College costs a pretty penny these days, especially in California.
Instead of spending a King’s Ransom, prospective students should take a look at this list of colleges, carefully tabulated by a research conducted by a consulting agency that’s focused on college access, value and economic mobility.
Cost-effective, each of these Golden State-based colleges also offer a payoff within five months of graduation – providing not only a college degree, but an important economic foothold.
The analysis, from the HEA Group and the College Futures Foundation, essentially shows where a college degree pays off – quickly – in California.
A new analysis from the HEA Group and the College Futures Foundation shows where a college degree pays off – quickly – in California. Each of the school provide a payoff within six months of students’ receiving their degree. Pictured, Stanford University in Stanford, California
1. Stanford
Stanford stole the show in terms of HEA and College Futures’ study, taking home the top spot in dominant fashion.
That’s because it basically takes no time at all to recoup your college losses after walking, according to the nonprofit and research firm.
That’s largely due to the wage premium given to Stanford grads, who on average earn about $74,000 more a year than high school grads, because of the school’s prestige.
That’s around $110,000 annually, compared with $36,000 for people with only high school degrees.
Stanford stole the show in HEA and College Futures’ study, taking home the top spot in terms of return on investment in dominant fashion
While pricey at $57,693 a year, the study found an undergrad degree at Stanford is unarguably useful. However, like other top-rated colleges, it’s tough to get into, with a slim acceptance rate of 3.91 percent.
That comes in stark detriment to low- and moderate-income students, the study found – important due to the fact that both sample-sets were the focus of the firm’s analysis.
HEA Group founder Michael Itzkowitz cited state schools as a better alternative in most cases, and told CBS MoneyWatch how a school like Stanford may not be for everyone.
‘There are many state schools that are often the best option for students to consider,’ HEA Group founder Michael Itzkowitz told CBS MoneyWatch this week of how a school like Stanford may not be as worth it for families making under $75,000.
He added, ‘[State school] oftentimes include in-state tuition, which is much less expensive than out-of-state tuition, and they can offer generous scholarships and provide strong economic opportunities.’
2. University of California, San Bernardino
Speaking of state schools, the runner-up on HEA and College Futures’ was none other than University of California, San Bernardino, which is nothing less than a bargain.
It costs $7,679 for students in-state and $14,311 for out-of-state attendees, and is on average about $4,000 cheaper than other Cali state schools. For students coming from out of state, the tuition is also cheaper than average by a whopping $13,000.
Neither include room and board, which will cost an additional $13,500 a year.
The runner-up on HEA and College Futures’ list was none other than University of California, San Bernardino, which is truly a bargain
While not as selective as some of the entries on this list, University of California, San Bernardino is still a respected school, boasting an abundance of programs and departments.
More importantly, it will only take the average in-state student about two months to make their tuition back after graduating – with the average earnings for a post-grad pegged at around $27,644 higher than those with only a high school diploma.
That’s about $60,000 – a respectable take-home salary for your first year of work.
3. California State University, Los Angeles
A slightly more expensive state school, California State University, Los Angeles grads will make their tuition back in essentially the same as UC San Bernardino, give or take a few days.
Better known as UCLA, the school sports a year-to-recoup cost rate of 0.2, according to the just-released study – meaning it will take less than two-and-half months, on average, for grads to make their money back.
The school costs $11,564 to attend for attendees from California – roughly the average for most California schools – and a slightly more pronounced $18,685 for those hailing from out of state – almost $10,000 below the national average cost for a year of college.
A slightly more expensive state school, California State University, Los Angeles grads will make their tuition back in essentially the same as UC San Bernardino, give or take a few days
The study found that grads on average make just a few dollars less than their California State counterparts north in San Bernardino, raking in $27,620 more a year than high school grads with their first post-college job.
That would cover the cost of tuition in no time at all, the study’s authors said – leaving the rest of the year’s salary for other expenses.
4. Pitzer College
Fourth on HEA and College Futures’ college list was none other than Pitzer College, a private liberal arts college set in a scenic suburb of Los Angeles.
Located just 30 miles away in the idyllic foothills of the San Gabriel Mountains, the college costs around $64,000 to attend – a sum that’s the same for both in- and out-of-state students.
That’s not including room and board, making it one of the more pricey entries on this list.
Fourth on HEA and College Futures’ college list was none other than Pitzer College, a private liberal arts college set in a scenic suburb of Los Angeles
However it boasts the third-best return on investment among California schools, the research found, thanks to students making well more than their peers after graduation.
That’s thanks to an average salary of around $64,000 more than high school grad after graduation – and a slew of grants and scholarships offered to low- and medium-income students, at a school known for its social justice culture and experimental approach.
One of the Claremont Colleges, the college also has a curricular emphasis on behavioral sciences, international programs and media studies.
5. California State University, Fullerton
Another state school located in LA, California State University, Fullerton offers graduates a complete return on their tuition investment within four months, according to the study.
That’s thanks in large part to in-state tuition only costing $5,742 – a third of the price of its room and board, which will run you about $16,700 per year.
For Los Angeles, that’s not bad, and tuition for those coming from out-of-state is only $17,622 as well.
