Public colleges with the best bang for your buck

collage roi missouri university of science and technology

20-year return on investment : $759,700
Annualized return: 14.8%
Total 4-year cost of attendance: $87,000

Like Georgia Tech, the Missouri University of Science and Technology is known for its math and science programs.

Those programs usually take the highest slot on the list each year because STEM jobs have much higher earning potential than jobs in the arts or humanities, said PayScale's Frank.

Related: Most expensive colleges

"Any way you slice and dice it, schools that have strong programs in STEM degrees are always going to be at the top," she said.

Students who attend the school, which is located about a two-hour drive from St. Louis, have other options though. The school offers several non-STEM related majors as well.

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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