Public colleges with the best bang for your buck

collage roi michigan technological university

20-year return on investment : $705,200
Annualized return: 14%
Total 4-year cost of attendance: $101,300

Michigan Tech churns out graduates who tend to work in manufacturing, especially in the automotive industry.

While the public research university is an expensive school, it also provides an average of almost $11,000 in grants to 94% of its graduates. For some schools on the list, financial aid can contribute to the ranking as much as high graduate earnings.

"Some schools really do a great job of keeping their tuition costs in check," said Frank. "That can have a big impact on where they land on the list."

First published March 5, 2015: 1:50 PM ET

Source: PayScale
Based on employee survey data, PayScale calculated total median pay for a school's undergraduate alumni over a 20-year period and compared it to the median pay for a high school graduate over 24 years. The return on investment (ROI) in 2014 dollars was determined by taking the difference between those median pay figures and subtracting the in-state cost of attending the school in 2014 -- including tuition, room and board, and other costs -- and adjusting for scholarships and grants. The annualized ROI is calculated by dividing the earnings differential by the total cost and represents the percent of expected ROI received each year after graduation. Unlike in previous PayScale reports, the earnings differentials in this report do not take into account graduation rates. Alumni who attended graduate school or other higher education were excluded.

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