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.Â
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.Â
Meanwhile, at some of the nation’s top-ranked colleges and universities, over half of graduates who took out loans earn less than $40,000 per year. 24/7 Wall St. reviewed the median earnings, 10 years after graduation, of former students who received federal financial aid while attending school as a percentage of average 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.Â
It is important to note that the earnings used to rank schools for this story are medians and are not representative of what all graduates 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
Source: icpigallery / Flickr
50. Kalamazoo College
> Median graduate earnings 10 yrs. after entry: $48,700
> Avg. annual cost of attendance: $48,516
> Location: Kalamazoo, MI
> Undergraduate enrollment: 1,436
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Source: DenisTangneyJr / Getty Images
49. Wesleyan University
> Median graduate earnings 10 yrs. after entry: $54,700
> Avg. annual cost of attendance: $54,614
> Location: Middletown, CT
> Undergraduate enrollment: 2,976
Source: romanboed / Flickr
48. Connecticut College
> Median graduate earnings 10 yrs. after entry: $54,900
> Avg. annual cost of attendance: $54,820
> Location: New London, CT
> Undergraduate enrollment: 1,817
Source: Courtesy of Randolph College
47. Randolph College
> Median graduate earnings 10 yrs. after entry: $39,700
> Avg. annual cost of attendance: $39,695
> Location: Lynchburg, VA
> Undergraduate enrollment: 663
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Source: joeshlabotnik / Flickr
46. Whitman College
> Median graduate earnings 10 yrs. after entry: $51,300
> Avg. annual cost of attendance: $51,764
> Location: Walla Walla, WA
> Undergraduate enrollment: 1,510
Source: Courtesy of Ohio Wesleyan University
45. Ohio Wesleyan University
> Median graduate earnings 10 yrs. after entry: $45,300
> Avg. annual cost of attendance: $45,760
> Location: Delaware, OH
> Undergraduate enrollment: 1,565
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Source: JenniferPhotographyImaging / Getty Images
44. Carleton College
> Median graduate earnings 10 yrs. after entry: $54,200
> Avg. annual cost of attendance: $54,759
> Location: Northfield, MN
> Undergraduate enrollment: 2,078
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Source: Courtesy of Guilford College
43. Guilford College
> Median graduate earnings 10 yrs. after entry: $36,400
> Avg. annual cost of attendance: $36,965
> Location: Greensboro, NC
> Undergraduate enrollment: 1,674
Source: skyfaller / Flickr
42. Scripps College
> Median graduate earnings 10 yrs. after entry: $54,100
> Avg. annual cost of attendance: $55,024
> Location: Claremont, CA
> Undergraduate enrollment: 1,059
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Source: IngerAlHaosului / Wikimedia Commons
41. Whittier College
> Median graduate earnings 10 yrs. after entry: $46,800
> Avg. annual cost of attendance: $47,886
> Location: Whittier, CA
> Undergraduate enrollment: 1,681
Source: LawrenceSawyer / Getty Images
40. Mount Holyoke College
> Median graduate earnings 10 yrs. after entry: $48,600
> Avg. annual cost of attendance: $49,998
> Location: South Hadley, MA
> Undergraduate enrollment: 2,210
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Source: DebraMillet / Getty Images
39. Hobart and William Smith Colleges
> Median graduate earnings 10 yrs. after entry: $53,500
> Avg. annual cost of attendance: $55,255
> Location: Geneva, NY
> Undergraduate enrollment: 2,237
Source: fdastudillo / Getty Images
38. Vassar College
> Median graduate earnings 10 yrs. after entry: $54,600
> Avg. annual cost of attendance: $56,960
> Location: Poughkeepsie, NY
> Undergraduate enrollment: 2,353
Source: jkdatlanta / Flickr
37. Agnes Scott College
> Median graduate earnings 10 yrs. after entry: $39,400
> Avg. annual cost of attendance: $41,160
> Location: Decatur, GA
> Undergraduate enrollment: 921
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Source: Courtesy of Eckerd College
36. Eckerd College
> Median graduate earnings 10 yrs. after entry: $42,200
> Avg. annual cost of attendance: $44,540
> Location: St. Petersburg, FL
