The coronavirus pandemic has dramatically changed what it means to attend — and apply to — college.
While many schools are planning to bring some students back to campus this fall, there is no guarantee that students will receive the traditional on-campus college experience.
At the same time, college costs have risen significantly over the past decade, while advancements in technology, especially automation, are making it harder to earn a living wage without some type of higher degree. Today, college graduates on average earn 80% more than those with just a high school diploma.
College is more expensive — and important — than ever before, and this dichotomy puts students in a difficult situation.
And because the coronavirus pandemic has considerably changed the on-campus experience — the benefits of which are impossible to quantify — more students and their parents are questioning the high price of tuition. This year more than ever, students have to ask, "Is this college worth the cost?"
CNBC Make It aims to provide the information students need to balance these considerations through our annual "50 Colleges that Pay Off the Most" ranking. The list spotlights 50 schools that provide students the highest average salaries for their tuition dollars.
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For our ranking, we divided the average net cost of a school for the average American student (taking tuition, fees, books, supplies and scholarships into account) by the average earnings of graduates 10 years after entering the workforce.
We calculated the average net cost using data from Tuition Tracker, a tool created by education-focused nonprofit news organization The Hechinger Report, and we calculated average earnings using data from the top 250 schools included in PayScale's College Salary Report, specifically considering the average earnings that college graduates report 10 years after graduating.
Next, we identified the true net cost of each college for the typical American student — including tuition, fees, books, supplies and other expenses — after subtracting scholarships and grants. We looked at the net cost for students from families making between $48,001 and $75,000, an income range established by the Department of Education. We chose to focus on this bracket because it includes the median U.S. household income, $61,372, as defined by the most recent 2018 census data.
The Hechinger Report calculates net cost by subtracting federal, state, local and institutional grants and scholarships from the sticker price for first-time, full-time (and, at public universities, in-state) undergraduates based on data provided by the U.S. Department of Education.
We excluded tuition-free institutions from the list, including military schools like West Point and U.S. Naval Academy, because the cost of post-college military service introduces an additional factor that's challenging to measure against other schools. For this reason, we also excluded military colleges that require ROTC service. You can read more about our methodology here.
Stanford University takes first place on the list. According to The Hechinger Report, the net cost for a student from a family that earns between $48,001 and $75,000 is $3,490 per year. Stanford graduates with more than 10 years of experience report average salaries of $145,200.
According to PayScale, 51% of Stanford students major in a science, technology, engineering or mathematics (STEM) field, a factor that contributes to high average salaries among graduates. And Stanford is known for providing robust financial aid. The average scholarship and grant total for students from families making less than $65,000 annually is $78,309 per year. Students from families making between $65,000 and $95,000 receive $68,323 on average in scholarships and grant aid.
While prestigious Ivy League schools such as Harvard and Princeton get top marks, a wide range of schools from across the U.S. are represented here. State schools like the University of Washington-Seattle, small liberal arts colleges like Pomona College in Claremont, California and STEM-focused schools like Georgia Institute of Technology also appear on this list, indicating that you don't have to attend the Ivy League to get a great return on your college investment.
Here is CNBC Make It's 2020 list of the top 50 U.S. colleges that pay off the most:
The top 25 private universities
1. Stanford University
Stanford University
David Butow | Getty Images
Stanford University, often referred to as a "West Coast Ivy," is located near Silicon Valley in Stanford, California. The highly selective school is known for its strong science, technology and engineering programs as well as its successful athletics programs. Stanford enrolls approximately 7,083 undergraduate students.
Average annual net cost (income $48,001-$75,000): $3,490
Median salary for alumni with 10+ years of experience: $145,200
2. Harvard University
Harvard University
DenisTangneyJr | iStock | Getty Images
Founded in 1636, Harvard University in Cambridge, Massachusetts, is the oldest college in the United States. Harvard is known for its historic legacy, famous alumni and generous financial aid, which the university is able to provide in part because of an endowment worth approximately $39.2 billion. Harvard students select "concentrations" instead of majors and one of the most popular is economics.
