ROI in Higher Education

FREOPP’s landmark report calculates return on investment (ROI) for tens of thousands of higher education programs across America

Key Findings

  • This report estimates return on investment (ROI) - how much college increases lifetime earnings, minus the costs of college - for 53,000 different degree and certificate programs.
  • Bachelor’s degree programs have a median ROI of $160,000, but the payoff varies by field of study. Engineering, computer science, nursing, and economics degrees have the highest ROI.
  • Associate degree and certificate programs have variable ROI, depending on the field of study. Two-year degrees in liberal arts have no ROI, while certificates in the technical trades have a higher payoff than the typical bachelor’s degree.
  • Nearly half of master’s degree programs leave students financially worse off. However, professional degrees in law, medicine, and dentistry are extremely lucrative.
  • Around a third of federal Pell Grant and student loan funding pays for programs that do not provide students with a return on investment.

Go Deeper

Use the links below to explore more of FREOPP’s research on ROI in higher education.