Earning a college degree requires a significant investment of both time and money. According to the College Board, the average cost of tuition and fees for the 2013-2014 school year was $30,094 at private colleges, $8,893 for state residents at public colleges, and $22,203 for out-of-state residents attending public universities.
The reason for making an investment in a college education is, of course, the expected return. According to a Georgetown University Center on Education and the Workforce study, bachelor's degree holders can expect median lifetime earnings approaching $2.3 million, nearly twice as much as workers with only a high school diploma. Clearly, the investment in a college education will pay off in the long run. How much it pays off, however, depends on how smart the investment was in the first place. Finding affordable schools with quality education programs that translate to real career potential is the critical first step.
Popular Online Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Best Online Colleges with High Returns
#1 Best Return On Investment Colleges
Harvard University
- Cambridge, MA
- 4 years
- Online + Campus
Established in 1636, Harvard University is a private Ivy League research institution in Cambridge, Massachusetts. Harvard comes in at the top of the list with a 20-year ROI of $1,031,816. With over 900 courses, 20 degree fields and 40 certificates, it's online extension school offers a variety of highly customizable bachelor's and master's degrees for distance learners.
In total, Harvard has about 6,700 undergraduate and 15,250 graduate students, all taught by about 2,400 faculty members. Online concentrations in the humanities, sciences and social sciences are available along with subdiscipline concentrations in all three.
As a graduate of Harvard, you have both online and offline alumni services and benefits, including the school's exclusive Crimson Careers database. From career and networking tools to electronic library services to the Harvard Club, graduates have access to valuable career-building resources. Along with competitive tuition costs for an Ivy League school, 55% of students receive grants. Additionally, at 98%, Harvard has one of highest graduation rates.
Percent Online Enrollment
38%
Percentage of all students who are enrolled online.
Accreditation
Yes
New England Commission on Higher Education
#2 Best Return On Investment Colleges
Stanford University
- Stanford, CA
- 4 years
- Online + Campus
With a 20-year net ROI of $992,564, Stanford University takes second place. The school has 2,219 faculty members and serves more than 7,000 undergraduate and 9,300 graduate students. It's well known for entrepreneurship, leadership, research and innovation, but the school also thrives in the arts. As a leader in computer science and technology, Stanford offers several online degrees, graduate certificates and professional programs through its School of Engineering to prepare students for a range of in-demand careers.
Post graduation, Stanford continues to support new grads and alumni in achieving their goals through its Alumni Association and extensive Alumni Career Services, which include professional education, career coaching, access to job boards and networking opportunities.
Examples of top employers of Stanford graduates include Accenture, Facebook, Apple, Google and McKinsey & Company. While Stanford is a highly selective school, it has a graduation rate of 96%, and about 48% of students receive grants.
Percent Online Enrollment
5%
Percentage of all students who are enrolled online.
Accreditation
Yes
Western Association of Schools and Colleges Senior Colleges and University Commission
#3 Best Return On Investment Colleges
Columbia University in the City of New York
- New York, NY
- 4 years
- Online + Campus
Serving over 27,900 students, Columbia has a 20-year net ROI of $653,444. This private Ivy League school in Upper Manhattan was founded in 1754 and is known, in part, for its undergraduate and graduate programs in public health.
Graduates of Columbia's public health program go on to secure prominent positions in the field at top research universities, progressive labs and antiviral centers as well as high-level positions in city departments of health and hygiene. Approximately 88% of Columbia's public health school graduates find employment in a health care field within 6 months of their graduation.
Columbia's graduation rate is a high 95%, with around 52% of those students receiving grant money throughout their education.
Each school within Columbia University has separate and specialized career services to provide students and alumni with the essential tools to manage their professional development. The alumni association helps graduates connect through global networking events and online tools. Alumni also have access to Columbia's Career Coaches Network. Columbia alumni can also work directly with career advisors to help build their resumes, find additional or continuing education materials, take online seminars and participate in skill-building workshops.
Percent Online Enrollment
23%
Percentage of all students who are enrolled online.
Accreditation
Yes
Middle States Commission on Higher Education
#4 Best Return On Investment Colleges
Bellevue University
- Bellevue, NE
- 4 years
- Online + Campus
Bellevue University is a not-for-profit institution located in Bellevue, Nebraska. With more than 10,000 graduate and undergraduate students, this private university has prioritized adult education and educational outreach since its establishment in 1966. Bellevue students can choose from over 80 degrees and certificates that can result in a significant return on their investment.