Average annual net cost (income $48,001-$75,000): $3,900
Median salary for alumni with 10+ years of experience: $146,800
3. University of Chicago
The University of Chicago
Bob Krist | Getty Images
The University of Chicago is located in Chicago's Hyde Park neighborhood. The school is known for its strong STEM programs, but the curriculum also requires students to complete courses in three areas: humanities, civilization studies and the arts; natural sciences; and social sciences.
Average annual net cost (income $48,001-$75,000): $5,454
Median salary for alumni with 10+ years of experience: $114,200
4. Princeton University
Princeton University
Photo: Princeton University, Office of Communications.
Princeton University was founded in 1746, making it the fourth-oldest college in the United States. Undergraduate Princeton students study one of 37 concentrations and must be proficient in at least one language other than English. Approximately 25% of undergraduates at the Ivy League school study in the School of Engineering and Applied Sciences.
Average annual net cost (income $48,001-$75,000):$7,435
Median salary for alumni with 10+ years of experience: $139,400
5. Dartmouth College
Dartmouth College
Cheryl Senter/Bloomberg | Getty Images
Dartmouth College is an Ivy League university located in Hanover, New Hampshire, that enrolls approximately 4,400 undergraduate students and is known for its graduate programs, including the Tuck School of Business.
Average annual net cost (income $48,001-$75,000): $7,167
Median salary for alumni with 10+ years of experience: $130,900
6. Yale University
Yale University
Yana Paskova / Stringer (Getty Images)
Located in New Haven, Connecticut, Yale is an Ivy League university. Founded in 1701, Yale is the third-oldest college in the United States. Yale teaches a liberal arts curriculum and requires students take classes in humanities and arts; sciences and social sciences; foreign languages; quantitative reasoning; and writing.
Average annual net cost (income $48,001-$75,000): $8,051
Median salary for alumni with 10+ years of experience: $138,300
7. Massachusetts Institute of Technology
MIT
Kevin Fleming | Corbis Documentary | Getty Images
Massachusetts Institute of Technology is a STEM-focused university located in Cambridge, Massachusetts. Instead of majors, MIT students choose a "course" to specialize in. Electrical engineering, mechanical engineering and computer science are among the most popular courses at MIT.
Average annual net cost (income $48,001-$75,000): $9,580
Median salary for alumni with 10+ years of experience: $155,200
8. Duke University
Duke University
Lance King | Getty Images
Duke University is located in Durham, North Carolina. The southern school offers 4,000 courses each semester, and is also known for its strong athletic program. The most popular major among Duke undergrads is computer science, and 83% of students have more than one major.
Average annual net cost (income $48,001-$75,000): $9,048
Median salary for alumni with 10+ years of experience: $132,100
9. Columbia University
Columbia University
Getty Images
Columbia University is an Ivy League university in New York City. Founded in 1754, Columbia is the fifth-oldest college in the United States. Columbia students can choose from 80 areas of study but must take six required classes, such as Contemporary Civilization and Frontiers of Science, and they must fulfill several requirements including taking a foreign language.
Average annual net cost (income $48,001-$75,000): $8,874
Median salary for alumni with 10+ years of experience: $126,800
10. Pomona College
Pomona College
Ted Soqui | Corbis | Getty Images
Pomona College is located in Claremont, California. The curriculum at the highly selective school is broad and requires students take at least one course in each of six areas: criticism, analysis and contextual study of works of the human imagination; social institutions and human behavior; history, values, ethics and cultural studies; physical and biological sciences; mathematical reasoning; and creation and performance of works of art and literature.
Average annual net cost (income $48,001-$75,000): $8,267
Median salary for alumni with 10+ years of experience: $117,200
11. Williams College
Williams College
John Greim | LightRocket | Getty Images
This highly respected liberal arts college is based in Williamstown, Massachusetts. All Williams students take at least two writing-intensive courses as well several courses in the arts and humanities, social sciences, and science and mathematics. Williams enrolls approximately 2,000 undergraduate students.
Average annual net cost (income $48,001-$75,000): $9,470
Median salary for alumni with 10+ years of experience: $127,500
12. California Institute of Technology
California Institute of Technology
Danita Delimont | Getty Images
California Institute of Technology, known as CalTech, is an engineering university located in Pasadena, California. The CalTech curriculum emphasizes STEM education and all students are required to take math, physics, chemistry, biology and scientific communication courses.
