A computer science major from a mid-tier state university earns $27,000 more per year than a humanities major from an elite private school. We analyzed 7,828 programs at colleges across the 50 United States to find out why the college admissions obsession has it backwards.
For decades, American families have fixated on where their children go to college. The frenzy over Ivy League admissions, the U.S. News rankings, the belief that a prestigious school name opens doors—it's become gospel.
But the data tells a different story.
After analyzing earnings outcomes for 7,828 bachelor's degree programs at colleges and universities across the 50 United States, combining data from Georgetown University's Center on Education and the Workforce with the U.S. Department of Education's College Scorecard, we found something remarkable: what you study matters three times more than where you study it.
The numbers are stark:
Over a 40-year career, that's more than $1 million in foregone earnings—all because families are chasing the wrong metric.
Consider two students:
Student A attends California Polytechnic State University-San Luis Obispo and majors in computer science. Four years after graduation, she earns $181,838. She graduates with zero debt.
Student B attends a prestigious private liberal arts college and majors in English literature. Four years after graduation, he earns $71,000. He graduates with $45,000 in debt.
Student A will earn $110,838 more per year. The gap isn't marginal—it's a different economic reality.
Our analysis identified hundreds of programs at regional public universities delivering earnings outcomes that match or exceed those at elite private schools—at a fraction of the cost.
California State University-East Bay's nursing program: Graduates earn $139,795 four years out, with zero reported debt. That's higher than the median starting salary at most law firms, without three years of law school and six figures in debt.
San Jose State's nursing program: $130,227 in earnings, zero debt.
University of Washington-Seattle's allied health program: $143,937 in earnings.
These aren't anomalies. They're part of a pattern: specialized programs at public universities, particularly in STEM and healthcare fields, are producing graduates who out-earn their peers at prestigious institutions.
The most powerful finding in our analysis wasn't about schools at all—it was about majors.
Across 21 major fields, we found that within-major variance (the difference between schools offering the same major) was far smaller than between-major variance (the difference between majors at the same school).
Translation: An engineering major at a regional public university has more in common, earnings-wise, with an engineering major at MIT than with an English major at their own school.
High-earning fields at public schools:
Even top-performing liberal arts programs struggle to compete:
The gap isn't marginal. It's structural.
With college costs soaring and student debt exceeding $1.7 trillion nationally, these findings have immediate practical implications.
A family choosing between a $70,000-per-year private school for a humanities degree and a $25,000-per-year public school for an engineering degree isn't just making a $45,000 annual difference in tuition. They're making a difference that compounds over decades:
Total financial impact: More than $2.3 million.
That's not just tuition. That's generational wealth.
We analyzed 7,828 bachelor's degree programs with complete earnings and debt data from the 50 United States, and ranked them by value—a combination of earnings outcomes, debt burden, and comparison to national field averages. Here are the comprehensive results:
Healthcare programs (especially nursing and allied health) represent nearly 60% of our top value rankings. This isn't a data error—it reflects real-world economics:
For students in all fields, we've included rankings across Business, STEM, Education, Humanities, and more below to help you find the best value in your area of interest.
Public institutions—particularly those in California—dominate the value rankings when controlling for cost.
Elite private schools dominate the top of our rankings, but notice the concentration in computer science and engineering.
Breaking down the rankings by field reveals clear patterns about which programs deliver the best outcomes.
The highest-earning field, with elite and public schools both delivering exceptional returns.
Engineering delivers premium salaries across institution types, with public schools competing effectively.
Public universities dominate healthcare value rankings, offering strong earnings with minimal debt.
Elite schools maintain an advantage in business, particularly finance, but the gap is narrowing.
Education majors show modest but stable earnings with very low debt burdens at most institutions.
Even the best liberal arts programs earn significantly less than STEM fields, though some deliver solid middle-class incomes.
These programs deliver the highest total return on investment over 10 years post-graduation.
Programs that combine affordability with strong earnings outcomes—the true value proposition.
Prestige still matters in some fields. Finance, consulting, and certain business roles remain tied to elite school networks. A Penn finance degree opens doors that a regional public university can't.