Ranked 6th, Bellevue has a 20-year net ROI of $104,404. In addition to having affordable in-state tuition costs, more than half of the student body receive grants while in attendance. Bellevue meets the demands of working adults by offering flexible schedules, career-relevant degree programs and over 75 fully online degree programs. Therefore, it is no surprise that many Bellevue students are 25-34 years old.
The Bellevue Foundation and Alumni Office offer programs and services to keep graduates connected in their professional lives post graduation. Beyond helpful online job boards and library resources, alumni have access to career preparation and job application services, specialized career coaches and a military veteran services center.
Acceptance Rate
Not provided
Percent Online Enrollment
95%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
#5 Best Return On Investment Colleges
Missouri University of Science and Technology
- Rolla, MO
- 4 years
- Online + Campus
Located in Rolla, the Missouri University of Science and Technology was founded in 1870. This public land and space grant institution has a student body of 8,884 and is known for its engineering, business, sciences and mathematics programs. The school offers 16 graduate degrees and certificates online as well as professional and continuing education programs.
This school may be particularly attractive for distance learners interested in pursuing degrees less commonly offered as an online program, such as master's degrees in aerospace engineering, chemical engineering, geotechnics and mining engineering. Missouri S&T also strives to help soon-to-be graduates and alumni prepare for and locate employment. Individual advising, workshops, job fairs and practice interviews are open to all students and alumni.
Missouri S&T offers a 20-year net ROI of $189,648. On top of competitive tuition, 82% of students receive grant funding. Graduates of these programs move on to successful careers at major corporations, such as Anheuser-Busch, Caterpillar, Chevron, General Motors and Sprint Nextel.
Percent Online Enrollment
40%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
#6 Best Return On Investment Colleges
Texas Tech University Health Sciences Center
- Lubbock, TX
- 4 years
- Online + Campus
Lubbock's Texas Tech University Health Science Center (TTUHSC) is a multi-campus institution that serves more than 100 counties in West Texas. Established in 1969, TTUHSC has a study body of 4,500 and offers a wide variety of graduate and undergraduate degrees online.
Consisting of three major schools- medicine, nursing and pharmacy- students can earn degrees in a number of health professions that will position them for a healthy return on their investment. TTUHSC offers a 20-year net ROI of $590,360.
Texas Tech University Health Science Center's career center offers students and alumni job preparation services, information sessions with hospital recruiters, access to a national job search database and connections to advantageous internships and residences in their specialized area of study. Graduates of this program move to work at top facilities, such as the Cleveland Clinic, United States Air Force Nurse Corps and health care employers around Texas.
Retention Rate
Not provided
Acceptance Rate
Not provided
Percent Online Enrollment
64%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#7 Best Return On Investment Colleges
Georgia Institute of Technology
- Atlanta, GA
- 4 years
- Online + Campus
Georgia Institute of Technology is a public research university located in Atlanta. The school has 31 academic departments located within 6 colleges and is well known for its engineering, computer science, business administration, design and liberal arts degree programs.
Georgia Tech has 1,740 teachers on campus, serving a student body of 29,400 students. Students can earn online graduate degrees, such as a master's degree in analytics, computer science or aerospace engineering, that will increase their earning potential and put them on a path toward a long, successful career.
Georgia Tech has a 20-year net ROI of $285,280. Its professional development services for alumni will help you develop new skills and refine those qualities that make you a unique, contributing member of the workforce. Alumni have access to Georgia Tech's JacketNet Jobs database, annual job fairs with over 100 employers, workshops, webinars and online networking resources reserved exclusively for Georgia Tech graduates.
Percent Online Enrollment
62%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#8 Best Return On Investment Colleges
Upstate Medical University
- Syracuse, NY
- 4 years
- Online + Campus
Upstate Medical University, located in Syracuse, New York, is a SUNY health sciences institution and is the second oldest medical school in the state. Upstate has a 20-year net ROI of $461,068. With a student population of 1,500, Upstate offers graduate degree programs within the Colleges of Medicine, Nursing, Health Professions and Graduate Studies.
Distance learners may take classes in a hybrid format for some majors, including degrees in information management and technology and nursing practice. Graduates of this university move on to successful careers with employers like Syracuse University, V.A. Medical Center, Verizon, Carrier Corp., Time Warner and St. Joseph's Hospital Health Center.
In many cases, more than 95% of graduates from the medical school secure employment within 6 months of graduating. Career services are available for students and alumni of each college, including career development workshops and guest lecturers to make sure students not only enter the job market confidently but also effectively advance their careers after securing a position.