Average annual net cost (income $48,001-$75,000): $12,670
Median salary for alumni with 10+ years of experience: $151,600
13. Washington and Lee University
Washington and Lee
Doug Plummer | Washington and Lee University
Washington and Lee is a liberal arts university located in Lexington, Virginia. The small southern university is composed of two undergraduate schools: the Williams School of Commerce, Economics and Politics — which offers degrees in business administration, business administration and accounting, public accounting, economics and politics — as well as a liberal arts school referred to as "the College" that offers 40 different majors.
Average annual net cost (income $48,001-$75,000): $10,319
Median salary for alumni with 10+ years of experience: $123,200
14. Colby College
Colby College
Gregory Rec | Portland Press Herald | Getty Images
Located in Waterville, Maine, Colby College was founded in 1813. The small liberal arts school follows a unique 4-1-4 academic calendar, in which the month of January is "devoted to intensive study, career exploration or cultural immersion."
Average annual net cost (income $48,001-$75,000): $8,731
Median salary for alumni with 10+ years of experience: $103,300
15. Barnard College (tie)
Barnard College
Education Images/Universal Images Group via Getty Images
Barnard is a historically women's college in New York City. The school has its own academic requirements, faculty and board of trustees, but it is also considered one of Columbia University's four undergraduate colleges — a partnership that gives Barnard students access to Columbia's libraries, facilities and classes.
Average annual net cost (income $48,001-$75,000): $9,482
Median salary for alumni with 10+ years of experience: $109,800
15. Rice University (tie)
Rice University
Craig Hartley | Bloomberg | Getty Images
Rice University is located in Houston, Texas. Undergraduate students at Rice can study more than 50 different majors in the George R. Brown School of Engineering, the Shepherd School of Music, the School of Architecture, the School of Humanities, the School of Social Sciences and the Wiess School of Natural Sciences.
Average annual net cost (income $48,001-$75,000): $11,194
Median salary for alumni with 10+ years of experience: $129,500
17. Cooper Union for the Advancement of Science and Art Engineering
Cooper Union Campus
Source: Mario Morgado | Courtesy of The Cooper Union
The Cooper Union for the Advancement of Science and Art Engineering, also referred to as "The Cooper Union," is located in New York City. It's comprised of three schools specializing in architecture, art and engineering.
Average annual net cost (income $48,001-$75,000): $11,386
Median salary for alumni with 10+ years of experience: $126,200
18. Washington University in St. Louis
Washington University in St Louis
Christopher A. Jones | Getty Images
Washington University in St. Louis, Missouri enrolls some 6,950 undergraduate students each year. The midwestern school is known for being the home of the Olin Business School and the Washington University School of Law, which became the first chartered law school in America to admit women in 1869.
Average annual net cost (income $48,001-$75,000): $10,891
Median salary for alumni with 10+ years of experience: $114,900
19. Harvey Mudd College
Harvey Mudd College
Photo: Creative Commons
Founded in 1955, Harvey Mudd is a liberal arts college that focuses on undergraduate engineering and science. The STEM-focused school is located in Claremont, California.
Average annual net cost (income $48,001-$75,000): $15,576
Median salary for alumni with 10+ years of experience: $158,200
20. Vanderbilt University
Vanderbilt University
Vanderbilt | Collegiate Images | Getty Images
Vanderbilt University is located in Nashville, Tennessee. Undergraduate Vanderbilt students can earn bachelor's degrees from the College of Arts and Science, the Blair School of Music, the School of Engineering and the Peabody College of Education and Human Development.
Average annual net cost (income $48,001-$75,000): $12,824
Median salary for alumni with 10+ years of experience: $119,100
21. Brown University
Brown University
Yiming Chen | Getty Images
Brown University is an Ivy League university located in Providence, Rhode Island. It's known for its flexible "open curriculum" that only requires that students complete at least 30 courses in eight semesters, complete at least one major and "demonstrate excellent skill in written English."