But these are increasingly the exceptions, not the rule.
For the vast majority of students—those not heading to Wall Street or management consulting—the field-and-institution combination matters far more than institutional prestige alone.
This analysis has limitations. Earnings aren't everything. The humanities produce citizens, thinkers, writers, and artists. Measuring their value in dollars alone misses the point.
Elite schools offer networks, resources, intellectual communities, and opportunities that don't show up in post-graduation salary data. For students from disadvantaged backgrounds, elite schools provide transformative access to social and cultural capital.
And students choose majors based on passion, not just potential earnings. A student who loves literature shouldn't necessarily become an engineer just because it pays more.
But for families taking on significant debt, for students who are undecided about their major, for parents trying to navigate an opaque and expensive system—these findings matter.
The college admissions process has become a zero-sum competition for a tiny number of elite slots. Families spend fortunes on test prep, consultants, and extracurriculars—all to chase schools with single-digit acceptance rates.
The data suggests a different approach:
1. Choose the field first, school second. If you're interested in STEM or healthcare, a strong public university program will serve you better than a prestigious school in a low-earning field.
2. Look at program-specific outcomes, not overall rankings. U.S. News ranks institutions. Students choose programs. These aren't the same thing.
3. Calculate real ROI. A $200,000 education that leads to a $50,000 job is a worse investment than a $100,000 education that leads to a $75,000 job.
4. Consider the public option seriously. The best programs at public universities rival elite privates in outcomes, at a fraction of the cost.
5. Ask "What will I be able to do?" not just "Where will I go?" The skills and credentials you gain matter more than the name on your diploma—for most careers, anyway.
For Students: Start with your intended major, then look at the best-value programs in that field. Don't just chase prestige—chase outcomes.
For Parents: Use the Value Score to compare programs. A higher score means better earnings relative to debt and field averages.
For Counselors: These rankings complement traditional college guides by focusing on post-graduation outcomes rather than admissions selectivity.
We combined two comprehensive federal datasets:
Georgetown University's Center on Education and the Workforce: National earnings data for 154 majors, tracking early-career and mid-career outcomes based on American Community Survey data.
U.S. Department of Education College Scorecard: Program-level earnings and debt data for bachelor's degree programs at colleges and universities across the 50 United States, tracking actual graduate outcomes.
For each program, we calculated:
⚠️ Important Note on Debt Data:
Only about 32% of bachelor's degree programs report debt data to the College Scorecard due to privacy suppression rules and institutional non-reporting. To ensure accuracy, we excluded programs without debt data rather than assuming zero debt. This reduced our analysis set from 24,000+ programs to 7,828 programs with complete, verified data—making our rankings more conservative but far more trustworthy.
What We Included:
What We Excluded:
Limitations: These are medians, not guarantees. Regional cost-of-living differences aren't accounted for. Self-selection bias exists—students who choose engineering differ from those who choose humanities in ways beyond just major choice. Non-monetary returns (job satisfaction, social impact, intellectual fulfillment) aren't measured. Some high earners in every field pull up averages; many factors beyond major and school influence individual outcomes.
But for families making financial decisions about college with imperfect information, this data provides a clearer picture than rankings based on institutional reputation, acceptance rates, or faculty credentials.
This analysis was conducted by EDsmart.org to provide students and families with data-driven insights for college decision-making. All data comes from official federal sources: Georgetown University's Center on Education and the Workforce (2023) and the U.S. Department of Education's College Scorecard (2024).
Programs analyzed: 24,146 bachelor's degree programs
Institutions covered: 1,800+
Data last updated: October 2024
For questions, program-specific data requests, or media inquiries: [email protected]
Cite this work: EDsmart.org. (2024). "Your College Major Matters More Than Your College." Retrieved from https://edsmart.org/hidden-gems-report
Q: What does "Your college major matters more than your college" mean?
A: Our analysis of 7,828 bachelor's degree programs found that what you study has roughly three times more impact on long-term earnings than where you study. In short: your major choice drives financial outcomes far more than your school's prestige.
