362
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