Average annual net cost (income $48,001-$75,000): $14,237
Median salary for alumni with 10+ years of experience: $127,600
22. University of Pennsylvania
University of Pennsylvania
Margie Politzer | Lonely Planet Images | Getty Images
Known for its business program, The University of Pennsylvania is an Ivy League university in Philadelphia. Undergraduates can choose from more than 90 majors across four schools: the College for Arts and Sciences, the School of Engineering and Applied Science, the School of Nursing and the Wharton School.
Average annual net cost (income $48,001-$75,000): $14,990
Median salary for alumni with 10+ years of experience: $133,900
23. Amherst College
Amherst College
Source: Amherst College
Located, in Amherst, Massachusetts, Amherst College enrolls just 1,849 undergraduate students each year. The prestigious liberal arts school is a member of the Five College Consortium, which includes nearby schools such as Mount Holyoke and Smith colleges.
Average annual net cost (income $48,001-$75,000): $13,174
Median salary for alumni with 10+ years of experience: $116,500
24. Northwestern University
Northwestern University
Source: Madcoverboy | Wikipedia
Northwestern University is a research university that enrolls over 8,000 undergraduates each year and is located in Evanston, Illinois. The university is the home to the prestigious Kellogg School of Management, the McCormick School of Engineering and the Medill School of Journalism.
Average annual net cost (income $48,001-$75,000): $13,062
Median salary for alumni with 10+ years of experience: $115,400
25. Trinity College
Trinity College
Marc Dufresne | Getty Images
Trinity College in Hartford, Connecticut, enrolls 2,098 undergraduate and 91 graduate students each year. The school, which was "founded in the Episcopal tradition" offers 41 majors and 28 interdisciplinary minors.
Average annual net cost (income $48,001-$75,000): $12,998
Median salary for alumni with 10+ years of experience: $110,900
The top 25 public universities
1. University of Washington-Bothell
University of Washington Bothell
Photo: Joe Mabel | Wikipedia CC
The University of Washington, Bothell offers roughly 55 degree programs and enrolls just 5,364 undergraduate students. At UWB, 96% of first-year students come from Washington State and 40% of first-year students are the first in their families to earn a four-year degree.
Average annual net cost for in-state students (income $48,001-$75,000): $6,812
Median salary for alumni with 10+ years of experience: $108,000
2. CUNY Baruch College
CUNY Bernard M Baruch College
Ben Hider/Getty Images
Baruch College is one of 11 four-year colleges in The City University of New York school system. The university is known for its business program and enrolls approximately 15,482 undergraduate students. The most popular majors at Baruch include accounting, finance and marketing.
Average annual net cost for in-state students (income $48,001-$75,000): $8,425
Median salary for alumni with 10+ years of experience: $107,100
3. University of Washington-Seattle
University of Washington
Nikko Hellstern | Getty Images
The University of Washington, Seattle, is the flagship school of the University of Washington school system. The large university enrolls roughly 28,959 undergraduate students and offers more than 180 majors. The school is known for its computer science program.
Average annual net cost for in-state students (income $48,001-$75,000): $9,349
Median salary for alumni with 10+ years of experience: $112,300
4. Purdue University-West Lafayette
Purdue University
Michael Hickey/Getty Images
Purdue University's campus in West Lafayette, Indiana, is the flagship campus of the Purdue University system. The university enrolls 32,672 undergraduate students. Known for its strong engineering program, 28% of undergraduate students at Purdue study in the College of Engineering.
Average annual net cost for in-state students (income $48,001-$75,000): $9,342
Median salary for alumni with 10+ years of experience: $110,000
5. University of Michigan-Ann Arbor
University of Michigan
tiny-al | Getty Images
University of Michigan, Ann Arbor, is the flagship campus of the University of Michigan school system. The university offers 275 degree programs, enrolls 31,266 undergraduate students and is known for its athletics program.
Average annual net cost for in-state students (income $48,001-$75,000): $11,035
Median salary for alumni with 10+ years of experience: $112,200
6. Massachusetts Maritime Academy
A Google Earth view of the Massachusetts Maritime Academy.
