In Money Magazine’s latest report on “Best Colleges for your Money,” Michigan Technological University ranked in the top 100 overall and in the top 50 among public universities.
Money evaluated 2,400 colleges and universities using 27 criteria and winnowed the list to 711 colleges and universities that the publication considers “best colleges for your money.” Of those, Michigan Tech ranked 91st among all institutions—public and private—and 46th among public universities.
Michigan Tech also ranked sixth in the nation for early career salaries. Tech’s average early career salary for graduates is $63,400.
“It’s good to be recognized as a university that provides a strong return on investment for the cost of an education,” said President Glenn Mroz.
“Decision makers, families and students almost daily see news stories questioning the value of education at all levels,” he went on to say. “While financial returns are just one benefit of education, it’s an important one. and we are gratified to see that included in a ranking system. Many ranking schemes overlook this as well as opportunities for upward mobility of our nation’s families.”
Money’s new rankings report that 47 percent of Michigan Tech’s low-income students have upper-middle class jobs by age 34.
“Social mobility is an important benefit of a Michigan Tech education, one that often goes unmentioned,” Mroz said.
Basing their data on the US Department of Education, Peterson’s, PayScale.com and Money/College Measures, the magazine assessed the quality of education, affordability and outcomes.
Quality measures include 6-year graduation rate, test scores of entering freshmen and student-faculty ratio. Affordability includes the net price of a degree, average student debt, student loan repayment default rate and affordability for low-income students. Outcomes include earnings within five years of graduation, mid-career earnings, the estimated market value of alumni’s average job skills and social mobility: the percentage of low-income students who have moved to upper-middle class jobs by age 34.