Another state school located in LA, California State University, Fullerton offers graduates a complete return on their tuition investment within four months, according to the study
Moreover, grads immediately command a salary of nearly $32,000 higher than their high school graduate counterparts – making paying off any loans a walk in the park.
It’s also a top source of bachelor’s and master’s degrees for Hispanics in the state of California, and was awarded the Institutional Equity Award in 2022, for recruiting and retaining underrepresented racial groups into the historical discipline.
And academically, it’s no slouch either, with a selective 67 percent acceptance rate and plethora of programs.
6. Pomona College
Like Pitzer, Pomona college is a private liberal arts school in Claremont, a half hour’s drive from LA.
The annual tuition to attend is $58,818 – a sum that, while expensive, is a small price to pay considering grads on average make that back in four months.
The school is highly respected, with a low 7 percent acceptance rate, and offers a slew of scholarships and opportunities for medium- and low-income students from families.
Like Pitzer, Pomona college is a private liberal arts school in Claremont, a half hour’s drive from LA. The annual tuition to attend is $58,818 – a sum that, while expensive, is a small price to pay considering grads on average make that back in four months
This allows grads who make an average of $46,159 a year more than their high school diploma counterparts to pay off their four years of tuition also within four months.
The cost there is the same for both in-state and out-of-state students, and Room and board fees will run applicants an additional $19,358.
For educational purposes, it boasts one of the best bachelor’s programs in the state, with its most popular majors being social sciences, biological and biomedical sciences, and computer and information sciences.
7. California Institute of Technology
Perhaps the most prestigious schools to make the list, the California Institute of Technology, better known as Caltech, was founded in 1891 as Throop University, before receiving its current name in 1920 – and later its abbreviation.
The annual tuition to attend is $58,479 – not much considering the salaries grads command upon entering the job market.
That stands at around $100,000, according to the study – a sum achieved thanks to the engineering and tech expertise people who study there typically possess.
Perhaps the most prestigious schools to make the list, The California Institute of Technology, better known as Caltech, was founded in 1891 as Throop University, before receiving its current name in 1920 – and later its abbreviation
That said, the school has one of the lowest acceptance rates on this list, at 2.7 percent, and is definitely not cheap.
The cost is the same for both in-state and out-of-state students, and room and board costs demand an additional $18,606.
With all these fees considered, the expected total cost to attend California Institute of Technology on a full-time basis is $83,598 – not bad considering grads will pay off just their tuition within four months.
8. San Diego State University
Another school with great bang for your buck is San Diego State University, which costs just $5,742 a year to attend for students coming from The Golden State.
Undergrad tuition at its sun-soaked campus will cost students a still-affordable $17,622 – small change considering they will make more than $60,000 after graduating, the study found.
Graduates in both categories typically command salaries $33,000 higher than their high school diploma-holding counterparts, with room and board running them an additional $19,714 per year.
Another school with great bang for your buck is San Diego State University, which costs just $5,742 a year to attend for students coming from The Golden State
It also sports a respectable 39.3 percent acceptance rate and is the third-oldest university and southernmost in the 23-strong California State University (CSU) system.
As its placement her indicates, it repeatedly ranks in lists charting colleges with the best value economically, and in 2021, tied for 143rd overall in a list of 389 national universities, compiled by the research publication US News & World Report.
9. Sonoma State University
Nestled between the gentle sloping hills of Sonoma County and the rocky mountains of the Sierra Nevadas sits the next entry on HEA’s list, Sonoma State University.
With just 9,300 students, it is one of the smallest members of the California State University system, and asks a small sum when it comes to tuition as well.
Undergraduate students residing in California will have to fork over $5,742 their first year, room and board not included.
nestled between the hills of Sonoma County and the rocky mountains of the Sierra Nevadas sits the next entry, Sonoma State University. With 9,300 students, it is one of the smallest members of the California State University system, and asks a small sum for tuition as well
Undergraduate tuition for out-of-state students, meanwhile, is around $17,622 – a number that equates to roughly a fourth of grads’ first-year salaries.
That compensation, researchers found, is on average $70,000, a take home allowing for a full tuition payoff within five months.
It also one of the easiest schools on this list to get into, with a forgiving 94 percent acceptance rate.
10. Claremont McKenna University
Last and definitely not least was Claremont McKenna University, the third school to rank located in the quaint LA suburb for which it’s named.
It’s a private school, so it’s a great deal more expensive than other entries, but it makes up for it with the substantial salaries grads command right after the close of their college careers.
It costs about $60,480 a year to attend – a sum that’s the same for both in-state and out-of-state students.
As was the case with Stanford and CalTech, grads on average make just over $70,000 more than those who graduate just high school – good for a six-figure salary in your first year post-school.
Last and definitely not least was Claremont McKenna University, the third school to rank located in the quaint LA suburb for which its named. It costs about $60,480 a year to attend – a sum that’s the same for both in-state and out-of-state students
This, study’s authors said, allows for a complete return on investment for tuition within five months – pretty good considering 20 percent of the US’s roughly 4,000 higher education programs offer no such return, authors found.
Instead, students at those school will work essentially endlessly to offset the cost of attendance, as their earnings are likely to stay lower than those of high school grads, the researchers concluded.
Their study examined families earning $75,000 or less, given that these students may be more likely to skip higher education in fear of resigning themselves to such a fate.
