The growing student loan debt crisis is one of the most daunting public policy challenges of our time. In the last 10 years alone, total student loan debt more than doubled in the United States, overtaking both credit card debt and auto loans, and hitting an all-time high of $1.5 trillion.
This increase in debt is not attributable to growing enrollment. In fact, the number of Americans enrolled at undergraduate institutions fell by 7% — from 18.1 million in 2010 to 16.8 million in 2017. The more significant factor in the student debt crisis is the increasing cost of college — and the relatively low-paying careers that await some graduates.
The cost of attending a four-year college has climbed faster each decade since the 1980s. In the 2018-2019 academic year, it costs an average of $48,510 to attend a private nonprofit college — a 96% increase from the average inflation-adjusted cost of $24,800 in the 1988-1989 academic year. This is how much college cost the year you were born.
Meanwhile, at some of the nation’s top-ranked colleges and universities, over half of all alumni who took out loans earn less than $40,000 per year. 24/7 Wall St. reviewed the median earnings, 10 years after matriculation, of former students who received federal financial aid while attending school as a percentage of annual tuition and fees to identify the 50 top-ranked colleges that pay off the least. Earnings data by institution came from the U.S. Department of Education.
It is important to note that the earnings used to rank schools for this story are medians and are not representative of what all alumni earn. Earnings after graduation can often depend more on field of study than the institution itself. These are the highest- and lowest-paying college majors in America.
Click here to see the 50 top ranked colleges that pay off the least
Click here to read our methodology
Correction: Due to a data processing error, Union College and Emmanuel College were included in a previous version of this story. After their removal from this list, Sewanee-University of the South and Hartwick College have been added. Additionally, Wheaton College moved in rank from number 28 to number 21. Additionally, a previous version of this article incorrectly characterized median earnings as 10 years after graduation and cost of attendance as an average. In fact, the earnings figures noted are 10 years after enrollment and cost of attendance is full tuition and fees.
50. Sewanee-University of the South
> Median earnings 10 yrs. after entry: $45,500
> Annual cost of attendance: $45,120
> Location: Sewanee, TN
> Undergraduate enrollment: 1,702
49. Hartwick College
> Median earnings 10 yrs. after entry: $45,800
> Annual cost of attendance: $45,510
> Location: Oneonta, NY
> Undergraduate enrollment: 1,201
48. Kalamazoo College
> Median earnings 10 yrs. after entry: $48,700
> Annual cost of attendance: $48,516
> Location: Kalamazoo, MI
> Undergraduate enrollment: 1,436
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47. Wesleyan University
> Median earnings 10 yrs. after entry: $54,700
> Annual cost of attendance: $54,614
> Location: Middletown, CT
> Undergraduate enrollment: 2,976
46. Connecticut College
> Median earnings 10 yrs. after entry: $54,900
> Annual cost of attendance: $54,820
> Location: New London, CT
> Undergraduate enrollment: 1,817
45. Randolph College
> Median earnings 10 yrs. after entry: $39,700
> Annual cost of attendance: $39,695
> Location: Lynchburg, VA
> Undergraduate enrollment: 663
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44. Whitman College
> Median earnings 10 yrs. after entry: $51,300
> Annual cost of attendance: $51,764
> Location: Walla Walla, WA
> Undergraduate enrollment: 1,510
43. Ohio Wesleyan University
> Median earnings 10 yrs. after entry: $45,300
> Annual cost of attendance: $45,760
> Location: Delaware, OH
> Undergraduate enrollment: 1,565
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42. Carleton College
> Median earnings 10 yrs. after entry: $54,200
> Annual cost of attendance: $54,759
> Location: Northfield, MN
> Undergraduate enrollment: 2,078
41. Guilford College
> Median earnings 10 yrs. after entry: $36,400
> Annual cost of attendance: $36,965
> Location: Greensboro, NC
> Undergraduate enrollment: 1,674
