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?
Make More Money By Attending Liberal Arts Colleges
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.
With regard to liberal arts colleges, they found that the ROI of liberal arts colleges was quite a bit higher than the median for all colleges. The difference is nearly $200,000. The ROI for liberal arts institutions came out to be $918,000 while the ROI for all colleges is $723,000.
With this report, we also can see that the amount of ROI for a liberal arts college is a little more than for those that attend 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 there would be no growth in median earnings after 10 years. So, it is likely that the ROI for all college options is much greater than as estimated which would include liberal arts institutions. They also didn’t include highly selective universities like Stanford University and Vanderbilt University.
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 with aid later on 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? With a liberal arts college, you will find that they are typically smaller than a university, as well as having 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 of a focus on athletics at the school. They also will focus more on undergraduate degrees vs more researched-based graduate degrees.
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
If you are looking for a college to attend, a liberal arts education can be a smart choice.