Liberal Arts Colleges Can Make You More Money
We all know if you have a college degree that you have the potential to make more money than if you didn’t, but did you also know that getting one from a liberal arts college can help you out even more?
Can You Make More Money by Attending a Liberal Arts College?
A recent report by the Georgetown University Center on Education and the Workforce found that different colleges can give you a different ROI based on how much you paid for the degree and how much you can make after. You can also read our “Top 10 Colleges That Pay Off the Most Over 40 Years” for a list of schools that pay the most after 40 years.
Regarding liberal arts colleges, they found that their ROI was quite a bit higher than the median for all colleges. The difference is nearly $200,000. The ROI for liberal arts institutions was $918,000, while the ROI for all colleges was $723,000.
This report also shows that the ROI for a liberal arts college may be higher than for those attending engineering and business schools.
Possible Holes in the Georgetown Data
According to this Forbes article, there are some holes in the Georgetown data. Their numbers assume that median earnings will not grow after 10 years. So, it is likely that the ROI for all college options is much greater than estimated, including liberal arts institutions. They also didn’t include highly selective universities such as Stanford and Vanderbilt.
The report also only looked at students who received federal financial aid at the time of enrollment. It’s possible that those who didn’t take any aid or started later would push the ROI even higher.
Now, when it comes to choosing a college, how many people think about the investment? That isn’t usually how people choose a college, but it is something to keep in mind.
What is a liberal arts college, and how is it different than a university? At a liberal arts college, you may find it smaller than a university and offer smaller classes.
You might not find very many big lecture halls with Teaching Assistants like you would at a university. They focus more on students gaining a well-rounded education, and there is probably less emphasis on athletics at the school. They will also focus more on undergraduate degrees vs more research-based graduate degrees.
Top 10 GI Bill-Approved Liberal Arts Colleges in America
According to the U.S. News and World Report, the top 10 Liberal Arts Colleges in America are:
- Williams College in Williamstown, MA
- Amherst College in Amherst, MA
- Swarthmore College in Swarthmore, PA
- Bowdoin College in Brunswick, ME
- Middlebury College in Middlebury, VT
- Pomona College in Claremont, CA
- Wellesley College in Wellesley, MA
- Carleton College in Northfield, MN
- Claremont McKenna College in Claremont, CA
- Davidson College in Davidson, NC
These schools are all GI Bill-approved schools. Click the school name to find out more about the school, including whether the college is a Yellow Ribbon School or offers credit for military experience.
If you are looking for a college to attend, a liberal arts education can be a smart choice.
RELATED:
- Liberal Studies: The Perfect Degree
- Theology and Biblical Studies for Military and Veterans
- GI Bill-Approved Colleges with Music Degrees
- What Type Of School is Best for You?
About the author
Julie Provost is a freelance writer, and blogger. She lives in Tennessee with her National Guard husband and three boys.
