The cost of higher education in the United States has climbed steadily for decades, and students are increasingly asking whether a degree is “worth it.” With tuition rising faster than inflation and student debt topping $1.7 trillion, the question of return on investment (ROI) has never been more important. ROI provides a way to compare the actual value of an education by measuring graduates’ median earnings at certain period of their career against their out-of-pocket costs, adjusted for inflation.
A recent ranking from Georgetown University, drawing on U.S. Department of Education College Scoreboard data (2009–2022), highlights which certificate, associate’s, and bachelor’s programs deliver the best long-term payoffs. The results show that the type of degree matters – but so does the institution, the field of study, and how long you look into the future.
Certificates: Quick Entry, Strong Returns
Certificate programs are often viewed as stepping-stones – shorter, more affordable pathways into specific careers. While they don’t carry the same prestige as a degree, they can deliver surprisingly high financial returns, especially in healthcare and technical trades.
For example, Unitek College in California leads the list with a projected 10-year ROI of about $606,000 and a 20-year ROI of more than $1.5 million. Several nursing-focused institutions also appear prominently: the Marion S. Whelan School of Nursing in New York delivers a 20-year ROI of roughly $1.3 million, while Pennsylvania’s Heritage Valley Kennedy School of Nursing surpasses $1.3 million as well. Even specialized technical schools prove competitive: the Hobart Institute of Welding Technology in Ohio provides graduates with a 20-year ROI of over $1 million.
These programs share two key traits: they are relatively low cost, and they prepare students for fields with strong labor demand. Nursing, welding, and practical technical training are careers where employers need skilled workers and are willing to pay competitive wages. The result is a powerful ROI that rivals or exceeds that of many longer degree programs.
Associate’s Degrees: Affordable, Flexible, and Valuable
Associate’s degrees strike a balance between accessibility and opportunity. They typically require two years of study, making them more affordable than bachelor’s degrees, while still opening doors to better-paying jobs. For students who want to limit debt but still gain a foothold in professional careers, associate’s programs often deliver.
The data shows that New York institutions dominate the associate’s category. Helene Fuld College of Nursing leads with an outstanding 10-year ROI of $604,000 and a 20-year ROI of more than $1.6 million. St. Paul’s School of Nursing–Queens and St. Joseph’s College of Nursing follow close behind, with ROIs over $1.2 million at the 20-year mark.
Outside New York, strong performers include Emory University’s Oxford College in Georgia, which delivers a 20-year ROI of about $1.28 million, and Illinois’s Ambria College of Nursing, where graduates can expect more than $1.1 million in long-term returns. Even smaller institutions like the Belanger School of Nursing and the Pomeroy College of Nursing at Crouse Hospital post impressive ROIs above $1 million over two decades.
These results underscore a critical point: associate’s degrees, particularly in nursing and healthcare, often rival bachelor’s degrees in long-term financial outcomes—without the same upfront cost or time commitment.
Bachelor’s Degrees: High Investment, High Reward
Bachelor’s degrees are the traditional gold standard of higher education, and the data confirms they often yield the highest long-term ROI. However, the payoff is unevenly distributed: elite institutions and specialized programs dominate the rankings, while many other schools may not deliver the same return, especially after factoring in debt.
At the top, Caltech (California Institute of Technology) produces a 10-year ROI of about $627,000 and a 20-year ROI of $1.7 million. MIT (Massachusetts Institute of Technology) outpaces even that, with graduates earning a 20-year ROI of nearly $1.9 million, the highest in the nation.
Other elite performers include Stanford University ($1.63 million over 20 years), Princeton University ($1.63 million), and Harvey Mudd College ($1.82 million). Specialized institutions also shine: the University of Health Sciences and Pharmacy in St. Louis reaches a 20-year ROI of $1.85 million, while the Albany College of Pharmacy and Health Sciences delivers $1.81 million.
Notably, some public institutions hold their own against the Ivies. The United States Merchant Marine Academy in New York reports a 20-year ROI of $1.3 million, and Georgia Tech shows $1.4 million. These schools demonstrate that while prestige plays a role, aligning with high-demand fields like engineering, technology, and healthcare is just as crucial.
Comparing the Three Paths
The Georgetown study makes it clear that ROI is not one-size-fits-all. Each degree pathway – certificate, associate’s, and bachelor’s – offers distinct advantages:
- Certificates are the most affordable and provide the fastest entry into the workforce. They can yield six-figure ROIs within a decade, particularly in nursing and technical fields.
- Associate’s degrees balance affordability and opportunity, with many graduates seeing ROIs surpassing $1 million over 20 years. They also provide flexibility, as credits can often transfer toward bachelor’s degrees.
- Bachelor’s degrees require the greatest upfront investment but deliver the highest ceilings for earnings, especially from elite institutions and specialized programs in STEM and healthcare.
Beyond the Numbers: What Students Should Consider
While ROI is a powerful metric, it shouldn’t be the only factor in choosing a program. Students and families should also weigh:
- Career Alignment: A high ROI is meaningless if the career doesn’t fit your skills, passions, or lifestyle.
- Financial Aid and Scholarships: Out-of-pocket costs vary widely; aid packages can dramatically change ROI calculations.
- Time Commitment: Certificates may take months, associate’s degrees two years, and bachelor’s degrees four years or more. Your personal timeline matters.
- Long-Term Goals: Students aiming for advanced careers in medicine, law, or engineering may need bachelor’s (and beyond) to reach their goals, even if certificates or associate’s degrees show strong ROI in the short term.
- Job Market Trends: ROI reflects past and present data, but emerging fields—such as renewable energy, AI, and biotechnology—may reshape the value of certain programs in the years ahead.
Invest in Your Education
Education remains one of the most powerful investments a person can make – but not all programs deliver equal value. Certificates offer a fast and affordable route to meaningful careers, while associate’s degrees provide a middle path with impressive long-term returns, particularly in healthcare. Bachelor’s degrees, on the other hand more costly, they do open the door to the highest-earning roles over time, especially in STEM and specialized fields.
The takeaway for tor today’s students: the smartest approach is to consider both the financial ROI and the personal ROI – a program’s alignment with their goals, passions, and life circumstances. When all factors line up, education can pay both monetary and non-monetary dividends that last a lifetime.
