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The editors at Cheap Online Degrees decided to research the topic of
WHEN HIGHER EDUCATION DOESN'T PAY BACK
College is usually a good investment, but that is not the case for every single school in America. You may want to think about your decisions before you hand over that big tuition check.
5 WORST SCHOOLS FOR RETURN OF INVESTMENT (ROI)
Based on payscale's 2013 ROI report. Negative return of investment is where the cost of attending college actually outweighs the long term benefits.
- Florida Memorial University
- 2012 cost: $112,000
- Graduation rate: 42%
- Cost/Credit Hour for undergraduate: $516
- Over the past 30 years, graduates have had an avg. return investment of -$114,000
- Due to high percentage of graduates focusing on majors in criminal justice, psychology, and social work
- All majors with high social benefits and little financial benefits
University of Maine at Presque Isle
- Only state school to make top 5 for negative Return of Investment
- 2012 cost: $79,330
- Graduation rate: 30%
- Cost/ Credit hour: $220 for in state residents, $552 for out of state
- Over the past 30 years, graduates have had a return investment of -$124,000
- Due to production of lots of teachers who avg. only $55,418 for 2011 - 2012 in the U.S according to national education association
- 2012 cost: $92,280
- Graduation rate: 20%
- Cost/Credit hour: $431
- Over past 30 years, graduates have had a return investment of -$136,000
- Due to high concentration of majors such as education, criminal justice and social work
Valley Forge Christian College
- 2012 cost: $114,100
- Graduation Rate: 55%
- Tuition per year: $17,614
- Over the past 30 years, graduates have had a return investment of -$178,000 dollars
- Due to the most popular degree being religious studies
- Avg salary for religious studies as of 2012 is $42,000 dollars
The Art Institute of Pittsburgh
- 2012 cost: $155,000
- Graduation Rate: 37%
- Tuition/Credit Hour: $470
- Over the past 30 years, graduates have had a return investment of -$228,000
- the wall street journal reports that art school graduates average $21,576 in student debt while earning $40,000 a year in starting salary
ARE UNIVERSITIES WORTH IT?
A degree has always been considered the key to a good job. However, high fees and rising tuition costs, along with the shrinking financial and educational returns, have made higher education less profitable.
- 1 in 3 college students drop out after 1st year, wasting around 9 billion dollars every year
- Only 1 in 3 college students graduate debt free
- Avg. student debt - $26,000 dollars
- 44% of graduates delay buying a house due to college debt
- 39% of grads say it will take at least 10 years to pay off school loans
- 4 of the top 10 majors in college include majors that do not have much financial gain
- Communications, social sciences, english, psychology
- PEW Research Center reports 75% of Americans say college is too expensive with the average annual cost of a 4 year university being $15,100
- McKinsey & Co. reports that less than 50% of American employers believe that their new employees are adequately prepared by colleges or training programs.
- America has several skill mismatches.
- Microsoft reports that between 2010 and 2020, there will be over 120,000 computing jobs that will require a bachelors degree
- America only produces 40,000 degrees in computer science annually.
2013 is still a year of uncertainty and change for many colleges. They need to harness 4 areas to help improvement.
- Synchronize their work with the K-12 education system.
- Provide lower cost alternatives and control some rising costs.
- Take responsibility for, define and measure the skills they provide to students.
- Take control of technology in management and teaching.