> Undergraduate enrollment: 1,957
Source: Denisonfan / Wikimedia Commons
35. Denison University
> Median graduate earnings 10 yrs. after entry: $48,800
> Avg. annual cost of attendance: $51,960
> Location: Granville, OH
> Undergraduate enrollment: 2,341
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Source: Wolterk / Getty Images
34. Grinnell College
> Median graduate earnings 10 yrs. after entry: $49,100
> Avg. annual cost of attendance: $52,392
> Location: Grinnell, IA
> Undergraduate enrollment: 1,712
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Source: Public Domain / Wikimedia Commons
33. Pitzer College
> Median graduate earnings 10 yrs. after entry: $48,700
> Avg. annual cost of attendance: $52,236
> Location: Claremont, CA
> Undergraduate enrollment: 1,112
Source: stcroixriverway_nps / Flickr
32. Northland College
> Median graduate earnings 10 yrs. after entry: $33,700
> Avg. annual cost of attendance: $36,183
> Location: Ashland, WI
> Undergraduate enrollment: 635
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Source: JamesBrey / Getty Images
31. Lawrence University
> Median graduate earnings 10 yrs. after entry: $44,100
> Avg. annual cost of attendance: $47,475
> Location: Appleton, WI
> Undergraduate enrollment: 1,473
Source: Bill_Dally / Getty Images
30. Occidental College
> Median graduate earnings 10 yrs. after entry: $50,600
> Avg. annual cost of attendance: $54,686
> Location: Los Angeles, CA
> Undergraduate enrollment: 2,055
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Source: philly_18_percent_gray / Flickr
29. College of Wooster
> Median graduate earnings 10 yrs. after entry: $46,300
> Avg. annual cost of attendance: $50,250
> Location: Wooster, OH
> Undergraduate enrollment: 1,980
Source: kickstand / Getty Images
28. Wheaton College
> Median graduate earnings 10 yrs. after entry: $48,400
> Avg. annual cost of attendance: $52,626
> Location: Norton, MA
> Undergraduate enrollment: 1,688
Source: Peter Flass / Wikimedia Commons
27. Skidmore College
> Median graduate earnings 10 yrs. after entry: $49,700
> Avg. annual cost of attendance: $54,270
> Location: Saratoga Springs, NY
> Undergraduate enrollment: 2,680
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Source: Beyond My Ken / Wikimedia Commons
26. The New School
> Median graduate earnings 10 yrs. after entry: $44,500
> Avg. annual cost of attendance: $48,631
> Location: New York, NY
> Undergraduate enrollment: 7,203
Source: Courtesy of St. Lawrence University
25. St. Lawrence University
> Median graduate earnings 10 yrs. after entry: $50,100
> Avg. annual cost of attendance: $54,846
> Location: Canton, NY
> Undergraduate enrollment: 2,414
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Source: Lewis & Clark College / Wikimedia Commons
24. Lewis & Clark College
> Median graduate earnings 10 yrs. after entry: $46,200
> Avg. annual cost of attendance: $50,934
> Location: Portland, OR
> Undergraduate enrollment: 2,106
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Source: Courtesy of Hollins University
23. Hollins University
> Median graduate earnings 10 yrs. after entry: $35,400
> Avg. annual cost of attendance: $39,035
> Location: Roanoke, VA
> Undergraduate enrollment: 645
Source: MonsieurNapoléon / Wikimedia Commons
22. Smith College
> Median graduate earnings 10 yrs. after entry: $46,200
> Avg. annual cost of attendance: $52,404
> Location: Northampton, MA
> Undergraduate enrollment: 2,521
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Source: cogdog / Flickr
21. Macalester College
> Median graduate earnings 10 yrs. after entry: $47,600
> Avg. annual cost of attendance: $54,348
> Location: St. Paul, MN
> Undergraduate enrollment: 2,136
Source: curtsm / Flickr
20. Kenyon College
> Median graduate earnings 10 yrs. after entry: $48,700
> Avg. annual cost of attendance: $55,930
> Location: Gambier, OH
> Undergraduate enrollment: 1,677
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Source: Public Domain / Wikimedia Commons
19. Hendrix College
> Median graduate earnings 10 yrs. after entry: $39,700
> Avg. annual cost of attendance: $45,790
> Location: Conway, AR
> Undergraduate enrollment: 1,238
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Source: Courtesy of Wells College
