The student debt crisis is one of the most pressing public policy challenges of our time. Americans owe an estimated $1.6 trillion in student loans — more than any other form of debt after mortgages. And with some schools charging tens of thousands of dollars in tuition a year, it is easy to see why.
Using data from the U.S. Department of Education, 24/7 Wall St. identified the most expensive colleges that pay off the least. Schools were ranked based on average annual cost of attendance as a percentage of the average salary of alumni 10 years after matriculation. We only considered alumni who took out federal loans and are employed and only schools with undergraduate enrollment of at least 100 and average annual cost of at least $30,000 were considered.
The typical alumni of colleges on this list earn anywhere from $19,700 to $51,100 a year, equivalent to anywhere from 86% of one year tuition to 189%. In these cases, it can take them decades to pay off student loans, if they ever fully can.
According to the College Board’s 2018 Trends in College Pricing Report, the average in-state tuition and fees at four-year public colleges is $10,230 — less than a third of the average tuition and fee price of $36,890 at private four-year schools. Perhaps not surprisingly, every school on this list is private. Some rank among the most expensive schools in the country. Here is a list of the most expensive college in every state.
School attendance cost is only half of the equation, however. The other half is the types of jobs awaiting students after graduation.
The majority of schools on this list are art schools, specializing in fields like music, film, visual arts, and fashion. Aspiring musicians and writers face crowded, highly competitive fields upon entering the workforce. Those in crafts or fine art are also highly susceptible to economic downturns, as people are less likely to make non-essential purchases if they do not think can afford to do so. Actors are typically paid hourly, and steady work can be hard to come by.
Many of the jobs in these areas, while creatively fulfilling, are not especially high paying — especially for those who invested the time and money necessary to obtain a bachelor’s degree. These are the lowest paying jobs for college graduates.
Click here to see the most expensive colleges that pay off the least
Click here to read our methodology
Source: Rick Diamond / Getty Images
50. Watkins College of Art Design & Film
> Location: Nashville, TN
> Median earnings 10 yrs. after entry: $36,500
> Average annual cost of attendance: $31,401
> Attendance cost as a share of median earnings: 86.0%
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Source: edenpictures / Flickr
49. Marymount Manhattan College
> Location: New York, NY
> Median earnings 10 yrs. after entry: $41,400
> Average annual cost of attendance: $36,086
> Attendance cost as a share of median earnings: 87.2%
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Source: Courtesy of Sierra Nevada College
48. Sierra Nevada College
> Location: Incline Village, NV
> Median earnings 10 yrs. after entry: $42,100
> Average annual cost of attendance: $37,264
> Attendance cost as a share of median earnings: 88.5%
Source: warrenlemay / Flickr
47. Cleveland Institute of Music
> Location: Cleveland, OH
> Median earnings 10 yrs. after entry: $40,100
> Average annual cost of attendance: $35,603
> Attendance cost as a share of median earnings: 88.8%
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Source: Courtesy of Lynn University
46. Lynn University
> Location: Boca Raton, FL
> Median earnings 10 yrs. after entry: $39,300
> Average annual cost of attendance: $35,077
> Attendance cost as a share of median earnings: 89.3%
Source: DeLarge77 / Wikimedia Commons
45. Southern New Hampshire University
> Location: Manchester, NH
> Median earnings 10 yrs. after entry: $45,400
> Average annual cost of attendance: $40,617
> Attendance cost as a share of median earnings: 89.5%
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Source: Courtesy of Erskine College
44. Erskine College
> Location: Due West, SC
> Median earnings 10 yrs. after entry: $37,400
> Average annual cost of attendance: $33,799
> Attendance cost as a share of median earnings: 90.4%
