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FREOPP.org'sCollege ROI Tool

Don't Commit to a College or Major Until Checking Its Return on Investment

This tool can help your family understand the estimated financial return of choosing a particular program at a particular school.

The Foundation for Research on Equal Opportunity (FREOPP) has calculated return on investment (ROI) for approximately 53,000 degree and certificate programs across the United States, including bachelor's degrees, associate degrees, undergraduate certificates, and graduate programs.

FREOPP combines information from sources including the U.S. Department of Education's College Scorecard, the U.S. Census Bureau's American Community Survey, the National Longitudinal Survey of Youth, the National Survey of College Graduates, the National Postsecondary Student Aid Study, and the Integrated Postsecondary Education Data System.

53,000 Degree and certificate programs analyzed
23% Of bachelor's degree programs have a negative expected ROI
6% Of bachelor's programs have expected ROI above $1 million
$160K Approximate median ROI for a bachelor's degree program

What Does “Return on Investment” Actually Mean?

Rather than simply asking, “How much do graduates from this college earn?”, FREOPP estimates the financial value of an individual program at an individual school.

Its ROI calculation considers the additional lifetime earnings associated with earning the credential, what the student might otherwise have earned without pursuing it, tuition and other education costs, lost earnings while attending school, and the risk of taking longer to graduate or not completing the program.

The Program You Choose Can Make an Enormous Difference

FREOPP found that 23% of bachelor's degree programs have a negative return on investment. In these programs, the expected increase in lifetime earnings is not enough to justify the financial costs and risks of pursuing the degree.

At the other end of the spectrum, 6% of bachelor's degree programs have an expected ROI greater than $1 million. The median bachelor's program has an estimated ROI of approximately $160,000, but outcomes vary dramatically depending on what and where a student studies. Engineering, computer science, nursing, and economics tend to have particularly strong returns.

A Four-Year Degree Isn't Always the Most Financially Valuable Option

FREOPP found that technical-trade certificate programs can have a higher payoff than the typical bachelor's degree.

At the same time, some associate degrees, certificates, and bachelor's degrees have little or even negative financial return. That's why we recommend comparing different credential types rather than automatically assuming that a four-year degree is the best financial choice.

How We Recommend Using the ROI Tool

  1. Start with your student's Area of Interest. For example, a student interested in technology can explore computer science, programming, information technology, cybersecurity, software, data science, and related programs together.
  2. Compare programs across multiple schools. The same general field can have dramatically different financial outcomes depending on the college and specific program.
  3. Look nationally before narrowing your search. Even if your student currently plans to stay in Tennessee, seeing programs around the country can provide valuable perspective.
  4. Then narrow by state, institution, and credential type. Compare bachelor's degrees, associate degrees, and certificate programs whenever appropriate.
ROI is important — but it isn't everything.

Money is not the only reason to pursue an education or career. A student may reasonably choose a lower-paying field because they value the work itself. The goal of this tool isn't to tell students what they must study. It's to make sure families understand the likely financial tradeoffs before making such a significant investment.

Research & Additional Resources

We encourage families to review the original research and compare information across multiple reputable sources.

FREOPP Full Analysis FREOPP Methodology FREOPP ROI Research College Scorecard PayScale College Salary Report

College Return on Investment Calculator

Search college programs by state, school, credential, and broad area of interest. Compare estimated earnings and lifetime return on investment before choosing a college or major.

Outliers tip: Start with the broad area your student is interested in—such as Computers & Technology, Health & Medicine, or Business. Then narrow by state or institution. This makes it easier to explore related majors without already knowing the exact program name.
How interest categories work: each category searches a group of related FREOPP program names. For example, Computers & Technology includes computer science, software, IT, cybersecurity, data science, programming, networking, and related programs.
Choose one or more filters, then click Search ROI Data.
State Institution Control Credential Field of study Early-career earnings Mid-career earnings ROI assuming on-time graduation ROI including completion risk
Data source: Foundation for Research on Equal Opportunity (FREOPP) public ROI datasets. FREOPP's ROI estimates compare expected lifetime earnings gains with tuition and foregone earnings. Read the FREOPP analysis  •  Methodology  •  View FREOPP's current dashboard

Note: this embedded Outliers search uses FREOPP's publicly downloadable source datasets. FREOPP periodically updates its dashboard, so individual figures on the current FREOPP site may differ from older downloadable dataset versions.