Retention Rate
Not provided
Acceptance Rate
Not provided
Percent Online Enrollment
35%
Percentage of all students who are enrolled online.
Accreditation
Yes
Middle States Commission on Higher Education
#9 Best Return On Investment Colleges
Illinois Institute of Technology
- Chicago, IL
- 4 years
- Online + Campus
Illinois Institute of Technology is a private research institute located in Chicago. The school has 659 academic staff members and serves 7,300 students. Illinois Tech has a 20-year ROI of $215,828. Although this is selective school, Illinois Tech has a 100% graduation rate, and 67% of its students receive grants.
The school offers graduate and undergraduate degrees, 19 of which are available partially or fully online, in fields such as engineering, science, architecture and design. Upon graduation, 89% of undergraduates and 98% of graduate students secure jobs or continue their education to obtain an advanced degree.
Illinois Tech offers their current students and alumni a variety of career services, including workshops and events, career fairs, experiential learning opportunities, networking tools with alumni around the globe and one-on-one counseling. Additionally, with the help of the Career Services Office, many undergraduate students at Illinois Tech obtain part- or full-time internships that count for academic credit, offer some monetary compensation and strengthen students' resumes for the competitive job market upon graduation.
Percent Online Enrollment
41%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
#10 Best Return On Investment Colleges
Babson College
- Wellesley, MA
- 4 years
- Online + Campus
Established in 1919, Babson College is a private business school located in Wellesley, Massachusetts. Babson has an ROI of $547,820. With a low admittance rate of 24%, this highly selective school boasts a graduation rate of 90%. Among the students enrolled, 48% receive grant money.
Babson is known for cultivating an entrepreneurial spirit among its students and offers nearly 60 entrepreneurship-related classes. With its main campus in Wellesley and classroom locations in Boston, San Francisco and Miami, Babson offers its students several degrees in a hybrid format. Career development services are available for both undergraduate and graduate students.
Babson alumni who wish to pursue further education can apply for alumni scholarships and preferential tuition pricing. Additionally, alumni have access to in-person or online career counseling, job boards and several alumni networking organizations. Career advisors at Babson work tirelessly to secure the most relevant industry information and career insights for students' benefit.
Percent Online Enrollment
43%
Percentage of all students who are enrolled online.
Accreditation
Yes
New England Commission on Higher Education
At Affordable Colleges Online, we use a proprietary ranking system and data from reputable sources like the U.S. Department of Education to help you find the best school for your needs. Our most important metric -- affordability -- accounts for 60% of our formula. We also consider academic quality, program offerings, online enrollment, and graduation rates.
This ranking is from 2020. To learn more, consult our school ranking methodology.
What is ROI?
ROI, or return on investment, is a term that many have probably heard before. It's a performance or value metric that can be applied to all sorts of purchases to determine if something is worth one's money. If the benefits—or return—outweigh the investment, that's a good sign that the purchase will be worth it. In terms of higher education, ROI refers to the cost of attending college (investment) versus the graduate's future earnings (return). Because college students will be spending tens of thousands of dollars a year on education, it's important to determine a college's ROI before making any commitments. ROI, however, can be very subjective, and there is no one-size-fits-all calculation. An important factor to one student may not be as important to another. For example, student A may decide she needs personalized attention – typically characteristic of small private colleges – in order to do well, while student B can thrive in either a small or large environment.
Calculating the ROI of your degree is an important — if oft overlooked — step of the school selection process. At its most basic level, a school's ROI can be determined by While it can be difficult to determine, a school's ROI can be determined by weighing the cost of a school against the conferred degree's earning power. Using data from the Integrated Postsecondary Education Data System (IPEDS) and running it through our handcrafted methodology, ACO has come up with a list of schools that offer students the highest return on their tuition dollars.
Calculating Return on Investment (ROI)
With student loan debt reaching a record high of $1.2 trillion, according to NBC News, students and families are understandably concerned about the cost of a college education. Skyrocketing tuition rates have also lead many to question whether a degree is even worth it. Research has shown, however, that a degree does pay off, as long as it leads to a well-paying career and not just a job at the local coffee shop post graduation.
The harsh reality is that some colleges and degrees pay for themselves, while others don't, and in today's job market that's something all students need to seriously think about before enrolling in any college and degree program. Although ROI can be very personal, below are important factors that all students should consider:
The Investment: Total Cost of College
To calculate a college's ROI, the first step is to determine the total cost of college. While tuition and fees are amounts that most students look at, some tend to overlook other important expenses that can affect total cost. Examples of other expenses to consider include:
- Additional fees, such as technology, assessment, laboratory and health insurance fees
- Room and board
- Textbooks and supplies
- Personal living expenses
In addition to these expenses and fees, also consider the financial aid received, such as grants and scholarships. The financial aid consideration also applies to any online schools you may have in mind. In recent years, the federal government has pushed for increased transparency when it comes to college prices, so many schools now provide online calculators to help students and families estimate the total net costs. For a detailed rundown of how financial aid works at online colleges, see our in-depth guide.