Source: DanielPenfield / Wikimedia Commons
43. Rhode Island School of Design
> Location: Providence, RI
> Median earnings 10 yrs. after entry: $51,100
> Average annual cost of attendance: $46,277
> Attendance cost as a share of median earnings: 90.6%
Source: Beyond My Ken / Wikimedia Commons
42. The New School
> Location: New York, NY
> Median earnings 10 yrs. after entry: $44,500
> Average annual cost of attendance: $40,819
> Attendance cost as a share of median earnings: 91.7%
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Source: 149561324@N03 / Flickr
41. Columbia College Chicago
> Location: Chicago, IL
> Median earnings 10 yrs. after entry: $34,400
> Average annual cost of attendance: $31,597
> Attendance cost as a share of median earnings: 91.9%
Source: Courtesy of Otis College of Art and Design
40. Otis College of Art and Design
> Location: Los Angeles, CA
> Median earnings 10 yrs. after entry: $44,900
> Average annual cost of attendance: $41,501
> Attendance cost as a share of median earnings: 92.4%
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Source: kajjers / Flickr
39. Tuskegee University
> Location: Tuskegee, AL
> Median earnings 10 yrs. after entry: $35,500
> Average annual cost of attendance: $32,907
> Attendance cost as a share of median earnings: 92.7%
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Source: Courtesy of Cleveland Institute of Art
38. Cleveland Institute of Art
> Location: Cleveland, OH
> Median earnings 10 yrs. after entry: $36,600
> Average annual cost of attendance: $34,119
> Attendance cost as a share of median earnings: 93.2%
Source: terryballard / Flickr
37. The College of New Rochelle
> Location: New Rochelle, NY
> Median earnings 10 yrs. after entry: $33,900
> Average annual cost of attendance: $31,631
> Attendance cost as a share of median earnings: 93.3%
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Source: Courtesy of Emerson College
36. Emerson College
> Location: Boston, MA
> Median earnings 10 yrs. after entry: $46,600
> Average annual cost of attendance: $43,965
> Attendance cost as a share of median earnings: 94.3%
Source: Thomson200 / Wikimedia Commons
35. Clark Atlanta University
> Location: Atlanta, GA
> Median earnings 10 yrs. after entry: $35,500
> Average annual cost of attendance: $33,496
> Attendance cost as a share of median earnings: 94.4%
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Source: Public Domain / Wikimedia Commons
34. University of Rio Grande
> Location: Rio Grande, OH
> Median earnings 10 yrs. after entry: $33,900
> Average annual cost of attendance: $32,597
> Attendance cost as a share of median earnings: 96.2%
Source: JimmyV / Wikimedia Commons
33. The Restaurant School at Walnut Hill College
> Location: Philadelphia, PA
> Median earnings 10 yrs. after entry: $33,000
> Average annual cost of attendance: $32,364
> Attendance cost as a share of median earnings: 98.1%
Source: Bandwidth47 / Wikimedia Commons
32. High Point University
> Location: High Point, NC
> Median earnings 10 yrs. after entry: $39,000
> Average annual cost of attendance: $38,741
> Attendance cost as a share of median earnings: 99.3%
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Source: Boogich / Getty Images
31. The Juilliard School
> Location: New York, NY
> Median earnings 10 yrs. after entry: $32,800
> Average annual cost of attendance: $32,829
> Attendance cost as a share of median earnings: 100.1%
Source: John Phelan / Wikimedia Commons
30. Bay State College
> Location: Boston, MA
> Median earnings 10 yrs. after entry: $32,100
> Average annual cost of attendance: $32,388
> Attendance cost as a share of median earnings: 100.9%
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Source: Courtesy of Pratt Institute via Facebook
29. Pratt Institute-Main
> Location: Brooklyn, NY
> Median earnings 10 yrs. after entry: $43,400
> Average annual cost of attendance: $43,969
> Attendance cost as a share of median earnings: 101.3%
Source: Courtesy of FIDM
28. FIDM-Fashion Institute of Design & Merchandising-San Francisco
> Location: San Francisco, CA
> Median earnings 10 yrs. after entry: $37,200
> Average annual cost of attendance: $37,943
> Attendance cost as a share of median earnings: 102.0%