Q: Which majors deliver the highest returns on investment (ROI)?
A: STEM and healthcare majors dominate the top of our rankings. Computer science, engineering, nursing, and allied health programs at public universities frequently match or outperform elite private institutions. Explore our College ROI Rankings for detailed comparisons.
Q: Are liberal arts degrees still valuable?
A: Yes—but not always financially. Humanities and liberal arts programs often yield lower median earnings, yet they deliver strong cultural, intellectual, and civic value. Students passionate about these fields can improve career outcomes by double-majoring or minoring in a high-demand area such as data science, education, or business.
Q: Does school prestige still matter?
A: In select industries—especially finance, consulting, and law—elite universities maintain advantages through alumni networks and brand recognition. But for most careers, earnings outcomes depend more on your major and skill set than your alma mater's ranking.
Q: Why do healthcare programs dominate the rankings?
A: Healthcare degrees provide a near-perfect combination of high demand, strong salaries, and low debt. Public universities like California State University-East Bay and the University of Washington-Seattle offer nursing and allied health programs where graduates earn six-figure salaries with little or no debt.
Q: What if I'm undecided on a major?
A: Choose a college with strong outcomes across multiple disciplines and low debt burdens. Public universities generally offer the best mix of value and flexibility, helping students explore majors without accumulating high costs. See our Cheapest Online Colleges for affordable degree options.
Q: How can families use this data when comparing colleges?
A: Start with your student's intended field, then compare schools with high Value Scores in that area. Focus on program-level outcomes—earnings, debt, and ROI—rather than overall school rankings. Use our Best Value Programs by Major Field to filter by field.
Q: Do the rankings include graduate school outcomes?
A: No. This analysis focuses on bachelor's degree outcomes only—earnings and debt four years after graduation. Graduate programs (medicine, law, business, etc.) can alter ROI substantially and are excluded here for consistency.
Q: What about regional cost-of-living differences?
A: Salaries are reported in nominal U.S. dollars using national medians. While a $100,000 salary stretches further in some regions, the relative rankings remain accurate for comparing program value nationwide.
Q: What's new in the 2025 update?
A: This year's update (October 2025) uses the latest College Scorecard (2024) and Georgetown CEW (2023) data. Key updates include:
See the full dataset and ranking methodology in our Hidden Gems Report.
Q: What are the main sources of data for this analysis?
A: All findings are based on verified federal data from:
Combined, these provide a reliable, comprehensive look at real graduate outcomes across 7,828 programs in all 50 U.S. states.
¹ 10-Year ROI: Calculated as (Median earnings 4 years post-graduation × 10) − Total median debt. This is a comparability metric, not a discounted cash-flow or cost-of-living-adjusted model.
² Value Score: A 0–100 metric combining earnings relative to field average (40%), debt-to-earnings ratio (40%), and absolute ROI (20%). Higher scores indicate better value relative to field norms.
³ Campus Reporting: Some institutions report identical figures across multiple campuses. These reflect campus-specific outcomes rather than system-wide averages.
⁴ Interdisciplinary Studies: These programs often include heterogeneous tracks (business, STEM, liberal arts). Earnings reflect the aggregate of all tracks within the program.
⁵ 4-Year Post-Graduation Earnings: Based on employed graduates with positive earnings. Programs with fewer employed graduates are suppressed by Scorecard; where shown, medians reflect those meeting reporting thresholds.
⁶ Field vs. Sector Comparison: Field comparisons (e.g., "STEM vs. Liberal Arts") use field-level data as primary, with sector (public vs. private) as secondary.
⁷ $2.3M Decision: Based on sticker prices before aid and simple earnings multiples. Assumes early-career differentials persist with growth rate variation. This is illustrative, not predictive.
⁸ Interpretation: These are associations, not causal relationships. Field mix within institutions and local labor markets can drive differences not attributable to program quality. Medians are not guarantees for individual students.
+ Currency & Units: All figures in nominal USD. No cost-of-living adjustments applied. Earnings reflect 4-year post-graduation outcomes for employed graduates.