18. Wells College
> Median graduate earnings 10 yrs. after entry: $35,100
> Avg. annual cost of attendance: $40,700
> Location: Aurora, NY
> Undergraduate enrollment: 488
Source: mattclare / Flickr
17. Knox College
> Median graduate earnings 10 yrs. after entry: $39,700
> Avg. annual cost of attendance: $46,554
> Location: Galesburg, IL
> Undergraduate enrollment: 1,356
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Source: firepile / Flickr
16. Beloit College
> Median graduate earnings 10 yrs. after entry: $42,400
> Avg. annual cost of attendance: $50,040
> Location: Beloit, WI
> Undergraduate enrollment: 1,402
Source: Courtesy of Emmanuel College
15. Emmanuel College
> Median graduate earnings 10 yrs. after entry: $33,600
> Avg. annual cost of attendance: $39,804
> Location: Boston, MA
> Undergraduate enrollment: 1,947
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Source: Mark Lee / Wikimedia Commons
14. Colorado College
> Median graduate earnings 10 yrs. after entry: $45,400
> Avg. annual cost of attendance: $55,470
> Location: Colorado Springs, CO
> Undergraduate enrollment: 2,107
Source: User:Cacophony / Wikimedia Commons
13. Reed College
> Median graduate earnings 10 yrs. after entry: $42,200
> Avg. annual cost of attendance: $54,200
> Location: Portland, OR
> Undergraduate enrollment: 1,415
Source: Courtesy of Sarah Lawrence College
12. Sarah Lawrence College
> Median graduate earnings 10 yrs. after entry: $43,000
> Avg. annual cost of attendance: $55,900
> Location: Bronxville, NY
> Undergraduate enrollment: 1,399
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Source: Earlham College / Wikimedia Commons
11. Earlham College
> Median graduate earnings 10 yrs. after entry: $35,000
> Avg. annual cost of attendance: $46,450
> Location: Richmond, IN
> Undergraduate enrollment: 1,060
Source: uschools / Getty Images
10. Oberlin College
> Median graduate earnings 10 yrs. after entry: $40,800
> Avg. annual cost of attendance: $55,052
> Location: Oberlin, OH
> Undergraduate enrollment: 2,827
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Source: nancykennedy / Getty Images
9. Bard College
> Median graduate earnings 10 yrs. after entry: $39,700
> Avg. annual cost of attendance: $54,680
> Location: Annandale on Hudson, NY
> Undergraduate enrollment: 1,930
Source: juliarosepethtel / Flickr
8. Warren Wilson College
> Median graduate earnings 10 yrs. after entry: $25,600
> Avg. annual cost of attendance: $36,280
> Location: Asheville, NC
> Undergraduate enrollment: 589
Source: smi23le / Wikimedia Commons
7. St. John’s College
> Median graduate earnings 10 yrs. after entry: $36,900
> Avg. annual cost of attendance: $53,218
> Location: Annapolis, MD
> Undergraduate enrollment: 458
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Source: jeffreywarren / Flickr
6. Marlboro College
> Median graduate earnings 10 yrs. after entry: $27,600
> Avg. annual cost of attendance: $40,840
> Location: Marlboro, VT
> Undergraduate enrollment: 183
Source: Courtesy of St. John's College
5. St. John’s College
> Median graduate earnings 10 yrs. after entry: $33,500
> Avg. annual cost of attendance: $53,218
> Location: Santa Fe, NM
> Undergraduate enrollment: 322
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Source: Courtesy of Bard College at Simon's Rock
4. Bard College at Simon’s Rock
> Median graduate earnings 10 yrs. after entry: $32,500
> Avg. annual cost of attendance: $55,732
> Location: Great Barrington, MA
> Undergraduate enrollment: 400
Source: UpstateNYer / Wikimedia Commons
3. Union College
> Median graduate earnings 10 yrs. after entry: $32,100
> Avg. annual cost of attendance: $55,290
> Location: Schenectady, NY
> Undergraduate enrollment: 2,267
Source: Courtesy of College of the Atlantic
2. College of the Atlantic
> Median graduate earnings 10 yrs. after entry: $24,600
> Avg. annual cost of attendance: $43,542
> Location: Bar Harbor, ME
> Undergraduate enrollment: 349
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Source: Courtesy of Bennington College
1. Bennington College
> Median graduate earnings 10 yrs. after entry: $29,500
> Avg. 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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