Source: Courtesy of Moore College of Art and Design via Facebook
27. Moore College of Art and Design
> Location: Philadelphia, PA
> Median earnings 10 yrs. after entry: $33,300
> Average annual cost of attendance: $34,369
> Attendance cost as a share of median earnings: 103.2%
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Source: Courtesy of Platt College-San Diego via Facebook
26. Platt College-San Diego
> Location: San Diego, CA
> Median earnings 10 yrs. after entry: $37,000
> Average annual cost of attendance: $38,270
> Attendance cost as a share of median earnings: 103.4%
Source: Courtesy of American Academy of Art via Facebook
25. American Academy of Art
> Location: Chicago, IL
> Median earnings 10 yrs. after entry: $31,100
> Average annual cost of attendance: $32,210
> Attendance cost as a share of median earnings: 103.6%
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Source: mizoula / Getty Images
24. School of Visual Arts
> Location: New York, NY
> Median earnings 10 yrs. after entry: $41,800
> Average annual cost of attendance: $43,387
> Attendance cost as a share of median earnings: 103.8%
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Source: aimintang / Getty Images
23. Maryland Institute College of Art
> Location: Baltimore, MD
> Median earnings 10 yrs. after entry: $37,300
> Average annual cost of attendance: $38,763
> Attendance cost as a share of median earnings: 103.9%
Source: Courtesy of Bard College at Simon's Rock
22. Bard College at Simon’s Rock
> Location: Great Barrington, MA
> Median earnings 10 yrs. after entry: $32,500
> Average annual cost of attendance: $35,064
> Attendance cost as a share of median earnings: 107.9%
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Source: Courtesy of Laguna College of Art and Design via Facebook
21. Laguna College of Art and Design
> Location: Laguna Beach, CA
> Median earnings 10 yrs. after entry: $32,900
> Average annual cost of attendance: $36,095
> Attendance cost as a share of median earnings: 109.7%
Source: RiverNorthPhotography / Getty Images
20. Savannah College of Art and Design
> Location: Savannah, GA
> Median earnings 10 yrs. after entry: $36,400
> Average annual cost of attendance: $40,694
> Attendance cost as a share of median earnings: 111.8%
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Source: Courtesy of SAE Institute of Technology-Nashville via Facebook
19. SAE Institute of Technology-Nashville
> Location: Nashville, TN
> Median earnings 10 yrs. after entry: $33,600
> Average annual cost of attendance: $37,605
> Attendance cost as a share of median earnings: 111.9%
Source: Courtesy of FIDM via Facebook
18. FIDM-Fashion Institute of Design & Merchandising-Los Angeles
> Location: Los Angeles, CA
> Median earnings 10 yrs. after entry: $37,200
> Average annual cost of attendance: $41,645
> Attendance cost as a share of median earnings: 111.9%
Source: Carlos Albizu University / Wikimedia Commons
17. Carlos Albizu University-Miami
> Location: Miami, FL
> Median earnings 10 yrs. after entry: $30,200
> Average annual cost of attendance: $33,833
> Attendance cost as a share of median earnings: 112.0%
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Source: Beyond My Ken / Wikimedia Commons
16. The University of the Arts
> Location: Philadelphia, PA
> Median earnings 10 yrs. after entry: $32,600
> Average annual cost of attendance: $36,721
> Attendance cost as a share of median earnings: 112.6%
Source: Courtesy of The New England Conservatory of Music
15. The New England Conservatory of Music
> Location: Boston, MA
> Median earnings 10 yrs. after entry: $32,100
> Average annual cost of attendance: $37,507
> Attendance cost as a share of median earnings: 116.8%
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Source: Photo by Mario Gallucci / Lradon / Wikimedia Commons
14. Pacific Northwest College of Art
> Location: Portland, OR
> Median earnings 10 yrs. after entry: $27,400
> Average annual cost of attendance: $32,541
> Attendance cost as a share of median earnings: 118.8%
Source: Courtesy of SCI-Arc
13. Southern California Institute of Architecture
> Location: Los Angeles, CA
> Median earnings 10 yrs. after entry: $43,100
> Average annual cost of attendance: $51,190
> Attendance cost as a share of median earnings: 118.8%