40. Scripps College
> Median earnings 10 yrs. after entry: $54,100
> Annual cost of attendance: $55,024
> Location: Claremont, CA
> Undergraduate enrollment: 1,059
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39. Whittier College
> Median earnings 10 yrs. after entry: $46,800
> Annual cost of attendance: $47,886
> Location: Whittier, CA
> Undergraduate enrollment: 1,681
38. Mount Holyoke College
> Median earnings 10 yrs. after entry: $48,600
> Annual cost of attendance: $49,998
> Location: South Hadley, MA
> Undergraduate enrollment: 2,210
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37. Hobart and William Smith Colleges
> Median earnings 10 yrs. after entry: $53,500
> Annual cost of attendance: $55,255
> Location: Geneva, NY
> Undergraduate enrollment: 2,237
36. Vassar College
> Median earnings 10 yrs. after entry: $54,600
> Annual cost of attendance: $56,960
> Location: Poughkeepsie, NY
> Undergraduate enrollment: 2,353
35. Agnes Scott College
> Median earnings 10 yrs. after entry: $39,400
> Annual cost of attendance: $41,160
> Location: Decatur, GA
> Undergraduate enrollment: 921
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34. Eckerd College
> Median earnings 10 yrs. after entry: $42,200
> Annual cost of attendance: $44,540
> Location: St. Petersburg, FL
> Undergraduate enrollment: 1,957
33. Denison University
> Median earnings 10 yrs. after entry: $48,800
> Annual cost of attendance: $51,960
> Location: Granville, OH
> Undergraduate enrollment: 2,341
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32. Grinnell College
> Median earnings 10 yrs. after entry: $49,100
> Annual cost of attendance: $52,392
> Location: Grinnell, IA
> Undergraduate enrollment: 1,712
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31. Pitzer College
> Median earnings 10 yrs. after entry: $48,700
> Annual cost of attendance: $52,236
> Location: Claremont, CA
> Undergraduate enrollment: 1,112
30. Northland College
> Median earnings 10 yrs. after entry: $33,700
> Annual cost of attendance: $36,183
> Location: Ashland, WI
> Undergraduate enrollment: 635
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29. Lawrence University
> Median earnings 10 yrs. after entry: $44,100
> Annual cost of attendance: $47,475
> Location: Appleton, WI
> Undergraduate enrollment: 1,473
28. Occidental College
> Median earnings 10 yrs. after entry: $50,600
> Annual cost of attendance: $54,686
> Location: Los Angeles, CA
> Undergraduate enrollment: 2,055
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27. College of Wooster
> Median earnings 10 yrs. after entry: $46,300
> Annual cost of attendance: $50,250
> Location: Wooster, OH
> Undergraduate enrollment: 1,980
26. Skidmore College
> Median earnings 10 yrs. after entry: $49,700
> Annual cost of attendance: $54,270
> Location: Saratoga Springs, NY
> Undergraduate enrollment: 2,680
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25. The New School
> Median earnings 10 yrs. after entry: $44,500
> Annual cost of attendance: $48,631
> Location: New York, NY
> Undergraduate enrollment: 7,203
24. St. Lawrence University
> Median earnings 10 yrs. after entry: $50,100
> Annual cost of attendance: $54,846
> Location: Canton, NY
> Undergraduate enrollment: 2,414
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23. Lewis & Clark College
> Median earnings 10 yrs. after entry: $46,200
> Annual cost of attendance: $50,934
> Location: Portland, OR
> Undergraduate enrollment: 2,106
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22. Hollins University
> Median earnings 10 yrs. after entry: $35,400
> Annual cost of attendance: $39,035
> Location: Roanoke, VA
> Undergraduate enrollment: 645
21. Wheaton College
> Median earnings 10 yrs. after entry: $48,400
> Annual cost of attendance: $52,626
> Location: Norton, MA
> Undergraduate enrollment: 1,688
20. Smith College
> Median earnings 10 yrs. after entry: $46,200
> Annual cost of attendance: $52,404
> Location: Northampton, MA
> Undergraduate enrollment: 2,521
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19. Macalester College
> Median earnings 10 yrs. after entry: $47,600
> Annual cost of attendance: $54,348
> Location: St. Paul, MN
> Undergraduate enrollment: 2,136
18. Kenyon College
> Median earnings 10 yrs. after entry: $48,700
