Tuition ROI HE
Tuition ROI HE -Do Elite Colleges Lead to Higher Salaries? Only for Some Professions
ILLUSTRATION: STUART BRADFORD
Tuition ROI HE – By ERIC R. EIDE and MICHAEL J. HILMER, Jan. 31, 2016 10:01 p.m. ET
Tuition ROI HE – For all the thought that families put into choosing a college, very often the decision is dominated by a simple line of reasoning: The more prestigious the school you attend, the higher your salary will be after you graduate.
So, they focus their efforts on getting their children into the best possible college they can afford, figuring that even if theyâre paying more tuition now, theyâre maximizing earnings down the road.
But that formula doesnât always hold true. And following it blindly can leave graduates burdened with much more debt than necessary when they get out of school.
We reached that conclusion after analyzing a survey of thousands of college graduates and looking at what they were making a decade after they got out of school. What we found: Diplomas from prestigious schools boost future earnings only in certain fields, while in other fields they simply donât make a difference.
Specifically, for business and other liberal-arts majors, the prestige of the school has a major impact on future earnings expectations. But for fields like science, technology, engineering and math, it largely doesnât matter whether students go to a prestigious, expensive school or a low-priced oneâexpected earnings turn out the same. So, families may be wasting money by chasing an expensive diploma in those fields.
How much of a role does the prestige of a college or university play in a student’s career success? Brigham Young University professor of economics Eric Eide, lead author of a broad study of college graduates, explains that is has a lot to do with a student’s major. Photo: Getty
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