Source: Google Earth
Massachusetts Maritime Academy is a college located in Buzzards Bay, Massachusetts. It offers bachelor's and master's of science degrees in marine engineering fields. Many MMA students choose to volunteer for military service, though it is not a requirement.
Average annual net cost for in-state students (income $48,001-$75,000): $11,975
Median salary for alumni with 10+ years of experience: $117,500
7. University of Houston
Sign for the University of Houston hanging on Ezekiel W Cullen Building in Houston, TX.
Getty Images
The University of Houston in Houston, Texas, is a large research university that enrolls some 37,689 undergraduate students each year. Undergraduates at UH can choose from 108 majors and 132 minors.
Average annual net cost for in-state students (income $48,001-$75,000): $11,685
Median salary for alumni with 10+ years of experience: $103,900
8. University of California-Berkeley
University of California, Berkeley
Rick Gerharter | Getty Images
University of California, Berkeley, is the flagship school of the University of California system. Located in Berkeley, California, near San Francisco, the university enrolls some 31,348 undergraduate students. The school is home to the Haas School of Business.
Average annual net cost for in-state students (income $48,001-$75,000): $15,375
Median salary for alumni with 10+ years of experience: $131,800
9. William & Mary
College of William and Mary
Will Pryce/Construction Photography/Avalon/Getty Images
Founded in 1693, William & Mary is the second-oldest college in the country. The university, which is located in Williamsburg, Virginia, is often referred to as a "Public Ivy." The school offers a joint degree program with the University of St. Andrews in Scotland.
Average annual net cost for in-state students (income $48,001-$75,000): $12,794
Median salary for alumni with 10+ years of experience: $108,900
10. University of California-Los Angeles
UCLA
Al Seib | Los Angeles Times | Getty Images
One of the most selective schools in the University of California school system, the University of California, Los Angeles, is known for its strong athletics department. Some of the most popular majors at UCLA are biology, business economics, political science, psychology and psychobiology.
Average annual net cost for in-state students (income $48,001-$75,000): $13,649
Median salary for alumni with 10+ years of experience: $116,100
11. Georgia Institute of Technology-Atlanta
Georgia Tech
Georgia Institute of Technology, often referred to as "Georgia Tech," is a located in Atlanta, Georgia. The school offers technology-focused education to more than 25,000 undergraduate and graduate students across six colleges and 28 schools focusing on business, computing, design, engineering, the liberal arts and sciences.
Average annual net cost for in-state students (income $48,001-$75,000): $16,110
Median salary for alumni with 10+ years of experience: $133,400
12. West Virginia University Institute of Technology
West Virginia University of Technology campus in Beckley, W. Virginia.
Google Earth
13. University of California-San Diego
University Of California, San Diego
Education Images | Getty Images
University of California, San Diego, is part of the University of California school system and is located in La Jolla, California. The university enrolls approximately 39,633 undergraduate students and is known both for its fine arts program and its engineering program.
Average annual net cost for in-state students (income $48,001-$75,000): $15,170
Median salary for alumni with 10+ years of experience: $123,700
14. University of California-Riverside
UC Riverside
Irfan Khan/Los Angeles Times via Getty Images
Part of the University of California system, University of California, Riverside, is a university that offers more than 80 undergraduate majors across five schools. Located east of Los Angeles, UCR enrolls roughly 20,055 undergraduate students.
Average annual net cost for in-state students (income $48,001-$75,000): $13,184
Median salary for alumni with 10+ years of experience: $106,900
15. Missouri University of Science and Technology
Curtis Laws Wilson Library, Missouri S&T, Rolla, Missouri.
Source: Steveewatkins | WikiMedia Commons
STEM-focused Missouri University of Science and Technology, often called Missouri S&T, is located in Rolla, Missouri. The school's mission is to integrate "education, research and application to create and convey knowledge that serves our state and helps solve the world's great challenges."
Average annual net cost for in-state students (income $48,001-$75,000): $15,243
Median salary for alumni with 10+ years of experience: $122,600
16. University of California-Irvine
School of Biological Sciences, University of California at Irvine
Source: WikiMedia Commons
University of California, Irvine, is one of 10 campuses in the University of California school system. In 2019, the university enrolled approximately 30,382 undergraduate students. UCI is known for its engineering and criminal justice programs.
