A Michigan Tech Education Pays Off
May 7, 2012—
Is a college education a good investment? No question about it, according to a report just issued by the web site PayScale.com. In its 2012 Return on Investment (ROI) rankings, PayScale reports that a bachelor’s degree from Michigan Technological University can be expected to yield more than $450,000 more than a high school diploma over 30 years.
Michigan Tech placed 102nd among 850 US colleges and universities ranked in PayScale’s latest ROI report. According to the report, a bachelor’s degree from Michigan Tech yields a return on investment of 9.6 to 11.1 percent.
“You would have a difficult time getting 11 percent every year going forward in the stock market without taking on a lot of risk,” said President Glenn D. Mroz. “And this is an investment people make in themselves that pays dividends beyond a simple ROI, since it affects a person's quality of life and that of their family, often for generations.”
The ROI report also compared the cost of a degree at each of the colleges and universities ranked. It says a degree from Michigan Tech cost an average of $103,200, including tuition, fees, room and board, and books and supplies, with 91 percent of students receiving financial aid. At the top 10 schools on PayScale’s ROI list—all private—a degree costs between $203,500 and $212,900.
“The top of the list is dominated by expensive private schools and public universities with a strong STEM focus, demonstrating the value of STEM degrees,” Mroz pointed out.
Jacqueline Huntoon, dean of the Graduate School at Michigan Tech, agreed. “I think this is a more rational ranking than the US News report, since it is based less on other academics' perceptions and more on student outcomes,” she said.
Michigan Technological University (www.mtu.edu) is a leading public research university developing new technologies and preparing students to create the future for a prosperous and sustainable world. Michigan Tech offers more than 120 undergraduate and graduate degree programs in engineering; forest resources; computing; technology; business; economics; natural, physical and environmental sciences; arts; humanities; and social sciences.