Source: anthonyturducken / Flickr
12. Memphis College of Art
> Location: Memphis, TN
> Median earnings 10 yrs. after entry: $27,100
> Average annual cost of attendance: $32,368
> Attendance cost as a share of median earnings: 119.4%
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Source: Bobak Ha'Eri / Wikimedia Commons
11. California Institute of the Arts
> Location: Valencia, CA
> Median earnings 10 yrs. after entry: $37,900
> Average annual cost of attendance: $46,101
> Attendance cost as a share of median earnings: 121.6%
Source: Beyond My Ken / Wikimedia Commons
10. School of the Art Institute of Chicago
> Location: Chicago, IL
> Median earnings 10 yrs. after entry: $33,500
> Average annual cost of attendance: $41,935
> Attendance cost as a share of median earnings: 125.2%
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Source: Joe Mabel / Wikimedia Commons
9. Cornish College of the Arts
> Location: Seattle, WA
> Median earnings 10 yrs. after entry: $29,100
> Average annual cost of attendance: $36,762
> Attendance cost as a share of median earnings: 126.3%
Source: Mr. Granger / Wikimedia Commons
8. American Musical and Dramatic Academy
> Location: New York, NY
> Median earnings 10 yrs. after entry: $28,000
> Average annual cost of attendance: $40,246
> Attendance cost as a share of median earnings: 143.7%
Source: Courtesy of Manhattan School of Music
7. Manhattan School of Music
> Location: New York, NY
> Median earnings 10 yrs. after entry: $32,300
> Average annual cost of attendance: $47,116
> Attendance cost as a share of median earnings: 145.9%
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Source: BART
6. San Francisco Art Institute
> Location: San Francisco, CA
> Median earnings 10 yrs. after entry: $31,900
> Average annual cost of attendance: $46,570
> Attendance cost as a share of median earnings: 146.0%
Source: Courtesy of Ringling College of Art and Design
5. Ringling College of Art and Design
> Location: Sarasota, FL
> Median earnings 10 yrs. after entry: $33,200
> Average annual cost of attendance: $48,490
> Attendance cost as a share of median earnings: 146.1%
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Source: ChandraDhas / Getty Images
4. Berklee College of Music
> Location: Boston, MA
> Median earnings 10 yrs. after entry: $30,300
> Average annual cost of attendance: $47,270
> Attendance cost as a share of median earnings: 156.0%
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Source: Landmark College
3. Landmark College
> Location: Putney, VT
> Median earnings 10 yrs. after entry: $23,600
> Average annual cost of attendance: $41,405
> Attendance cost as a share of median earnings: 175.4%
Source: aimintang / Getty Images
2. Pennsylvania Academy of the Fine Arts
> Location: Philadelphia, PA
> Median earnings 10 yrs. after entry: $20,200
> Average annual cost of attendance: $36,790
> Attendance cost as a share of median earnings: 182.1%
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Source: maltman23 / Flickr
1. San Francisco Conservatory of Music
> Location: San Francisco, CA
> Median earnings 10 yrs. after entry: $19,700
> Average annual cost of attendance: $37,289
> Attendance cost as a share of median earnings: 189.3%
Methodology
To identify the most expensive colleges that pay off the least, 24/7 Wall St. reviewed data from the Department of Education on median income for college alumni who took out federal loans 10 years after enrollment, which we calculated as a share of the average cost of attendance for Title IV institutions (public and private) 4-year institutions with data for median earnings and average cost. Only colleges with average tuition of $30,000 or greater and undergraduate enrollment of at least 100 were considered.
The colleges with the largest percentage gaps between median earnings and average price were considered the institutions that paid off the least. Average cost of attendance was calculated using IPEDS data on costs by institution, including tuition and fees, supplies, and financial aid. Undergraduate student enrollment came from College Navigator, a tool provided by the National Center for Education Statistics and is for the most recent year available.
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