The South Dakota School of Mines and Technology may be the best college investment in the nation based on the comparison of total costs and average starting salaries of graduates. More importantly, based on data analysis, it appears that the School of Mines may well be the only university in the nation where starting salaries for graduates average the total cost of a four-year degree.
Even in uncertain economic times, the School of Mines offers graduates starting salaries that average approximately $56,000, and 98 percent of graduates find work or are enrolled in a graduate program less than one year after graduation.
"We've always known that the South Dakota School of Mines and Technology offers a top-notch education at a tremendous value," South Dakota Governor Mike Rounds said. "To be the only college in the country to literally pay for itself the first year after graduation is truly impressive."
At the South Dakota School of Mines and Technology, an engineering and science university located in Rapid City, South Dakota, at the base of the Black Hills, the college price tag doesn't deter would-be engineers and scientists. This is because the School of Mines, with total in-state costs at approximately $13,860 and out-of-state at $15,240, offers students a return on their investment that can't be beat.
"We are extremely proud of the quality, cost-effective education provided at the School of Mines," School of Mines President Robert A. Wharton, Ph.D., said. "In today's economy, it is even more important for significant investments like a college education to provide an incredibly worthwhile return. Of all the investments one can make, a college education has traditionally been one of the best. And if you examine total costs compared to average starting salaries, the School of Mines is the best college investment in the nation."
School of Mines graduates have some of the highest starting salaries in the Midwest and are among the best-paid in the nation, according to a recent report by PayScale Inc., a Seattle-based research firm. The PayScale 2009 Education and Salary Report ranks the School of Mines 11th among Midwestern universities and 15th among engineering colleges by salary potential. According to the report, the mid-career median salaries for School of Mines graduates are $92,300 (average of 15.5 years experience).
The School of Mines has also been named one of America's 100 Best College Buys for the 12th consecutive year. This year's America's 100 Best College Buys is the 14th list published by Institutional Research & Evaluation, Inc., a research and consulting organization that specializes in the recruiting and retention of students for universities. Each year, the organization identifies the 100 colleges and universities in the United States that provide students the highest quality education at the lowest cost.
"The School of Mines remains the least expensive yet academically demanding college or university in the United States. Our annual national college survey of 1,451 accredited, residential institutions shows this to be a fact," Lewis Lindsay, Jr., president of Institutional Research & Evaluation, Inc., said. "The School of Mines provides an exceptional opportunity to students from across the United States. High quality and low cost will continue to draw the best and brightest students from far and near."
While these numbers are outstanding, salaries and placement are not the only measure of return on investment. School of Mines students graduate with only $15,810 in student loan debt, significantly less than the national average of nearly $20,000. School of Mines students receive average financial aid awards of $7,700 and nearly 75 percent receive aid, making an already affordable education even more so.
Students also help to finance their education by participating in co-ops and internships. More than 75 percent of School of Mines graduates increase their marketability to employers by working in meaningful engineering and science positions. This past summer, students worked for more than 100 employers in 29 states, Europe and Africa. They earned on average of $16.48 an hour.
At the School of Mines, more than 2,000 dedicated students collaborate with award-winning, world-renowned faculty on engineering and scientific issues of critical importance to the state, the nation and the world. The university offers a safe and supportive campus, situated in one of the best locations in the country. The campus is located on Interstate 90 in the center of the nation, just 15 minutes from Rapid City Regional Airport and within five hours of most regional airports in the country. Students from 40 states and 30 countries attend the School of Mines. They are academically strong students with high school grade point averages greater than 3.5 and test scores in the 85th percentile. They enjoy 14:1 student-to-faculty ratios and access to outstanding engineering and science degree programs.
In a time of economic uncertainty, with costs rising, high unemployment and a tough investment market, students are looking to find a solid return on one of the most important investments of their lives. At the School of Mines, they will find it.