> Annual cost of attendance: $55,930
> Location: Gambier, OH
> Undergraduate enrollment: 1,677
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17. Hendrix College
> Median earnings 10 yrs. after entry: $39,700
> Annual cost of attendance: $45,790
> Location: Conway, AR
> Undergraduate enrollment: 1,238
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16. Wells College
> Median earnings 10 yrs. after entry: $35,100
> Annual cost of attendance: $40,700
> Location: Aurora, NY
> Undergraduate enrollment: 488
15. Knox College
> Median earnings 10 yrs. after entry: $39,700
> Annual cost of attendance: $46,554
> Location: Galesburg, IL
> Undergraduate enrollment: 1,356
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14. Beloit College
> Median earnings 10 yrs. after entry: $42,400
> Annual cost of attendance: $50,040
> Location: Beloit, WI
> Undergraduate enrollment: 1,402
13. Colorado College
> Median earnings 10 yrs. after entry: $45,400
> Annual cost of attendance: $55,470
> Location: Colorado Springs, CO
> Undergraduate enrollment: 2,107
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12. Reed College
> Median earnings 10 yrs. after entry: $42,200
> Annual cost of attendance: $54,200
> Location: Portland, OR
> Undergraduate enrollment: 1,415
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11. Sarah Lawrence College
> Median earnings 10 yrs. after entry: $43,000
> Annual cost of attendance: $55,900
> Location: Bronxville, NY
> Undergraduate enrollment: 1,399
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10. Earlham College
> Median earnings 10 yrs. after entry: $35,000
> Annual cost of attendance: $46,450
> Location: Richmond, IN
> Undergraduate enrollment: 1,060
9. Oberlin College
> Median earnings 10 yrs. after entry: $40,800
> Annual cost of attendance: $55,052
> Location: Oberlin, OH
> Undergraduate enrollment: 2,827
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8. Bard College
> Median earnings 10 yrs. after entry: $39,700
> Annual cost of attendance: $54,680
> Location: Annandale on Hudson, NY
> Undergraduate enrollment: 1,930
7. Warren Wilson College
> Median earnings 10 yrs. after entry: $25,600
> Annual cost of attendance: $36,280
> Location: Asheville, NC
> Undergraduate enrollment: 589
6. St. John’s College
> Median earnings 10 yrs. after entry: $36,900
> Annual cost of attendance: $53,218
> Location: Annapolis, MD
> Undergraduate enrollment: 458
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5. Marlboro College
> Median earnings 10 yrs. after entry: $27,600
> Annual cost of attendance: $40,840
> Location: Marlboro, VT
> Undergraduate enrollment: 183
4. St. John’s College
> Median earnings 10 yrs. after entry: $33,500
> Annual cost of attendance: $53,218
> Location: Santa Fe, NM
> Undergraduate enrollment: 322
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3. Bard College at Simon’s Rock
> Median earnings 10 yrs. after entry: $32,500
> Annual cost of attendance: $55,732
> Location: Great Barrington, MA
> Undergraduate enrollment: 400
2. College of the Atlantic
> Median earnings 10 yrs. after entry: $24,600
> Annual cost of attendance: $43,542
> Location: Bar Harbor, ME
> Undergraduate enrollment: 349
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1. Bennington College
> Median earnings 10 yrs. after entry: $29,500
> Annual cost of attendance: $53,860
> Location: Bennington, VT
> Undergraduate enrollment: 775
Methodology
To identify the 50 top-ranked colleges and universities that pay off the least, 24/7 Wall St. reviewed the median earnings of former students who received federal financial aid that are working and not enrolled in school 10 years after matriculation from the U.S. Department of Education, last updated in May 2019. We ranked the schools based on the average earnings as a percent of annual tuition and fees. We only considered schools from U.S. News & World Report’s 2019 rankings of the best national universities and liberal arts colleges, with the exception of U.S. service academies and universities for which data was not available. Tuition and fees data is for the 2018-2019 school year and also came from U.S. News & World Report. For public institutions, in-state tuition is listed.
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