Average annual net cost for in-state students (income $48,001-$75,000): $14,746
Median salary for alumni with 10+ years of experience: $116,000
17. Michigan Technological University
Michigan Technical University
Jcvertin | Wikipedia CC
Michigan Technological University is located in Houghton, Michigan. The technology-focused school is made up of seven colleges and schools including the College of Computing, the College of Engineering and the School of Business and Economics.
Average annual net cost for in-state students (income $48,001-$75,000): $14,926
Median salary for alumni with 10+ years of experience: $116,300
18. University of Minnesota-Twin Cities
University of Minnesota, Twin Cities
Lawrence Sawyer | Getty Images
The University of Minnesota, Twin Cities is a major research university that enrolls roughly 29,617 undergraduate students. The school is known for its medical programs and ties to Minnesota's medical device industry.
Average annual net cost for in-state students (income $48,001-$75,000): $13,867
Median salary for alumni with 10+ years of experience: $104,000
19. University of California-Davis
University of California, Davis
Billy Hustace | Getty Images
University of California, Davis, known for its food and agriculture program, is part of the University of California school system. The university enrolls approximately 29,431 undergraduate students. The three most popular majors at UC Davis are psychology, managerial economics and economics.
Average annual net cost for in-state students (income $48,001-$75,000): $15,507
Median salary for alumni with 10+ years of experience: $112,600
20. North Carolina State University-Raleigh
North Carolina State University
DenisTangneyJr | Getty Images
NC State University in Raleigh, North Carolina, is a university that enrolls roughly 25,000 undergraduate students. The state school is known for its veterinary medicine program.
Average annual net cost for in-state students (income $48,001-$75,000): $14,950
Median salary for alumni with 10+ years of experience: $106,500
21. New Mexico Institute of Mining and Technology Engineering
The campus of New Mexico Institute of Mining and Technology, or more commonly known as New Mexico Tech in Socorro, New Mexico.
Source: Atomic Energy505 | Wikimedia Commons
New Mexico Institute of Mining and Technology is a university that offers associate's, bachelor's, master's and doctoral degrees primarily in science and engineering. NMT is located in Socorro, New Mexico, approximately 75 miles south of Albuquerque and is known for its chemical engineering, mechanical engineering and computer science programs.
Average annual net cost for in-state students (income $48,001-$75,000): $17,023
Median salary for alumni with 10+ years of experience: $120,400
22. University of California-Santa Barbara
UC Santa Barbara
Patricia Marroquin | Getty Images
The University of California, Santa Barbara, is a university within the University of California school system. During the 2019-2020 school year, UCSB enrolled 23,349 undergraduate students. UCSB is known for its engineering, education and environmental studies programs.
Average annual net cost for in-state students (income $48,001-$75,000): $16,453
Median salary for alumni with 10+ years of experience: $116,300
23. Montana Tech
Source: Montan Tech
Originally named the Montana State School of Mines, today Montana Tech is part of the University of Montana system, and it's known for its emphasis on STEM. The university is located in Butte, Montana, and has robust engineering and nursing programs.
Average annual net cost for in-state students (income $48,001-$75,000): $16,281
Median salary for alumni with 10+ years of experience: $112,600
24. University of Virginia
University of Virginia
Source: Dan Addison | UVA University Communications
The University of Virginia is located in Charlottesville, Virginia. Founded by Thomas Jefferson, the school enrolls approximately 17,011 undergraduate students and is known for its law and business schools as well as for its strong athletics program.
Average annual net cost for in-state students (income $48,001-$75,000): $16,999
Median salary for alumni with 10+ years of experience: $117,500
25. California State University-East Bay
California State University, East Bay
Andrew Holt | Getty Images
Located in Hayward, California, California State University, East Bay is part of the 23-campus California State University system and offers 136 undergraduate programs.
Average annual net cost for in-state students (income $48,001-$75,000): $15,467
Median salary for alumni with 10+ years of experience: $103,500
Did your school make the list? Tell us about your experience at askmakeit@cnbc.com.
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