Calculating Potential Debt
The potential debt that students accrue can greatly affect ROI. For example, if one's student loan debt at graduation is more than one's annual starting salary, that will be a problem. Ideally, a graduate should earn enough to meet all agreed repayment terms and conditions that came with the loan. This is when scholarships and grants will be beneficial. The more free money you can get, the less you'll have to borrow and eventually pay back.
The Return: Expected Future Income
How much a graduate will earn is key to calculate college ROI, as well as making smart decisions about student loans. Even if you're not sure of the amount, an educated guess will still be helpful as it'll be difficult to determine if you'll be able to earn back the money you invested in your degree without an idea of future income. The Bureau of Labor Statistics posts median wages for several industries and occupations. Sites such as salary.com are also useful for researching potential wages.
On a related note, one's major or field can greatly influence future salary. It's no surprise that an engineering degree will lead to a lucrative career, whereas a liberal arts degree will be much more varied, with some occupations even leading to little or no return at all. Therefore, when considering colleges, be sure to also think about your field of study and eventual career. If you're passion is in a field that doesn't pay well, it may be wise to consider a lower-cost college to maximize ROI.
According to salary.com, below are five majors that are a wise investment:
Other “Returns”
For many students, the primary concern is what they'll earn after graduating. Although definitely important, some students may also consider other subjective, qualitative returns such as personal development and enrichment, life experience, passion, and socialization. These may not translate directly into financial benefits, but considering the fact that you'll be committing a year, at the very least, of your life to being a student, they may help to keep you motivated and happy throughout the journey and can also positively affect you long after earning your cap and gown.
How Long Will it Take to Graduate?
Just because you're pursuing a four-year degree, doesn't necessarily mean that you'll actually finish in four years. In fact, according to the Institute of Education Sciences, in 2012, 59 percent of first-time, full-time undergraduate students completed their degrees in six years. That's two more years of tuition, fees, and student expenses that most likely weren't factored in at the beginning.
Time to graduation is particularly important for adult learners to consider. Because many adult students work part- or full-time while in school, it may take them longer than expected to complete a degree program. This extra time can also result in missed income opportunities. For example, if you're currently working full-time in marketing, but decide to go back to school for two years to earn an MBA, not only are you paying for an expensive degree, but you're most likely losing out on income by going to part-time employment or giving up your job entirely. One way to bypass this is to attend an affordable online college, which offers more flexibility so you can work towards your degree and still earn that full-time paycheck.
Additional Resources for Students
There are a number of free online tools and websites that students and families can use to estimate various college costs, including ROI. Below is a list of resources to help you make the most of your college investment:
Produced by The Chronicle of Higher Education and backed by the Bill & Melinda Gates Foundation, this website provides information on graduation rates, net price, potential earnings, and how long it will take for students to pay off loans so that students and families have all the facts and information they need to make smart decisions about higher education.
The College Board offers several tools and calculators as well as other information on paying for college to help students and families better prepare for the financial commitment of higher education.
Fidelity has compiled helpful information on various 529 savings plans as well as tools to estimate expected contributions and college costs.
For those interested in going back to school to earn a master's degree, LearnVest has created a tool to help prospective students determine whether grad school is actually worth it.
Most colleges and universities now have online net price calculators available on their websites, but sometimes they can still be hard to find. U.S. News has compiled a list of net price calculators for 300 top National Universities and National Liberal Arts Colleges.
In an effort to make college costs more transparent, the U.S. Department of Education launched the College Affordability and Transparency Center. Here, prospective students can find various information on colleges, including scorecards, net price calculators, and more.
FINRA's overall mission is to protect the public from fraud and bad practices and to promote fair financial markets. The organization has put together a whole section on smart saving for college, including a college savings calculator to figure out the annual amount you should be investing in order to have enough money to pay for all college costs.
CFPB offers all kinds of information on paying for college, financial aid, and repaying student debt.
Increasing college ROI often requires lots of careful budgeting. The DOE's Federal Student Aid Office offers the following financial tips.
The organization recently released a paper on college costs, prices and the Great Recession. Read the report to get a better understanding of the big picture.
